Overdraft Privilege
Overdraft
Privilege
Customer Policy
An insufficient balance can result from several events, such as (1) the
payment of checks, electronic funds transfers or other withdrawal
requests; (2) payments authorized by you; (3) the return of unpaid items
deposited by you; (4) bank service charges; or (5) the deposit of items
which, according to the bank’s Funds Availability Policy, are treated as
not yet available or finally paid. We are not obligated to pay any item
presented for payment if your account does not contain sufficient funds.
However, if you maintain your account in good standing, we may approve
your overdrafts within your current available Overdraft Privilege limits
as a non-contractual courtesy. Your account is in good standing if you (1)
demonstrate responsible account management – such as making regular
deposits to bring your account to a positive balance at least once every
30 days (including the payment of all bank fees and charges); (2) avoid
excessive overdrafts suggesting the use of Overdraft Privilege as a
continuing line of credit, and (3) there are no legal orders, levies or liens
against your account. In addition, based upon our review of your account
management, if we determine you may be using Overdraft Privilege as
a regular line of credit by creating excessive overdrafts, we may suspend
the privilege without any prior notice. In the normal course of business,
all credit transactions are processed first. Debits or Withdrawals from your
account will be processed generally from the lowest dollar amount to
the highest dollar amount beginning with in-branch items first, electronic
items next, and then checks. We reserve the right to change the order of
payment without notice if we suspect fraud or possible illegal activity.
Also, please be aware that the order of item payment may create multiple
overdrafts during a single banking day for which you will be charged our
standard Overdraft fee of $29 for each overdraft (paid or returned). You
may opt out of the privilege at any time, but you are responsible for any
overdrawn balances at the time of opting out. Normally, we will not approve
an overdraft for you in excess of the predetermined amount assigned to your
account type. So as not to exceed your limit, please note that the amount of
the overdraft plus the bank’s standard Overdraft fee of $29 (per item) will
be deducted from the overdraft limit. We may refuse to pay an overdraft for
you at any time even though we may have previously paid overdrafts for you.
You will be notified of any nonsufficient 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 overdraft plus our standard Overdraft
fee of $29 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 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
overdraft plus our standard Overdraft fee of $29.
The hallmark of Dime Bank is the
personalized manner in which we
serve our customers and community.
As part of our service, we provide
Overdraft Privilege to checking
customers requiring no application
or request on their part.
Overdraft Privilege amount limits
are pre-determined by Dime Bank.
Customers must “opt-in” for overdraft
coverage for ATM withdrawals and
“one-time” debit card purchases.
Contact any office to complete the
opt-in request.
Overdraft Privilege should not be viewed as an encouragement to
overdraw your account. As always, we encourage you to manage your
finances responsibly. If you would like to have this service removed from
your account, please call 860.859.4300.
Please note that your Overdraft Privilege limit will not be reflected in your
available balance provided by a teller, at the ATM, through DimeOnLine
or Account Information Line.
Dime Bank will not pay your overdrafts for ATM withdrawals and “one
time” debit card purchases you make in a store, online or by telephone
unless you opt-in for overdraft coverage for these transactions. Even if you
do not request overdraft coverage for ATM withdrawals and debit card
purchases, we may still pay your overdrafts for other types of transactions,
including checks. Contact any office to complete the opt-in request.
LIMITATIONS: Overdraft Privilege is a non-contractual courtesy that is
available to individually/jointly owned accounts in good standing for personal or household use. Dime Bank reserves the right to limit participation
to one account per household and to discontinue this service without
prior notice.
Failure to bring your account positive within 60 days, misuse, or overuse
of the Overdraft Privilege Program could result in account closure and
negative reporting to a consumer reporting agency.
Norwich: Corporate • Broadway • Norwichtown • Taftville
New London: Bank Street (In Shaw’s Cove) & North Frontage Road (In ShopRite)
East Lyme • Ledyard • Montville • Stonington Borough • Westerly, RI
860.859.4300 | dime-bank.com
Member FDIC |
Equal Housing Lender
REV. 05/15
What is an Overdraft?
We understand that there may be times when
unexpected costs arise and you have little control over
the situation. Although Dime Bank does not promote
overdrafts on accounts, we provide Overdraft Privilege
to protect customers from merchant fees, returned
checks and damage to their credit.
An overdraft occurs when withdrawals exceed the
available balance of a checking account. Rather than
returning the overdrawn transaction, Dime Bank may
approve an overdraft to cover the insufficient balance
within the limits of the checking account type.
Overdraft Privilege Qualifications
Dime Bank provides overdraft privileges to accounts in
good standing. For an account to be considered in good
standing, a customer must:
•Have regular deposits and a positive balance at
least once every 30 days
•Avoid excessive use of the Overdraft Privilege
•Have no legal liens or orders against the
given account
When the Overdraft Privilege is used, the amount of
the overdraft transaction and our standard Overdraft
fee of $29 are deducted from a customer’s overdraft limit.
Dime Bank does not charge interest on overdraft balances.
Overdraft Notification
If an account is overdrawn, you will receive a notification
from Dime Bank including the overdraft amount and any
associated fee.
Overdraft Privilege Limit
Each checking account type carries an Overdraft Privilege
limit. If you have more than one type of checking account,
you may qualify for limits on all accounts.
myDime............................................................... $500
DimeWired......................................................... $500
DimePrime....................................................... $1,500
Easy Advantage Small
Business Checking (sole proprietor only)............... $1,500
Money Management Checking........................ $1,500
What happens if I exceed the
Overdraft Privilege Limit?
Exceeding the Overdraft Privilege limit could result in
your check(s) being returned. Your account would then
be subject to a returned item fee. An insufficient funds
notice would be sent to you.
How do I access my
Overdraft Privilege Limit?
The chart below shows the different ways you can
access your Overdraft Privilege limit and indicates
whether or not this limit will be reflected in the
balance provided.
Overdraft Privilege Repayment
Accounts that are overdrawn must carry a positive balance
within 30 days, otherwise Dime Bank will send a notification
to alert you and explain your available options. Dime Bank
reserves the right to suspend accounts that remain negative
after 30 days, and may take other steps to recover the funds.
Access Points
Is there a Fee for
Overdraft Privilege?
See opt-in requirements.1
For example, three paid items in one day will result in $87
in paid item overdraft fees. To help you manage your account,
the total fees you have paid for items (both paid and returned)
during the current month and for the year-to-date will be
reflected on your monthly checking statement.
Can I Remove Overdraft Privilege
from my Account?
Although Overdraft Privilege is automatically provided,
you may opt out in writing from this privilege at any time.
Please call Customer Service at 860.859.4300 for assistance.
Does the available
balance provided reflect
my overdraft privilege left?
Teller.........................................Yes..................No
Writing a Check.......................Yes..................NA
DimeOnLine............................No..................No
Bill Pay.....................................Yes..................No
Account Information Line.......No..................No
ACH-Auto Debit......................Yes..................NA
Recurring Debit
Card Transaction.................. Yes..................NA
ATM Withdrawal........Opt-In Required1........No
One-Time Debit
Card Transactions.......Opt-In Required1........No
Failure to bring your account positive within 60 days,
misuse, or overuse of the Overdraft Privilege Program
could result in account closure and negative reporting
to a consumer reporting agency.
Please note that the amount of the overdraft plus our
standard paid item Overdraft fee of $29 for each item
will be deducted from your overdraft limit. If the item
is returned, the returned NSF (non-sufficient funds) fee
of $29 will be deducted from your account. No interest will
be charged on the overdraft balance. There is no additional
cost associated with this privilege unless you use it. You will
be charged our standard paid item Overdraft fee of $29
for each overdrawn item created by check, in-person
withdrawals, ATM withdrawals or other electronic
means paid under the limit.
Is my overdraft
privilege limit
available?
(PIN-based or Signature-based)
Opt-in Requirements: Dime Bank will not pay your overdrafts for ATM
withdrawals and “one time” debit card purchases you make in a store,
online or by telephone unless you tell us you want overdraft coverage for
these transactions. Even if you do not request overdraft coverage for ATM
withdrawals and debit card purchases, we may still pay your overdrafts for
other types of transactions, including checks. Contact any office to complete
the opt-in request.
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When will the Overdraft Privilege
be available on a new account?
Overdraft Privilege is available to customers in good
standing 30 days after the opening of an account.
How Can I Cover Overdrafts?
The best way to avoid overdraft and returned check
fees is to manage your account so you do not become
overdrawn. If a mistake occurs, Dime Bank offers
additional ways to cover overdrafts, as well as
Overdraft Privilege.
Ways to cover overdrafts
at Dime Bank
Associated Fees
Savings to Checking Sweep..........$5 per transfer2
Overdraft Line of Credit......See account disclosure3
Overdraft Privilege......................... $29 per item4
Limited to 6 preauthorized or telephone transfers per statement period.
Subject to credit approval 4Up to $116 per day
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