Q: How will Hometown Business Coverage benefit me?

A: Hometown Business Coverage may save you merchant and retailer fees, as well as embarrassment if you simply make a mistake in your checkbook or have unexpected emergencies, up to a maximum of $1,000. Instead of denying debit card transactions or returning checks, automatic withdrawals, and online payments as unpaid, the bank may automatically pay them for you with the use of Hometown Business Coverage. While you are still being charged a fee of $34 per item from us, you are avoiding the hassle of paying a fee from a store, losing your check writing privileges at that business, or possible collection action.

Q: Do I have to apply for Hometown Business Coverage?

A: No. Hometown Business Coverage will be automatically added to your account when your account meets the criteria stated in our Hometown Business Coverage policy. You may opt-out of this coverage anytime by contacting a customer service representative.

Q: How can I access Hometown Business Coverage?

A: Overdrafts may be approved on your account for checks presented for payment, in-person withdrawals, ATM withdrawals or other electronic means.

Q: Is there a charge for Hometown Business Coverage?

A:  There is no cost to have Hometown Business Coverage on your account. However, your account will be charged an Allowable Overdraft Fee (AOD) of $34 for each overdraft item presented for payment. If you exceed your limit, items may be returned when presented to the bank for payment, and you may be charged a Returned NSF fee of $34 per item. The imposition of fees will reduce the amount of coverage available.

Q: What happens if I can’t bring my account to a positive balance?

A: We expect overdrafts to be repaid promptly and, in all cases, within 30 days. After 30 days, if your account is still overdrawn, you will receive a notice advising that your Hometown Business Coverage privileges have been suspended or revoked until your account has returned to good standing. The amount of any overdrafts plus our non-sufficient funds and/or overdraft charges that you owe us shall be due and payable upon demand.

Q: Is there any other option for Overdraft Protection besides Hometown Business Coverage?

A: Yes. We also offer an Automatic Transfer System or ATS. By choosing this alternative, we automatically debit the funds from another one of your accounts with The Cecilian Bank, such as a checking account, savings account, or a line of credit, when your account becomes overdrawn. Stop by any banking center to sign up for this type of Overdraft Protection.

Q: Are there any fees with the ATS Overdraft Protection?

A: Your checking account will be charged a $2 fee each time we transfer money to cover your overdraft amount. The minimum transfer amount is $50, and the transfers will be set up in multiples of $50. If the presented item(s) exceed available funds in both the checking and funding accounts, the item(s) presented may be returned, and you may be charged a Returned NSF Fee of $34 for each item returned.