An overdraft occurs when you do not have sufficient funds in your account to cover a transaction, but we pay it to ensure that your transaction is processed without interruption. Cambridge Savings Bank covers overdrafts in two different ways:
This notice explains our overdraft practices.
We have standard overdraft practices that come with your account.
We also offer overdraft protection plans, such as a link to a savings account or an overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
We do not authorize and pay overdrafts for the following types of transactions:
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
What fees will I be charged if Cambridge Savings Bank pays or returns my overdraft?
Under our standard overdraft practices:
What if I want Cambridge Savings Bank to authorize and pay overdrafts on my non-recurring debit card transactions?
If you want us to authorize and pay overdrafts on non-recurring debit card transactions, please check the "Yes" box below, list each account number for which you want to authorize us to pay overdrafts, and submit the form.
If you would like information about Overdraft Protection Plans, please contact us at 888-418-5626.