Having a check returned due to insufficient funds can be a costly and humiliating experience. That's why we provide CAPS. Oconee State Bank may honor overdrafts up to the CAPS limit on the account. The purpose of this privilege is to save you from the embarrassment, additional merchant fees or other problems that might result if a check is returned.
Limit - Minimum $300.00
Fees - The standard NSF fee of $35.00 will be charged for each item paid using the CAPS limit.
Restrictions - New active account holders may be able to use the CAPS limit 30 days after the account is opened. CAPS will remain available on your account, assuming you demonstrate responsible account management by making regular deposits to maintain your account with a positive balance, and there are no legal orders, levies or liens against your account.
What if I do not want CAPS on my account?
If you would like to have this service removed from your account, you may do so by calling 706.769.6611. However, once this service is removed, you should keep in mind that if an item is presented for payment and there are not sufficient funds in your account, the item may be returned to the payee and our standard NSF fee of $35.00 will be charged per item.
To avoid suspension of CAPS, an account should be brought to a positive balance at least once every 30 days
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 Customer Advantage Protection Service (CAPS) limit 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 CAPS 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 CAPS 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, we generally pay electronic transactions first and then checks (serial number order), per the bank’s policy. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account. 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 NSF fee of $35 for each overdraft (paid or returned). We limit the number of NSF and/or overdraft fees that may be charged to an account in a single day to a maximum of five (5) fees or $175.00. You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. 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 NSF fee of $35 (per item) will be deducted from the overdraft limit. We may refuse to pay an overdraft to you at any time 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 overdraft plus our standard NSF fee of $35 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 NSF fee of $35. CAPS should not be viewed as an encouragement to overdraw your account. We encourage you to manage your finances responsibly. If you would like to have this service removed from your account, please call (706) 769-6611. Please note that your CAPS limit may be available using traditional paper-based check processing, a teller withdrawal, an ACH transaction, a recurring point-of-sale transaction, or through Online Banking; however, inquiries at an Automated Teller Machine (ATM) or through our Telephone Banking service, neither your available balance nor your current balance will include your CAPS limit.
Additionally included with proper "Opt In" documentation from you, we may authorize and cover transactions from an ATM and one-time use point-of-sale terminal tranactions. The CAPS limit will not be included in the balance provided during an inquiry from an ATM.
LIMITATIONS - CAPS is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal or household use. If you are a new account holder, you may be able to use the overdraft privilege service 30 days after the account is opened. CAPS will remain available on your account assuming you demonstrate responsible account management by making regular deposits to maintain your account with a positive balance, and there are no legal orders, levies or liens against your account. CAPS is not available on a Totally Free Checking Account when it is opened for Home Equity Loan transfer purposes. Oconee State Bank reserves the right to limit participation to one account per household and to suspend, revoke, or discontinue this service without prior notice.
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