Have Overdraft Privilege Service?
Have You Ever . . .
an honest mistake with your checkbook?
your checking account running a little thin?
unusual or unforeseen expenses at just the wrong time?
Privilege Can Mean . . .
charges from retailers for returned checks!
convenience and flexibility in managing your funds!
aggravation and embarrassment!
course, we can't promise to pay every overdraft and some restrictions
do apply. See the Overdraft Privilege Service Policy that
Our normal non-sufficient funds charge will apply to each
item that would create an overdraft on your account!
Overdraft Privilege Service Policy
Discretionary Overdraft Service, Certain Restrictions Apply.
It is the policy of Lumbee Guaranty Bank to comply with
applicable laws and regulations, and to conduct business in
accordance with applicable safety and soundness standards.
An insufficient balance may result from:
A. The payment of checks, electronic funds transfers, or other
B. Payments authorized by you;
C. The return, unpaid, of items deposited by you;
D. The imposition of bank service charges; or
E. The deposit of items which according to the Bank's Funds
Availability Policy; are treated as not yes "available"
or finally paid.
are not obligated to pay any item presented for payment if
your account does not contain sufficient collected funds.
Rather than automatically refusing unpaid, any non-sufficient
funds items that you may have, if your eligible account (primarily
used for personal and household purposes) has been open for
at least ninety (90) days and thereafter you maintain your
account in good standing, which includes at least: (A) Continuing
to make regular deposits, (B) You are not in default on any
loan obligation to Lumbee Guaranty Bank (C) You bring your
account to a positive balance (not overdrawn) within thirty
(30) days, and (D) Your account is not the subject of any
legal or administrative order or levy, we will consider, as
a discretionary courtesy or *service and not a right or obligation,
approving you reasonable overdrafts. This discretionary *service
will generally be limited to a $300.00 overdraft (negative)
balance for eligible Personal Checking accounts. Of course,
any and all bank fees and charges, including without limitation
our nonsufficient funds/overdraft fees (as set forth in our
fee schedules) will be included in this limit.
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 Charge(s) that you owe us shall
be due and payable upon demand. If there is an overdraft paid
by us on an account with more than one (1) owner on the signature
cards, 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 Charge(s).
Available only to eligible personal checking accounts
for personal and household purposes (Business or Commercial
Accounts, Money Market Accounts, and Student Accounts are
not eligible) and we may limit the number of accounts eligible
for Overdraft Privilege to one account per household.
Overdraft Privilege Service does not constitute an actual
or implied agreement between you and the bank. Nor does it
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 the bank at any
time without prior notice or reason or cause.