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     Home  /  Extras  /  Overdrafts


Avoiding Overdrafts





Covering an Overdraft






It is always best to avoid an overdraft status in your checking account. We recognize that sometimes you would rather have your checks and other payments paid. A check returned can create situations that many customers would rather avoid. That’s why we provide Overdraft Protection; a special overdraft privilege service for Northway Bank’s checking customers.

Overdraft Protection
Overdraft Protection is a discretionary overdraft privilege service that provides you with financial flexibility in times when you may not have sufficient funds in your account. Customers become eligible for Overdraft Protection after their account has been opened for 30 days in good standing. Overdraft Protection will remain available to you so long as you:
  • Demonstrate responsible account management – such as making regular deposits to bring your account to a positive end-of-day balance at least once every 30 days (including the payment of all Bank fees and charges);
  • Avoid excessive overdrafts
  • There are no legal orders, levies or liens
If at any time, you decide that you do not want us to pay your overdraft transactions you may opt out of the Overdraft Protection service.

Overdraft Protection for Everyday Debit Card Purchases
Please be aware that Overdraft Protection does not automatically include everyday debit card purchases and ATM withdrawals on personal accounts. If you would like to have Overdraft Protection on your ATM withdrawals and everyday debit card transactions, you will need to opt-in to the service by filling out an A-9 consent form (for personal accounts only). The form is available when you open an account, at any branch, or you can request one be mailed to you. You have the option to revoke your consent at anytime.

Overdraft and Non-Sufficient Funds (NSF) Fees
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. There is no fee for Overdraft Protection service if you don’t use it, but if your account becomes overdrawn by more than $5.00, each overdraft item on an account will be subject to an Overdraft Fee up to a maximum of 5 fees per day. If we return an item that would otherwise cause your account to be overdrawn, your account may be charged a Non-Sufficient Funds (NSF) fee (item returned).

What is an Overdraft Fee (item paid)?
A fee is charged when you conduct a transaction and there is not enough money in your account to cover the transaction, but the bank authorizes the transaction. This fee is charged for each overdrawn transaction (up to a maximum of 5 per day) if your account is overdrawn by $5 or more at the end of the day or the item is $5 or more.

What is a Non-Sufficient Funds (NSF) Fee (item returned)?
The bank may elect not to authorize the payment of a check or other withdrawal that would cause your account to be overdrawn. If so, we will decline the transaction or return it as unpaid and may charge you an NSF Return Item fee. You can be charged a maximum of five overdrafts and NSF Return Item fees in a single business day.
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