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Cambridgeport Bank offers two different ways to protect your checking account against insufficient funds: Overdraft Protection Linking with a companion savings account or our traditional Overdraft Protection Line of Credit.
SAVINGS
ACCOUNT PROTECTION
Cambridgeport Bank offers the security that checks will be paid on your Cambridgeport Bank Now, Real or Appreciation Checking account. By linking a Cambridgeport Statement Savings to your checking account you may avoid the embarrassment of returned checks. For our Appreciation and Real Checking customers we offer the additional convenience of using your Real Savings as an alternative for overdraft protection.
OVERDRAFT
LINE OF CREDIT
This line of credit is offered on Cambridgeport Bank NOW, Real, or Appreciation Checking accounts as an added security against returned checks.
FEATURES
- Easy application process via telephone, or in person
- 24-hour response on loan application during business banking hours
- You save money every time the line advances since the overdraft will advance the exact amount needed to cover the insufficient funds.
LOAN
TERMS
- For Appreciation,
Real, & NOW Checking Customers
Maximum amount is $5,000.00
Minimum amount for a line of credit is $500.00
Important
Information
- Customers have to apply for Overdraft Protection. It is considered a loan and subject to a credit check.
- Not available on Free Checking, Savings, or Business accounts.
- Unless the checking account is closed, request to close an ODP and/or detach from the checking account must be in writing.
- The Overdraft account will advance the exact amount needed to cover insufficient funds (uncollected funds are NOT covered by an Overdraft account.)
- If the Line of Credit Overdraft account does not have available funds to cover the entire amount of a debit presented to the checking account, then the Overdraft account will not advance any funds (no partial advances).
- Annual fee applies for Line of Credit option
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