Overdraft Protection Plan

Stay Confident with CVNB's Overdraft Protection Plan!

We know life's unexpected expenses can catch you off guard. That's why at CVNB, we have your back! With our discretionary Overdraft Protection Plan, we may consider approving reasonable overdrafts for eligible and in good standing accounts. It's a service we offer to help you manage your finances with ease!
 
What's an overdraft?
It happens when you don't have enough funds in your account to cover a transaction, but we still pay it for you. We've got you covered with our standard overdraft practices, which come with your account.
Here's what you need to know:
✔ We may authorize and pay overdrafts for checks and transactions using your checking account number, as well as automated bill payments.
✔ However, we won't authorize and pay overdrafts for ATM transactions or everyday debit card transactions unless you specifically ask us to do so.

Remember, our overdraft coverage is at our discretion, and it's not guaranteed for every type of transaction.
If we don't authorize and pay an overdraft, your transaction will be declined.
 
Now, let's talk about fees. Under our standard overdraft practices:
  • Each time we pay an overdraft, there will be a fee of up to $35.
  • Additionally, if your account is overdrawn for consecutive business days, we'll charge an extra $1 per day for each day the account remains overdrawn.
  • There's a limit of 5 fees per day that we can charge you for overdrawing your account.
We're here to help you manage your finances wisely, so if you have any questions or need further clarification, please don't hesitate to reach out to us. Your financial well-being is our priority at CVNB! For full details and instructions on how to apply, click the button. Subject to approval.
 
 

Frequently Asked Questions about  Overdraft Protection Plan
Q: How does my account qualify as “eligible and in good standing”?

A:
1. You are not in default on any loan obligation to Cumberland Valley National Bank.
2. You bring your account to a positive balance (not overdrawn) at least once every thirty (30) days.
3. Your account is not the subject of any legal or administrative order, garnishment, or levy.
Q: What are the qualifications of the Overdraft Protection Plan?
 
A:
1. This service is only available to eligible personal checking accounts primarily used for personal and household purposes.
2. The service is not available to Business, Money Market, Health Savings and Establish Checking accounts.
3. CVNB may limit the number of accounts eligible for the Overdraft Protection Plan to one account per household.
4. The account has been opened for at least 90 days.
5. If the account holder has chosen to opt into the Overdraft Protection Plan; however, if the account has been opened for less than 90 days, CVNB will review for eligibility after the account has been opened for 90 days, then:
  • If the account is “eligible and in good standing”, the overdraft credit limit will be added.
  • If the account is not “eligible and in good standing” the Overdraft Protection Plan will be terminated by CVNB.
Q: What is the amount of credit that may be extended with the Overdraft Protection Plan?

A: This discretionary service will generally be limited to $250.00 overdraft (negative) balance for your account.
Q: What fees will I be charged if my account is overdrawn?*

A:
1. A Paid Item Fee of $35 will be applied to overdrafts created by checks, ACH and other automatic bill payments, that are paid by CVNB.
2. A Return Item fee of $35 will be imposed when checks, ACH and other automatic bill payments are returned unpaid.
3. CVNB has placed a limit of 5 fees per day that we can charge you for overdrawing your account.
4. CVNB has placed a limit of $175 per day that we can charge you for overdrawing your account.
5. Also, if your account is overdrawn for one or more consecutive business days, CVNB will charge an additional fee of $1 per day each day the account is overdrawn.
 
*Your periodic statement will disclose the overdraft fees incurred for the statement period and year to date.
Q: What is the amount of overdraft (negative) balance that a fee will not be imposed?
 
A: A fee will not be imposed if your account is overdrawn $10 or less.
Q: What is CVNB’s transaction posting order?*
 
A: CVNB will post your credits (deposit) transactions first. CVNB will post your debit transactions from the smallest to largest amount within each of the following types of payments, in the
posting order listed below:
  1. Telephone transfers
  2. Wire transfers
  3. Debit Card ATM transactions
  4. Debit Card one time transactions
  5. Debit Card recurring transactions
  6. Online banking transfers
  7. Chargebacks
  8. Teller cashed checks
  9. Electronic funds transfers (ACH)
  10. Checks
  11. Electronic Bill Pay
  12. Automated Loan Payments
  13. Stop payment fees
  14. Chargeback fee
  15. Wire transfer fee
  16. Other service fees
  17. Automatic funds transfers
This posting order may affect the total amount of overdraft fees incurred. For the purpose of calculating fees, you will receive credit for your deposit(s) before CVNB posts your debit transactions.
Q: Are overdrafts on ATM transactions and everyday debit card transactions authorized?

A: CVNB will not authorize and pay overdrafts for ATM transactions and everyday debit card transactions, unless you opt into this service. A separate document is provided explaining this service in detail.
Q: How will I be notified that my account was overdrawn?

A: You will be notified by mail or by any other means you have authorized CVNB, such as email or Digital Banking notification, of any non-sufficient funds items after CVNB pays or return any
items. The amount of any overdrafts plus CVNB’s Paid Item Fee and/or Return Item Fee that you owe CVNB shall be due and payable upon demand.
Q: I have a joint account, who is liable for overdrafts and fees incurred?

A: If there is an overdraft paid by CVNB on an account with more than one (1) owner on the signature card, each owner, and agent if applicable, drawing or presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts plus CVNB’s Paid Item Fees and/or Return Item Fees.
Q: Under what conditions will the bank suspend or terminate the Overdraft Protection Plan on my account?

A:
1. CVNB will suspend or terminate the Overdraft Protection Plan on the account if your account is no longer “eligible and in good standing”.
2. You will be notified by mail if the Overdraft Protection Plan has been suspended or terminated.
3. If CVNB decides to terminate the Overdraft Protection Plan Program.
4. Any state, federal or administrative law or regulation that would prohibit CVNB from offering an Overdraft Protection Program.
Q: Under what conditions will CVNB reinstate the Overdraft Protection Plan on my account?
 
A: You may request to have the Overdraft Protection Plan reinstated by:
  1. Signing the acceptance form attached and returning the form to any CVNB office or mail the form to:
    Attn: Customer Service
    Cumberland Valley National Bank & Trust
    PO Box 709
    London, KY 40743-0709
    2. The account must be brought back to “eligible and in good standing” for a period of one
    1. year in order for the Overdraft Protection Plan to be reinstated.
Q: What if I want to opt out of the Overdraft Protection Plan?
 
A: You may opt out of the Overdraft Protection Plan at any time by signing the attached form and returning the form to any Cumberland Valley National Bank Office or mail the form to:
Attn: Customer Service
Cumberland Valley National Bank & Trust
PO Box 709
London, KY 40743-0709