Protection from Accidental Overdrafts
Overdraft protection provides Bank of Canton checking customers with greater flexibility and peace of mind as they manage their account balances.
How Overdraft Protection Works
Overdraft protection (or “advance account”) is a revolving line of credit attached to your checking account. It’s a reserve to cover accidental overdrafts caused by checks, debit card purchases or ATM withdrawals.
In the event of an overdraft, the bank will pay the requested amount, and you are responsible for repaying the bank the outstanding balance plus interest. You can make minimum monthly payments, or repay the entire balance at once, at any time. Your monthly statement will display any overdraft activity.
There’s no annual fee to enroll in overdraft protection, and overdraft limits range from $500 to $5,000. Our personal bankers will be happy to help you apply or answer any questions.
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