Have you ever made an honest mistake in your checkbook? Found yourself “a little short”? Had unforeseen expenses at the wrong time?

Relax…we now offer Overdraft Privilege Service with our checking accounts! Rather than automatically returning, unpaid, any non-sufficient fund items that you may have, we will consider, without obligation on our part, payment of your reasonable overdrafts, as long as you maintain your account in good standing.

Overdraft Privilege Service applies* to:

Free Checking
Heritage Club Checking
Checking with Interest
Gold Club Checking
Mustang Checking

Our normal non-sufficient funds or overdraft charge ($20.00) will apply to each item that would create an overdraft on your account. We will send you a notice each time an overdraft occurs. This discretionary Overdraft Privilege service requires no action on your part. You do not have to sign any additional documents. It costs you nothing unless you use the Overdraft Privilege Service by initiating an overdraft.

Each NSF transaction initiated for payment against your checking account may be approved/paid by us against and up to your assigned Overdraft Privilege limit (including our fees), include the following eligible transaction types, without limitation: Checks, ACH, Internet/Online transactions, telephone and other electronic transactions.

Of course, we can’t promise to pay every overdraft and we are not obligated to pay your overdrafts, even if your account is in good standing or have previously paid overdrafts for you. RESTRICTIONS DO APPLY. For more information, please see one of our Personal Bankers or call us at 320-679-3131.

OVERDRAFT PRIVILEGE (ODP) POLICY

It is the policy of Kanabec State Bank (“the bank, we, us or our”) to comply with applicable laws and regulations, and to conduct business in accordance with applicable safety and soundness standards.

A non-sufficient funds (negative) balance may result from: A) The payment of checks, electronic funds transfers, ATM withdrawals or other withdrawal requests; B) Payments authorized by you; C) The return, unpaid, of items deposited by you; D) The imposition of applicable service charges; or E) The deposit of items which according to the bank’s Funds Availability Policy, are treated as not yet “available” or finally paid.

We are not obligated to pay any item presented for payment if your account does not contain sufficient collected funds. Rather than automatically returning, 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 30 days and thereafter you maintain your account in good standing, which includes at least: A) Continuing to make deposits consistent with your past practices, and depositing at least $400 or more in your account within each 30 day period, B) You are not in default on any loan obligation to Kanabec State Bank, C) You bring your account to a positive balance (not overdrawn) at least once every 30 days, and D) Your account is not the subject of any legal or administrative order or levy, we will consider, without obligation on our part, approving your reasonable overdrafts. This discretionary service will generally be limited to a $400 overdraft (negative) balance for Free Checking accounts or a $700 overdraft (negative) balance for other eligible personal checking accounts. Of course, any and all fees and charges, including without limitation our non-sufficient funds/overdraft fees (as set forth in our fee schedules) will be included in this limit and will apply to any transaction that overdraws your account.

We 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 and/or overdraft charges(s) that you owe us shall be due and payable upon demand. If there is an overdraft aid by us on an account with more than one owner on the signature card, 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 and/or overdraft charge (s).

LIMITATIONS: Available only to eligible personal checking accounts primarily used for personal and household purposes. All business-type accounts, savings-type accounts, money market accounts, public fund/charitable organization accounts, and minor accounts are not eligible. We may limit the number of accounts eligible for Overdraft Privilege Service to one account per household.

*The 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 us at any time without notice or reason or cause.