East Cambridge Savings Bank
Discretionary Overdraft Privilege Disclosure
Please be aware that this arrangement does not constitute either a written agreement of an obligation or a prearranged agreement for East Cambridge Savings Bank to pay your overdrafts and we may withdraw this privilege at any time. Payment of any overdrafts will continue to be at the discretion of East Cambridge Savings Bank and payment of an overdraft does not obligate us or create an agreement or course of dealing on our part to allow overdrafts on any occasion.
It is the policy of East Cambridge Savings Bank to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
The Deposit Account Agreement and Disclosure provided to you at the time you opened your account with us controls the duties, obligations and rights of the Depositor, the Authorized Signatories and East Cambridge Savings Bank with regard to your checking account. The Deposit Account Agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Overdraft Privilege Policy and the Deposit Account Agreement and Disclosure. Another copy of the Deposit Account Agreement and Disclosure is available to you on request.
Overdraft privilege is not a line of credit. However, if you inadvertently overdraw your account, we will have the discretion to pay the overdraft, subject to the limit of your overdraft privilege and the amount of the overdraft fee. East Cambridge Savings Bank is not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Any discretionary payment by East Cambridge Savings Bank of an overdraft check (or other items) does not obligate East Cambridge Savings Bank to pay any other overdraft check (or item), or to provide prior notice of its decision to refuse to pay such check (or item).
Pursuant to East Cambridge Savings Bank’s commitment to always provide you with the best level of service, now and in the future, if your consumer account (primarily used for personal and household purposes) has been open for at least thirty (30) days, along with deposits totaling $500.00, or if your commercial account has been open for at least sixty (60) days, along with deposits totaling $500.00, and thereafter you maintain your account in good standing, which includes at least not being in default on any loan or other obligation to East Cambridge Savings Bank and not being subject to any legal or administrative order or levy, East Cambridge Savings Bank will have the discretion to pay overdrafts within the overdraft privilege limits, but payment by East Cambridge Savings Bank is a discretionary courtesy and not a right of the customer or an obligation of East Cambridge Savings Bank. This privilege for consumer and commercial checking or savings accounts will generally be limited to a maximum of $500 overdraft (negative) balance. Of course, any and all fees and charges, including without limitation the in-sufficient funds fees (as set forth in our Schedule of Charges), will be included as part of this maximum amount. A fee will not be assessed for transaction amounts of $10.00 or less.
There will be a limit of up to five (5) transactions per day that may be paid into overdraft, up to your daily overdraft amount. Any insufficient funds transaction above either of these limits will be returned unpaid, and we will assess our standard $35.00 insufficient funds charge, regardless of the transaction amount.
The total of the discretionary overdraft privilege (negative) balance, including any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and the account owner(s) and each authorized signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Deposit Account Agreement and Disclosure with a maximum repayment period of thirty (30) days.
East Cambridge Savings Bank reserves the right not to pay overdrafts on accounts not in good standing. Further, any overdraft payment is a discretionary courtesy, and not a right of the customer or an obligation of East Cambridge Savings Bank and East Cambridge Savings Bank in its sole and absolute discretion, can cease paying overdrafts at any time without prior notice of reason or cause.
You can revoke your authorization by calling us at 1.617.354.7700, or 1.866.354.ECSB (3272), informing us by email at
customerservice@ecsb.com, or by mailing written notice to: 292 Cambridge Street, Cambridge, MA 02141. Your revocation must include both your name and account number so that we can properly indentify your account.
Revised Date: 12/1/2015