Overdraft

Business

Hometown Business Coverage

Hometown Business Coverage is a service provided for your Cecilian Bank checking account. It keeps you from turning red when you run out of green.

Q How will Hometown Business Coverage benefit me?

A Hometown Business Coverage will save you merchant and retailer fees, as well as embarrassment if you simply make a mistake in your checkbook, have unexpected emergencies, or run short of cash, up to a maximum of $1,000. Instead of denying debit card transactions or returning checks, automatic withdrawals, and online payments as unpaid, the Bank may automatically pay them for you with the use of Hometown Business Coverage. While you are still being charged a fee of $32 per item from us, you are avoiding the hassle of paying a fee from a store, losing your check writing privileges at that business, or possible collection action.


Q Do I have to apply for Hometown Business Coverage?

A No. Hometown Business Coverage will be automatically added to your account when your account meets the criteria stated in our Hometown Business Coverage policy. You may opt out of this coverage at anytime by contacting a customer service representative.


Q How can I access Hometown Business Coverage?

A Overdrafts may be approved on your account for checks presented for payment, debit cards, automatic withdrawals, online payments, and checks cashed at any of our banking center locations.


Q Is there a charge for Hometown Business Coverage?

A There is no cost to have Hometown Business Coverage on your account. However, your account will be charged our standard overdraft fee of $32 for each overdraft item that is presented for payment.


Q What happens if I can't bring my account to a positive balance?

A We expect overdrafts to be repaid promptly, and in all cases, within thirty (30) days. After thirty days, if your account is still overdrawn, you will receive a notice advising that your Hometown Business Coverage privileges have been suspended or revoked until your account has returned to good standing. The amount of any overdrafts plus our non-sufficient funds and/or overdraft charges that you owe us shall be due and payable upon demand.


Q Is there any other option for Overdraft Protection besides Hometown Business Coverage?

A Yes. We also offer Automatic Transfer System or ATS. By choosing this alternative, we automatically debit the funds from another one of your accounts with The Cecilian Bank, such as a checking account, savings account, or a line of credit, when your account becomes overdrawn. Stop by any banking center to sign up for this type of overdraft protection.


Q Are there any fees with the ATS Overdraft Protection?

A Your checking account will be charged a $2 fee each time we transfer money to cover your overdraft amount. The minimum transfer amount is $50, and the transfers will be set up in multiples of $50. Transfers from a savings account for overdraft protection are limited and fees may apply.