Overdraft Protection
Overdrafts and Overdraft Fees
Everyone needs a little help sometimes. That's why Clear Mountain Bank offers two types of overdraft services to help you out when there is not enough money in your account to cover a purchase.
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We use the ledger balance (sometimes called the “actual”, “collected”, or “current” balance) method to determine whether an account is overdrawn, that is, whether there is enough money in the account to pay for an item.
We can cover your overdrafts in two different ways:
- We have standard overdraft services that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft services. To learn more, ask us about these plans.
Learn more about our overdraft services.
FAQs - answers to your overdraft questions
What are the standard overdraft practices that come with my account?
We may authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- ATM transactions
- Everyday debit card transactions
What fees will I be charged if Clear Mountain Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you an Overdraft fee of up to $36.00 each time we pay an overdraft. We will not charge an Overdraft fee for overdrawing items with a transaction amount of $5.00 or less.
- We will charge you an NSF Returned Item fee of up to $36.00 for each item, per presentment, that we return unpaid for nonsufficient funds (NSF), regardless of the number of times the item is presented and returned, and even if we later cover the item, in our discretion, as an overdraft and impose an Overdraft fee. This means that multiple NSF Returned Item fees as well as an Overdraft fee, could be incurred for the same item if it is presented and returned multiple times for payment. We will not charge an Overdraft fee for overdrawing items with a transaction amount of $5.00 or less.
- We will not charge more than six (6) total NSF Returned Item and Overdraft Fees combined to an account per day.
- Failure to repay negative balance within 45 days may result in account closure/charge off.
What if I want Clear Mountain Bank 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 call us at (304) 379-2265, or complete our Overdraft Authorization Form
