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Basic Courtesy Overdraft Service

Under our Basic Courtesy Overdraft service, overdrafts caused by transactions such as checks, preauthorized automatic debits, automatic bill payments, and ACH transactions are eligible for payment. Overdrafts caused by ATM withdrawals, one-time debit card transactions, or telebanking transactions are not eligible for payment under Basic Courtesy Overdraft.

Basic Courtesy Overdraft is a discretionary service, which means we have discretion in approving or declining transactions that cause your account to be overdrawn. If we do not authorize and pay an overdraft, your transaction will be declined and returned as non-sufficient funds. We do not assess a fee for returned items.

Basic Courtesy Overdraft service is provided for all eligible consumer and business checking accounts. This service is not available for fiduciary accounts.

 

Courtesy Overdraft Plus

Our Courtesy Overdraft Plus service, is the same as Basic Courtesy Overdraft but also covers ATM withdrawals and one-time debit card transactions.

Courtesy Overdraft Plus is a discretionary service, which means we have discretion in approving or declining transactions that cause your account to be overdrawn.  If we do not authorize and pay an overdraft, your transaction will be declined and returned as non-sufficient funds. We do not assess a fee for returned items.

Courtesy Overdraft Plus is provided for eligible consumer checking accounts if the consumer has opted in to this service. Courtesy Overdraft Plus is not available for fiduciary accounts.

Courtesy Overdraft Plus is automatically made available for all eligible business checking accounts.

 

Overdraft Fees

If we pay an item that overdraws your account under Basic Courtesy Overdraft or Courtesy Overdraft Plus, an Overdraft Fee will be assessed to your account. Our Overdraft Fee is $30 per each paid item for both consumer and business accounts.

We will not assess an Overdraft Fee if the item presented for payment is $5 or less or if payment of the item causes your end-of-day overdrawn balance to be $10 or less.

The maximum number of Courtesy Overdraft Fees we will charge a consumer checking account is limited to four (4) per business day.  Business accounts do not have this maximum limit.

 

Opting in or out of Courtesy Overdraft

Opting-in to Courtesy Overdraft Plus

If you have a consumer checking account, you may opt-in to Courtesy Overdraft Plus by calling our Customer Assistance Center at 508.568.3400, visiting your nearest branch, or sending a letter requesting Courtesy Overdraft Plus to: The Cooperative Bank of Cape Cod, Attn: Courtesy Overdraft, 25 Benjamin Franklin Way, Hyannis, MA 02601.
If an account has multiple owners, only one account owner per account is necessary to opt-in. Your opt-in will become effective within two (2) business days after we receive your request.

Opting out of Courtesy Overdraft Plus

If you do not want the Bank to pay overdrafts for ATM withdrawals and one-time debit card transactions on your account, you can opt-out of Courtesy Overdraft Plus by calling our Customer Assistance Center at 508.568.3400, visiting your nearest branch, emailing us at [email protected], or sending a letter informing us of your decision to opt out to: The Cooperative Bank of Cape Cod, Attn: Courtesy Overdraft, 25 Benjamin Franklin Way, Hyannis, MA 02601.

Opting out of all Courtesy Overdraft

If you do not want the Bank to pay any overdrafts1 on your account, you can opt out by calling our Customer Assistance Center at 508.568.3400, visiting your nearest branch, emailing us at [email protected], or sending a letter informing us of your decision to opt out to: The Cooperative Bank of Cape Cod, Attn: Courtesy Overdraft, 25 Benjamin Franklin Way, Hyannis, MA 02601.

1 Even if you have opted out of Courtesy Overdraft services for all transactions, there are circumstances in which an item may still be paid and overdraw your account.   Your account could be overdrawn where payment of an item would cause your end-of-day balance to be overdrawn by $10 or less, if the item presented for payment is $5 or less, or if our systems are operating offline due to causes beyond our reasonable control. If any of these circumstances occurs, you will not be charged an Overdraft Fee, however you will still be obligated to cover the overdraft.  Additionally, if an item being presented for payment is a recurring charge that you established using your debit card with a merchant (a recurring charge is a charge that occurs on a regular schedule that is initiated by a merchant, such as a gym membership or a subscription), we are unable to return a recurring charge for non-sufficient funds.  This means that we must pay the recurring charge even if it overdraws your account and you will be charged an Overdraft Fee.

Please refer to our Non-Sufficient Funds and Overdraft Services Terms & Conditions for more information on our Courtesy Overdraft Program.

 

 

Tools to Help Avoid Overdrafts

Courtesy Overdraft Sweep

If you anticipate more than occasional or inadvertent overdrafts, we believe you should consider our free Courtesy Overdraft Sweep. With this service, you authorize us to make automatic transfers from a checking, money market, or savings account held in your name (up to the available balance of that account) to cover transactions that would otherwise overdraw your checking account.

You must sign up for Courtesy Overdraft Sweep by visiting your nearest branch.

If both Courtesy Overdraft Sweep and Basic Courtesy Overdraft or Courtesy Overdraft Plus are in effect for your account, overdraft transactions will be covered first by Courtesy Overdraft Sweep before being covered under Basic Courtesy Overdraft or Courtesy Overdraft Plus. Please refer to the “How we process overdraft items” section of our Non-Sufficient Funds and Overdraft Services Terms & Conditions for more information.

If there are insufficient funds in the designated account to cover the full amount of a transaction and the Bank in its discretion pays the transaction where you are enrolled in Basic Courtesy Overdraft or Courtesy Overdraft Plus, you could be charged an Overdraft Fee under certain circumstances

Please refer to our Non-Sufficient Funds and Overdraft Services Terms & Conditions for more information on our Courtesy Overdraft Sweep service.

Online and Mobile Banking

Keep track of balances and transactions 24/7 or while you are on the go through our online banking service and mobile app.

Account Alerts

Set up text message and email alerts in online banking to stay on top of your account activity. Examples of available account alerts include:

  • Overdrawn account balance
  • Account balance below a chosen dollar amount
  • Fees charged to your account
  • Transactions posted over a chosen dollar amount
  • ATM/Debit Card transactions over a chosen dollar amount
  • A debit card transaction posted to your account
  • A check clears against your account

Keep track of your account balance through additional services

Surcharge-Free Access at Coop and Allpoint ATMs

As part of the Allpoint ATM network, Coop customers have surcharge-free access to over 55,000 ATMs. That means no matter where you are in the U.S. (including Puerto Rico), Canada, the United Kingdom, Australia, or Mexico, if there’s an Allpoint Network ATM nearby, you can check your balances, get cash, and more! Just look for the Allpoint logo or, better yet, use the Allpoint locator or mobile app to find the nearest Allpoint ATM.

Of course, surcharge-free ATMs for our customers are always available at our branch locations.

TeleBank
The Coop’s TeleBank is our automated telephone banking service that allows you to access your account information, conduct account transfers and make loan payments, 7 days a week, 24 hours a day. Simply call 508.362.9800 or 1.888.566.0600. If you would like to be setup to use The Coop’s TeleBank, please visit one of our conveniently located branches or contact our Customer Assistance Center at 508.568.3400 for assistance.

 

Frequently Asked Questions

What is an overdraft?

An overdraft occurs when a transaction posts to your account that brings your account balance below $0. You can overdraw your account through transactions including, but not limited to, checks, ACH transactions, debit/ATM transactions (if opted in to Courtesy Overdraft Plus), and automatic bill payments.

We encourage you to make careful records and practice good account management. This will help you avoid overdrawing your account and incurring the resulting fees.

What fees are associated with Courtesy Overdraft and Courtesy Overdraft Plus?

If we pay an item that overdraws your account, an Overdraft Fee will be assessed to your account. Our Overdraft Fee is $30 per each paid item for both consumer and business accounts.

We will not assess an Overdraft Fee if the item presented for payment is $5 or less or if payment of the item causes your end-of-day overdrawn balance to be $10 or less.

The maximum number of Overdraft Fees that we will charge to a consumer account is limited to four (4) per business day. Business accounts do not have this maximum limit.

If I’ve opted-out of Courtesy Overdraft services or I am not eligible for Courtesy Overdraft services, is it still possible for an item to be paid and overdraw my account?

Yes, even if you’ve opted out of Courtesy Overdraft services for all transactions, there are circumstances when an item may still be paid and overdraw your account.  Your account could be overdrawn when payment of an item would cause your end-of-day balance to be overdrawn by $10 or less, if the item presented for payment is $5 or less, or if our systems are operating offline due to causes beyond our reasonable control. If any of these circumstances occurs, you will not be charged an Overdraft Fee, however you will still be obligated to cover the overdraft.

Even if you are not participating in a Courtesy Overdraft service, if an item being presented for payment is a recurring charge that you established using your debit card with a merchant (a recurring charge is a charge that occurs on a regular schedule that is initiated by a merchant, such as a gym membership or a subscription), we are unable to return a recurring charge for non-sufficient funds.  This means that we must pay the recurring charge even if it overdraws your account and you will be charged an Overdraft Fee.

How quickly do I have to deposit funds to cover an overdraft?

You are required to deposit funds immediately to cover any overdrafts.

What are business days?

Business days are Monday through Friday excluding Federal Holidays.

What order are transactions posted in?

In general, we post credits and debits that are presented on the same business day in the following order (which may not be the order in which the transactions occurred). Within each of these categories, items are paid in dollar amount order, with the smallest items being processed first.

  1. Online and Telephone Banking Transfers
  2. Checks drawn on our Bank and negotiated at one of our branches
  3. ATM Withdrawals
  4. Point of sale debit card transactions
  5. Automated clearing house (ACH) transactions
  6. Checks drawn on our bank and negotiated by other financial institutions
  7. Bank fees (excluding Overdraft Fees)

While most fees are posted on the same day they are incurred, Overdraft Fees are posted on the next business day after an item is paid and overdraws the account.

Even though the explanation above describes our usual practices, the Bank may accept, pay, or charge items to your account in any order we choose even if (a) paying a particular item results in an insufficient balance in your account to pay one or more other items that otherwise could have been paid out of your account; or (b) using a particular order results in the payment of fewer items or the imposition of additional fees. We reserve the right to change or vary from our usual practices at any time without notice to you.

When is my account eligible for Courtesy Overdraft services?

Fiduciary accounts, savings accounts or money market accounts are not eligible to participate in Basic Courtesy Overdraft or Courtesy Overdraft Plus. For checking accounts, our standard practice is to pay your overdrafts when your account meets certain performance criteria.  The criteria may include, but are not limited to, any or all of the following and are subject to change without notice:

  • The age of your account
  • The deposit behavior in your account and any related accounts
  • The overdraft behavior of your account and any related accounts
  • The status of any loan or other obligation to us
  • The status of any legal or administrative order or levy

 

Financial Education

We encourage you to learn more about managing your personal finances. Federal and state government websites offer helpful financial education information and can be a good place to start.

https://www.consumerfinance.gov/consumer-tools/bank-accounts/
https://www.mass.gov/advisory/consumer-alert-overdrawn-accounts
https://www.mass.gov/orgs/office-of-economic-empowerment