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Overdraft Services

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Providing solutions to our customers’ financial needs is a top priority of ours, which is why Kennebunk Savings offers the Smart Overdraft suite of options to help you manage possible overdraft situations. If you have any questions about which of these options would best suit your needs, please call our Customer Care Team at 1-800-339-6573 or stop by any one of our branch locations.

Smart Overdraft Transfer

Use your own money first and link one of your other Kennebunk Savings deposit accounts to your checking account to automatically protect against checking account overdrafts. There is no fee for this service. If there are sufficient funds in the linked account to cover the overdraft, a transfer will automatically be made to your checking account.

Smart Overdraft Transfer will cover the following types of transactions: checks, recurring point of sale (POS) debit card transactions, Automated Clearing House (ACH) debits, ATM withdrawals, and one-time POS debit card transactions. Smart Overdraft Transfer must be set up in advance to cover an overdraft. Please call our Customer Care Team at 1-800-339-6573 or stop into your local branch to enroll in Smart Overdraft Transfer.

Smart Overdraft Advance

Apply for a line of credit that will automatically protect against checking account overdrafts up to your Smart Overdraft Advance limit. If you overdraw your checking account, a credit advance will automatically be made directly from this line to your checking account. There is no per-item fee. Interest is charged on the outstanding balance. If you have an outstanding balance on your Smart Overdraft Advance credit line, the minimum payment is automatically deducted each month from your linked checking account. Payments of interest and outstanding principal are required to be made monthly. For rate information and additional details, please visit your local branch or call our Customer Care Team at 1-800-339-6573.

If there is sufficient available credit to cover the overdraft, Smart Overdraft Advance will cover the following types of transactions: checks, recurring POS debit card transactions, ACH debits, ATM withdrawals, and one-time POS debit card transactions. Smart Overdraft Advance is subject to credit approval and a signed line of credit agreement. To apply for Smart Overdraft Advance, please stop into your local branch.

Smart Overdraft Assist

At our discretion, we will strive to pay overdrafts which may be presented against your account instead of returning the transaction unpaid. An Overdraft Fee of $35 may be charged for each overdraft payment greater than $5. Please see the Service Pricing Schedule (schedule of fees) for additional information about fee amounts, maximum number of fees and balance threshold. This is a discretionary overdraft service and as such, we are under no obligation to pay overdrafts.

If there are insufficient funds in your account, with Smart Overdraft Assist, we may pay the following: checks, recurring POS debit card transactions, and ACH debits. Smart Overdraft Assist does not cover ATM withdrawals or one-time POS debit card transactions. There is no application process because this discretionary service is already in effect on eligible accounts. If you have questions about whether your account is eligible or whether Smart Overdraft Assist is already in effect on your account, please call our Customer Care Team at 1-800-339-6573.

You may opt-out of Smart Overdraft Assist at any time by visiting your local branch or by calling our Customer Care Team at 1-800-339-6573. If you choose to opt-out of Smart Overdraft Assist, your overdraft items may be returned unpaid.

Because Smart Overdraft Assist is a discretionary service, the Bank is under no obligation to pay transactions when your account has insufficient funds, even if previous overdrafts were paid. When we strive to pay your overdrafts, we do so in anticipation that you will be making a deposit immediately to bring your account to a positive balance.

We hope to save our customers fees charged by merchants and other payees for returned payments by offering this discretionary service, but you should not become dependent on this service to meet short-term
cash needs. Excessive or chronic use of this service may result in removal from Smart Overdraft Assist. Questions about which Smart Overdraft option would best suit your needs? Please call our Customer Care Team at 1-800-339-6573 or stop by any one of our branch locations.

Frequently Asked Questions

What happens if a transaction is presented for withdrawal on my account when I don’t have enough money in my account to cover it?

When there is not enough money in your account to cover a withdrawal or debit transaction (also called an “overdraft”), how that transaction is handled depends on whether you have any overdraft service(s) on your account.

Without any overdraft service in effect on your account, transaction types such as checks and Automated Clearing House (ACH) debits will be returned unpaid. ATM withdrawals and debit card transactions will be declined, with no fee assessed, in the event of insufficient funds when you do not have any overdraft service (such as Smart Overdraft Transfer or Smart Overdraft Advance) on your account.

If you do have one or more overdraft services in place on your account, fees vary depending on the type of overdraft service. Kennebunk Savings offers a suite of Smart Overdraft solutions:

  • Smart Overdraft Transfer: links another qualifying deposit account to cover your overdraft with a funds transfer. There is no fee for this service.
  • Smart Overdraft Advance: a line of credit to customers who qualify specifically established for covering
    overdrafts. Interest is charged on your outstanding balance with this line of credit.
  • Smart Overdraft Assist: a discretionary service through which the bank may pay an overdraft
    transaction. A $35 Overdraft Fee may be charged per transaction.

How do I know what overdraft service is currently in effect on my account, or for what type of overdraft options my account is eligible?

Many types of deposit accounts, such as checking and money market accounts, are eligible for one or more of the options in our Smart Overdraft suite of overdraft solutions. However, there are a variety of factors that determine an account’s eligibility. Please call our Customer Care Team at 1-800-339-6573 or stop into your local branch at any time to confirm overdraft service details specific to your account(s).

What is Smart Overdraft Assist?

Smart Overdraft Assist is our standard overdraft service, which is automatically in effect on eligible accounts. It is discretionary, which means the Bank will strive to pay your overdraft transactions, but is under no obligation to do so. The decision to pay your overdraft transactions(s) may be based on your account performance, which includes your past deposit history, the age of your account and how quickly you have repaid any overdrawn transactions in the past. When we pay your overdraft transaction, you may be charged an Overdraft Fee of $35 for each overdraft transaction greater than $5. This service is a discretionary courtesy and may be withdrawn at any time. Our payment of your overdraft item is NOT guaranteed.

What types of transactions are covered by Smart Overdraft Assist?

If there are insufficient funds in your account to cover a transaction, with Smart Overdraft Assist, the Bank may pay the following:

  • Checks
  • Recurring POS debit card transactions
  • ACH debits

Are my ATM and one-time POS debit card transactions automatically included in Smart Overdraft Assist?

No, ATM and one-time POS debit card transactions are not covered by Smart Overdraft Assist, the standard discretionary overdraft service that is automatically in effect on eligible accounts.

What if I don’t want Smart Overdraft Assist to be in effect on my account?

You may opt-out of Smart Overdraft Assist at any time by calling our Customer Care Team at 1-800-339-6573
or by visiting your local branch. You may also mail us a letter requesting to opt-out of Smart Overdraft Assist
to: Kennebunk Savings, PO Box 28, Kennebunk, ME 04043, Attn: Deposit Services. If you choose to opt-out,
overdraft transactions will be returned unpaid.

How are automatic or recurring payments I have set up on my debit card handled?

Automatic or recurring payments are handled under Smart Overdraft Assist in the same manner as other transaction types. We will continue to exercise our discretion in paying these transactions, and for each overdraft transaction greater than $5 that the Bank pays, you may be charged a $35 Overdraft Fee.

Is Smart Overdraft Assist a line of credit or loan?

No, Smart Overdraft Assist is not a line of credit or a loan. It is a discretionary service, where the Bank will strive to pay your overdraft transaction, but is under no obligation to do so. If the Bank pays your overdraft transaction(s), you are then responsible for making a deposit to bring your account to a positive balance, which includes repayment of all Overdraft Fees incurred. This discretionary service may be withdrawn at any time.

Do I have to apply for Smart Overdraft Assist?

No; this discretionary service is automatically in effect on all eligible accounts. You may opt-out of Smart Overdraft Assist at any time by calling our Customer Care Team at 1-800-339-6573 or by visiting your local branch.

How will I know I am overdrawn?

We will deliver you a notice each time there is an overdraft transaction processed on your account. To help manage your account, you may also choose to receive email, text, or push notification alerts when your account drops below a certain balance. These alerts may be set up through Online Banking at www.KennebunkSavings.com or through the Kennebunk Savings mobile app.

What do I have to do when I have an overdraft?

If you overdraw your account and we choose to cover your overdraft through Smart Overdraft Assist, that transaction will take place automatically. You are then responsible for making a deposit to bring your account to a positive balance, which includes repayment of all Overdraft Fees incurred. Your account agreement states that you are required to deposit funds immediately to cover any overdrafts. When we pay your overdraft, we do so in anticipation that you will be making a deposit immediately to bring your account to a positive balance. Account holders should not become dependent on this service to meet short-term cash needs. Excessive or chronic use of this service may result in removal from Smart Overdraft Assist.

What fees are associated with overdrawing my account when I have Smart Overdraft Assist?

An Overdraft Fee of $35 may be charged to your account for each overdraft transaction greater than $5 that we pay. There is a limit of five Overdraft Fees. An account is considered to have insufficient funds when the available balance is overdrawn by more than $10.

What happens if I do not deposit funds into my account after the Bank covers an overdraft?

Your account agreement states that you are required to deposit funds immediately to cover any overdrafts. If your account has a negative balance for more than 45 days and you do not deposit funds, your account will be closed and reported to a consumer reporting agency.

What if I already have an overdraft service in place, like Smart Overdraft Transfer or Smart Overdraft Advance (formerly called Checkmate)?

Your linked deposit account and/or overdraft line of credit will continue to function the same way as it does today, and will be accessed first to draw the funds needed to cover an overdraft transaction on your account. If you have multiple Smart Overdraft service options in place on your account, the order in which funds will be accessed to cover an overdraft is as follows: Smart Overdraft Transfer, Smart Overdraft Advance, Smart Overdraft Assist.

Can I opt-out of Smart Overdraft Assist for all overdraft transactions?

Yes. If you do not wish to have any of your overdraft transactions paid by the Bank at our discretion, please call our Customer Care Team at 1-800-339-6573 or visit your local branch to opt-out of Smart Overdraft Assist. You can also mail us a letter requesting to opt-out of Smart Overdraft Assist to: Kennebunk Savings, PO Box 28, Kennebunk, ME 04043, Attn: Deposit Services. If you opt-out of Smart Overdraft Assist, your overdraft transactions will be returned and/or declined.

Check Out These Helpful Tips on Ways to Manage Your Accounts and Avoid Overdrafts

 

Know Your Balance

  • If you have a joint account, designate one person as the account manager.
  • Consider direct deposit of your payroll checks and other benefit payments.
  • Record all checks, ATM transactions, debit transactions, account fees, and deposits in your checkbook and keep a running balance.
  • Never write a check or make a charge on your debit card for more than you have in your account.
  • Make sure deposits to your account clear before withdrawing cash or making charges against those deposits.
  • Balance your checkbook against your bank statement every month.
  • Set up alerts that let you know when your balance drops below a set level. (See how here.)

Check Writing Basics

  • Always use a pen.
  • Don’t erase mistakes.
  • Never sign blank checks.
  • Be cautious of post-dating checks.
  • Destroy voided or unused checks and deposit slips.

Balance Inquiries

When you do a balance inquiry online or at a Kennebunk Savings ATM, the balance provided reflects any deposits you have made. Keep in mind that checks you may have written and other debits you may have preauthorized may not have cleared your account yet, so they will not be reflected in your balance inquiry. ATM withdrawals are immediately reflected in the balance.

Keep Your Account Safe

  • Report lost or stolen checks or debit cards immediately.
  • Update your personal information when moving or changing names.
  • Don’t use other people’s checks or debit cards, or let them use yours.
  • Keep your checks and debit cards in a safe place.