Overdraft Protection

The following solutions are provided by Cape Cod Five to help you avoid overdrafts.

Link to a Savings or Money Market Account

(Personal and business accounts)
When you link a savings or money market deposit account to your checking account, the Bank will automatically transfer funds from your savings or money market account to your checking account when your checking account has a negative balance.* It’s called the Overdraft Transfer Service and costs $5 per day that this transfer service is utilized. Money is transferred from your savings or money market account in increments of $25 until the balance in the checking account is above $0. The Overdraft Transfer Service fee does not apply to Premier5 Banking accounts.

Link to a Line of Credit

(Personal accounts only)
You can borrow money from the Bank if you overdraw your account to ensure your checking balance stays positive. With an Overdraft Protection Line of Credit, you pay interest instead of a transfer fee. There is an application process for this loan. If you are approved, when your checking account has a negative balance, money
is automatically transferred from the overdraft line of credit in increments of $50 until the balance in the checking account is above $0 or until the credit limit is reached. Since this is a loan, you will be charged interest and must make monthly payments on the outstanding balance.

Know Your Balance

(Personal and business accounts)
Sometimes avoiding overdrafts is as easy as knowing your account balance. Cape Cod Five has several ways to monitor your balance. As you review your balance, remember bill payments and automated payment deductions you have set up, checks you have written and any other debits that might not have been subtracted yet from your account.

*Transfers from a savings or money market account are counted toward the Regulation D limit of six (6) transfers per cycle.

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