Overdraft information last updated November 30, 2022. Learn more about when our latest changes were made and what they mean to you here.
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We want to make it easy for you to understand the Bank’s checking account services and the fees that may apply to your account. We also know that sometimes—whether you’re making a purchase, payment, or withdrawal—you need that transaction to go through.
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We use your Actual (Ledger) Balance to determine whether you have enough money in your account to pay an item when it is presented for payment. If your Actual (Ledger) Balance is insufficient to pay an item when it is processed in the order outlined under “How your transactions work” below, we may, in our sole discretion, pay the item (creating an overdraft) or return the item unpaid (NSF). If you overdraw your account, you agree to immediately pay all fees, overdrafts, and other amounts you owe us.
Progressive Pay: an Overdraft Service for your Checking Account
What it is:
Camden National Bank offers Progressive Pay service for checking accounts. If your account is eligible, we will consider authorizing and paying debit transactions that exceed your account’s Actual (Ledger) Balance, instead of automatically declining those transactions or returning them unpaid. Progressive Pay is a discretionary service; the Bank is not obligated to pay any item that exceeds your Actual (Ledger) Balance and may cease paying overdrafts at any time without prior notice of reason or cause.
How it works:
For our personal checking account customers, the standard Progressive Pay service allows us to authorize and pay overdrafts for checks, other debit transactions made using your checking account number (e.g., ACH debit transactions), and automatic bill payments. We will not authorize and pay overdrafts for ATM or everyday debit card transactions for your personal checking account unless you have opted in to payment of these overdrafts (see Overdraft Services Consent Form). If you do not opt in, we will decline any ATM or everyday debit card transaction that exceeds your Available Balance. For our business checking account customers, Progressive Pay automatically allows us to authorize and pay overdrafts for all transaction types except certain transfers between Camden National Bank accounts.
What it covers:
What it costs:
We may charge you an Overdraft Fee of $35.00 if we pay an item that exceeds your Actual (Ledger) Balance. You will receive a notice for every overdraft or returned item processed through your account. Your periodic checking account statement reflects the total Overdraft Fees charged during the period and for year-to-date. We will not charge a fee if we return an item unpaid due to an insufficient Actual (Ledger) Balance; you may, however, be subject to third-party fees for the returned item.
We determine whether a debit card transaction overdraws your account at the time the merchant submits the transaction for payment (settlement). We will not, however, charge overdraft fees for debit card transactions that we authorize when you had a positive available balance, even if your actual (ledger) balance is insufficient to pay the item at the time it is submitted for payment. Here is an example of how a debit card transaction that was authorized at a time when your account’s available balance was positive may still overdraw your account: On Monday, we authorize a debit card transaction because you have a sufficient available balance at the time. An authorization hold is then placed on your account until the merchant submits the transaction for payment. On Tuesday we process and post another transaction (such as a check you wrote) that reduces your actual (ledger) balance below zero. If the merchant presented the original debit card transaction for payment on Wednesday, and your actual (ledger) balance remains below zero, the debit card transaction will overdraw your account. You will not incur an overdraft fee in these instances.
For personal checking accounts, we will not charge more than four (4) Overdraft Fees on any one business day. In addition, you will not be charged Overdraft Fees for ATM withdrawals or everyday debit card transactions unless you have opted in to Progressive Pay for ATM and debit card transactions. These limitations do not apply to business checking accounts. For all checking accounts (personal and business), we will not charge an Overdraft Fee if your end-of-day Actual (Ledger) Balance is overdrawn by $5 or less, additionally, we will not charge you an Overdraft Fee on any individual transaction presented for payment that is $5 or less.
How you will know:
You will receive an overdraft notice for every covered transaction. Your monthly checking account statement reflects the total Overdraft Fees charged during the month and for year-to-date.
Progressive Pay is typically extended only to accounts in good standing, which requires, but is not limited to, the following account characteristics: (a) consistent deposit activity, including sufficient deposits to bring your account balance positive at least once every 30 calendar days (including payment of all bank fees and charges); (b) no excessive overdraft usage that suggests you are treating Progressive Pay as if it were a line of credit; and (c) not subject to any legal or administrative order, levy, or lien.
Both personal and business checking account customers may opt out of Progressive Pay at any time. Personal checking account customers may also revoke their consent to Progressive Pay for ATM and everyday debit card transactions without removing overdraft services for other transactions. Visit a Camden National Bank branch, call 800-860-8821, or send a secure message from your online banking account for more information or to remove Progressive Pay services from your account.
How your transactions work
The order in which transactions are processed and posted to your account may affect the total number of Overdraft Fees you incur. When a debit transaction is “posted,” it means the Bank has paid the item. We currently process and post items at the end of each business day, in this order:
First, we add to your Actual (Ledger) Balance deposits and other credits.
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You've got options
It’s important to know that you have many options for how to handle times when your account balance runs low. Of course, the best way to ensure your transactions are paid is to actively monitor and track your spending to maintain a positive account balance. For those situations that exceed your Actual (Ledger) Balance, we have several options to increase the likelihood that your transactions will be paid—which may prevent a debit card decline or returned item:
You're in control
You can avoid overdrafts or returned items by ensuring you’ve made (and we’ve cleared) sufficient deposits or transfers to cover your account activity before the business day ends. Here’s a guide to our cutoff times for making a deposit or transferring money from another Camden National Bank account: