It is the policy of Silver Lake Bank to comply with applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.
A non-sufficient funds (negative) balance causing an overdraft fee applies to checks, electronic funds transfers, including ATM/POS transactions, or other withdrawals; A) Payments authorized by you; B) The return, unpaid of items deposited by you; C) The imposition of applicable service charges; or D) 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 collected funds. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account has not been open for at least thirty (30) days, or is not in good standing, or you are not making regular deposits, or you have too many overdrafts. This discretionary *service will generally be limited to $400 overdraft (negative) balance for Free Checking accounts or a $700 overdraft (negative) balance for other eligible personal checking accounts. Of course, any and all fees and charges, including without limitation our non-sufficient funds/overdraft fees, of $30 per item and interest on overdrafts of $3 per day if your account has been negative for 10 consecutive days, (as set forth in our fee schedules) will be included in this limit.
We may refuse to pay an overdraft for you at any time even though your account is in good standing and 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 overdrafts plus our Non-Sufficient Funds and/or Overdraft (NSF/OD) Charge(s) that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on any account with more than one (1) 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 overdrafts plus our Non-Sufficient Funds and/or Overdrafts (NSF/OD) Charge(s).
LIMITATIONS: Available only to eligible personal checking accounts primarily used for personal and household purposes. (Business accounts, Savings, Money Market accounts and Public Fund accounts are not eligible). We may limit the number of accounts eligible for Overdraft Privilege *Service to one account per household.
*The Overdraft Privilege service does not constitute an actual or implied obligation of or by the Bank. This service represents a purely discretionary courtesy or privilege that the Bank may provide to you from time to time and which may be withdrawn or withheld by us at any time without prior notice or reason or cause.
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