What you Need to Know about Overdrafts and Overdraft Fees

A printable PDF version  of the form is available.


verification code

 

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, such as a link to another account or a line of credit, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.  

  • 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 will not authorize and pay overdrafts for the following types of transactions without your consent

    • 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 The Andover Bank pays my overdraft?

    Under our standard overdraft practices:

    • We will charge you a fee of up to $30.00 each time we pay an overdraft
    • We will not charge you a fee if your account is overdrawn less than $5.00 on any given day.If your account is overdrawn for more than 11 or more consecutive business days, we will charge an additional $2.00 per day.
    • There is a limit of $210.00 per day on the total fees we can charge you for overdrawing your account.
  • What if I want The Andover Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

    If you want us to authorize and pay overdrafts for which an Overdraft fee will be assessed on ATM and everyday debit card transactions, call (440) 293-7256, visit our website at www.andoverbankohio.com, or complete the form below and present it at a branch or mail it to: P.O. Box 1300, Andover, OH 44003. You can revoke your authorization for The Andover Bank to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.

    If you have more than one account, you will need to tell us your preference for each account.

printable, mailable form

&cssStyle

This Andover Bank web site may contain links to other web sites operated by third parties. The linked sites are not under the control of Andover Bank or its affiliates or subsidiaries and Andover Bank is not responsible for their content. Such links do not imply Andover Bank's endorsement or guarantee of the products, information, or recommendations provided by any third party site. The third party site may have a privacy policy different from that of Andover Bank and may provide less security than the Andover Bank web site. Andover Bank disclaims all liability with regard to your access to such linked web sites. Andover Bank provides links to other sites as a service to users, and access to any other sites linked to Andover Bank is at your own risk.

Send mail to webmaster@andoverbankohio.com with questions or comments about this web site.
Copyright 2002 Andover Bank - All Rights Reserved
Web design by
MegaByte