Centennial Bank

As a benefit to our customers, we offer a useful feature on some of our checking account products — an Overdraft Privilege.  This feature may save you time as well as the additional fees charged by many other companies for returned items.

The Overdraft Privilege should only be used to cover the occasional overdraft. The bank reserves the right to make the final decision as to whether it will or will not pay any non-sufficient item(s) presented against your account.  You will be charged the normal NSF/Overdraft handling fee of $30.00 for each item paid as set forth in our current fees schedule — the same as if we returned your check unpaid.  Such fees may also be imposed in connection with transactions that overdraw your account, such as in person withdrawals, preauthorized automatic debits, or other electronic transfers.  Fees described above may also be imposed on one time debit card or ATM transactions, should you Opt-In to the Federal Reserve issued Regulation E governing these items.  It is our policy to pay items in the following order; all internal items such as: cashed checks, in person withdrawals, electronic transactions, and any items owed to the bank, followed by ach transactions, debit card transactions, and all other checks in sequence number order.  This sequential order may affect the number of insufficient items paid and overdraft fees incurred for a particular day.  These fees apply to all eligible accounts including FREE Checking.

CONDITIONS FOR THE PRIVILEGE: Naturally, it is always the policy of our bank to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.  Accordingly, there are a few conditions that will apply in order to receive and maintain this Overdraft Privilege feature.   Each qualifying account will be provided with a $500 Overdraft Privilege Limit subject to the following conditions: 

• Must be eighteen (18) years old to qualify for this service.
• Account must be opened for at least 31 days and have $300 in aggregate deposits (Excluding Initial Deposit) for that period to qualify for this service.  All accounts that fail the first 31 day check will be reviewed again during the second 30 day period, and if they qualify based on deposits, will be included in the program.  Those that fail to qualify will not be re-evaluated.  
• Continued and repeated overdrafts on six or more business days in a six-month period may result in the suspension of your overdraft privilege limit.
  

SUSPENSION OF PRIVILEGE: After your Overdraft Privilege has been activated, we may suspend your privilege without notice at our discretion or if we become aware of any violation of the above referenced conditions.

• You must also bring your account to a positive balance at least once every thirty-one (31) days to maintain your Overdraft Privilege in good standing.  In doing so, your overdraft privilege will be automatically reinstated.
• Your account will be closed if it remains in an overdraft status for a period of sixty (60) consecutive days; however, the closure of your account does not relieve you of the obligation to pay the overdraft balance. 
  

Your account agreement describes the duties, obligations, and rights of depositors, authorized signatories and the bank with regard to your deposit accounts. That account agreement is incorporated herein for all purposes as if it were set forth verbatim as to matters not directly addressed by this disclosure. Your account agreement and this disclosure shall be construed so as to minimize conflicts between them.

WAIVER:  The Bank’s forbearance from, or delay in, exercising any of the Bank’s rights, remedies, privileges, or right to insist on your strict performance of any provisions of your account agreement, this Overdraft Privilege disclosure, or any other provision related to your account, shall not be construed to be a current or future waiver of the Bank’s rights, remedies or privileges.

ARBITRATION: THE BANK AND YOU HEREBY ACKNOWLEDGE THAT ANY CONTROVERSY ARISING OUT OF THIS OVERDRAFT PRIVILEGE OR BANK’S OR YOUR PERFORMANCE HEREUNDER SHALL BE SETTLED BY ARBITRATION IN ACCORDANCE WITH THE RULES OF THE AMERICAN ARBITRATION ASSOCIATION, EXCEPT AS PROHIBITED BY LAW.

OPT OUT NOTICE:  You have the right to refuse this privilege if you choose.  Please ask your customer service representative about your decision to opt out. You may also ask about less expensive alternatives to this Overdraft Privilege program, such as:  linking to another account at the bank or linking to an established line of credit.