WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES

An overdraft occurs when you do not have sufficient funds in your account to cover a transaction, but we pay it to ensure that your transaction is processed without interruption. Cambridge Savings Bank covers overdrafts in two ways:

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

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 (including recurring debit card transactions).

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

• Non-recurring debit card transactions (these transactions will be declined if you do not ask us to pay them, also known as “opting-in” [see below])

We do not authorize and pay overdrafts for the following types of transactions:

• Non-recurring debit card transactions (these transactions will be declined).
• ATM withdrawals or 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 still be assessed the overdraft fee.

What fees will I be charged if Cambridge Savings Bank pays or returns my overdraft?
Under our standard overdraft practices:

• We will charge a fee of $25 each time an overdraft is paid. For customers who are 18 years of age or younger or 65 years of age or older, if you have notified the bank of your eligibility, and if your overdraft occurs on a Simple Checking account, the NSF/UCF and Debit Card overdraft fee is reduced to $5.
• A maximum of three (3) overdraft fees may be charged to an account per day.
• As a courtesy, we will not assess an overdraft fee for items in the amount of $10 or less.

Effective: October 2013

Revised: April 23, 2024