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Overdraft Authorization Form

What You Need to Know about Overdrafts and Overdraft Fees

 

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.

We can cover your overdrafts in two different ways:

  1.  We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans with our Ready Reserve line of credit or a link to a savings account,
    which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices on and after July 1, 2011.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of
transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Katahdin Trust Company pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $34.00 each time we pay an overdraft.
  • Also, if your account is overdrawn for five or more consecutive business days, we will charge an additional $10.00 per day for up to 10 business days.
  • Maximum overdraft charge per day is $180.00.

What if I want Katahdin Trust Company to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please indicate your preference below.

You may revoke your consent at any time.

    Overdraft Authorization Form

    Please complete the following information and it will be forwarded to the appropriate department for action. Please note that our normal business hours are Monday-Friday 8 to 5, excluding holidays.

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    (Regulations require a separate form for each of your checking accounts)

    Important E-Mail Disclosure

    Because this message may not be reviewed by a bank representative immediately, you must contact the bank via telephone or in person for immediate attention. Electronic messages will not serve as a sufficient method for any requirement imposed on you to provide written notice, nor may electronic messages be used to place a stop payment on a check, cancel a bill payment, request account transfers, or report lost or stolen banking PINs and/or cards.

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