Occasional Overdraft Service - Service Description Policy
Eligible Account Types
- Simplicity Checking
- Secure Checking
- Relationship Interest Checking
- Small Business Checking
- Small Business Interest Checking
Occasional Overdraft Service (OOS) and OOS Plus Policy
It is the policy of our Bank to comply with applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards. A non-sufficient funds balance may result from: A) The payment of checks, electronic funds transfers, or other in-person withdrawal requests; B) Payments authorized by you; including ACH debits; C) The return of unpaid items deposited by you; D) The imposition of bank service charges; E) The deposit of items which according to the Bank's Funds Availability Policy, are treated as not yet "available" or finally paid i.e.; "holds placed on your deposit" or F) ATM withdrawals or other electronic means as applicable.
Determining your available balance - We use the 'available balance' method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction. Importantly, your 'available' balance may not be the same as your account's "actual" balance. This means an overdraft or an NSF transaction could occur regardless of your account's actual balance.
Your account's actual balance only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account. The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending). The balance on your periodic statement is the ledger balance for your account as of the statement date.
As the name implies, your available balance is calculated based on the money 'available' in your account to make payments. In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance. In addition, when calculating your available balance, any "holds" placed on deposits that have not yet cleared are also subtracted from the actual balance.
We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. Rather than automatically returning, unpaid, any non-sufficient funds items that you may have, if your eligible account is maintained in good standing, which includes at least:
- (A) Continuing to make deposits consistent with your past practices
- (B) You are not in default on any loan obligation to Central Valley Community Bank
- (C) You bring your account to a positive balance (not overdrawn) at least once every thirty (30) days
- (D) Your account is not the subject of any legal or administrative order or levy, we will consider - as a discretionary courtesy service* and not a right of yours nor an obligation on our part - approving your reasonable overdrafts.
This service is for the occasional overdraft and will not be set to a specific dollar limit - it may change (go up or down) at any time and will be based on several factors including your account history, deposit activity and other patterns of activity.
We charge a $25 non-sufficient funds fee per transaction during our nightly processing beginning with the first transaction that overdraws your account balance by more than $50 (maximum of 4 fees per business day, for a total of $100 for Consumer checking accounts and a maximum of 8 fees per business day for a total of $200 for Small Business Checking and Small Business Interest Checking accounts).
We charge $10 non-sufficient funds fee per transaction that is rejected or returned during our nightly processing beginning with the first transaction (maximum of 4 fees per business day for a total of $40 for Consumer checking accounts and a maximum of 8 fees per business day for a total of $80 for Small Business Checking and Small Business Interest Checking accounts).
We may refuse to pay an overdraft for you at any time, even though your account is in good standing and even though we may have previously paid overdrafts for you.
You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts plus our Non-Sufficient Funds and/or Overdraft (NSF/OD) Charge(s) that you owe us shall be due and payable upon demand.
If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts plus our Non-Sufficient Funds and/or Overdraft (NSF/OD) Charge(s).
Occasional Overdraft Service Plus ("Opt-In")
If you would like to authorize the Bank to pay your overdrafts for ATM withdrawals and transfers, and one-time debit card transactions which include, point of sale, online purchases and telephone transactions, you must opt-in. If you do not opt-in and you make a purchase with your debit card, but do not have sufficient funds in your account, your purchases may be declined.
You may opt-in to Occasional Overdraft Service Plus* by 1) advising us and signing the Occasional Overdraft Service Plus Opt-In Consent form at the time you establish a new account, 2) online at www.cvcb.com, 3) calling us at (800) 298-1775, or 4) writing to the address provided below.
Your written notice must tell us that you want to opt-in to the Occasional Overdraft Service Plus program and include all names on the account, your account number, phone number and a signature of an authorized signor on the account. If joint account, instructions from one account holder to opt-in applies to all persons on the account, and the bank will accept that as its instructions to opt-in to the program.
Each person on the account also agrees that if the bank receives an opt-in notice, you jointly and severally (individually) are liable and agree to repay the bank for all advances extended to you from your overdraft fees for discretionary paying or returning any item that created an overdraft or any item deposited that is returned.
Central Valley Community Bank
Attn: Central Operations
7100 N. Financial Drive, Suite 101
Fresno, CA 93720
What Are Some Other Alternatives to Cover Overdrafts?
- Link your checking account to a checking or savings account you have with the bank. If you overdraw your checking account, the bank can transfer funds from your designated account to cover overdrafts in your checking account.
- Apply for an overdraft line of credit with the bank or apply for a loan (subject to credit approval). If you overdraw your account, the bank will lend you the funds by using your line of credit to cover the overdraft. You will pay interest on this loan, and there may be an annual fee. However, the overall costs may be less than the costs incurred under the Occasional Overdraft Service plans.
This service is available only to eligible personal checking accounts primarily used for personal and household purposes and certain Small Business Checking accounts. Minor Savings, Money Market, Student Checking and Minor accounts are not eligible.
Posting order of items - The law permits us to pay items (such as checks, drafts or ACH) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the transactions presented. When processing items drawn on your account, our policy is to pay ATM and one-time debit card transactions first, then ACH, and then checks are processed.
If an item contains a serial number (i.e., check) the lowest serial number items are paid first so we are processing your items in the order in which you issued them. If an item does not contain a serial number, it is paid in the order presented to us.
The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest and perhaps more important items (such as rent or mortgage payments) might not be paid.
If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). We will not charge you a fee for paying an overdraft of an ATM or one-time debit card transaction (which include, point-of-sale, online purchases, and telephone transactions) if this is a consumer account and you have not opted in to this service. The amounts of the overdraft and NSF fees are disclosed elsewhere.
By paying items in numerical sequence, we think our policy attains reasonable balance. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. On an exception basis, some transactions may be paid outside of this order.
How to Opt-out Occasional Overdraft Service Plus: If you have previously authorized the Bank to pay overdrafts for ATM withdrawals and transfers, and one-time debit card transactions and would like to opt-out of this service, you may do so at any time by calling us at (800) 298-1775, writing to the address listed above or visiting one of our local banking centers.
*The Occasional Overdraft Service does not constitute an actual or implied agreement between you and the Bank, nor does it constitute an actual or implied obligation of or by the Bank. This service represents a purely discretionary courtesy that the Bank may provide to you from time to time and which may be withdrawn or withheld by the Bank at any time without prior notice or reason or cause.