What is EZ Pay Protection?
EZ Pay Protection is a service that adds a measure of protection to your personal checking account. EZ Pay Protection may cover your insufficient funds, up to your approved limit. A fee will be assessed for each covered overdraft transaction. That means that instead of returning a check to the merchant because of insufficient funds, the bank may pay your check and save you additional charges from merchant collection companies. It saves you the embarrassment an inadvertent overdraft can cause. Further, it helps protect your credit rating.
How Does EZ Pay Protection Work?
Overdrafts on your checking account, up to a limit of $500 including the amount of the overdrawn item(s) and the EZ Pay Protection fee(s), may be honored by Century Bank. A $35 fee may be assessed for each item that draws your account negative. You then have up to 30 days to bring your account current, either through a direct deposit, transfer of funds or a deposit at one of our branch offices.
What If I Already Have Overdraft Protection?
If you have established other overdraft protection methods, such as a line of credit or automatic transfer from other accounts, we will always look to pay any overdraft by those methods first before paying your overdraft utilizing EZ Pay Protection. If we pay your overdraft using EZ Pay Protection, a $35 fee may be imposed. If you find that you have been paying multiple overdraft fees, there may be cheaper alternative products that are better suited to your needs. Please call your local branch or click here for more information.
Do I Have to Apply For This Service?
No. We require no applications or additional signatures. $250.00 in EZ Pay Protection is available to you at account opening on qualified accounts. As long as you are a customer in good standing, which includes having an account with us for at least 60 days, you make regular deposits to that account, bring your account back to a positive balance at least every 30 days, and there are no legal orders against the account, your EZ Pay Protection may be increased up to the limit of $500.00. The bank, at our sole discretion, may pay overdrafts up to the limit mentioned above.
EZ Pay Protection is a way for us to provide a higher level of service to our customers by helping protect your account and reputation when an inadvertent overdraft occurs.
How Can I Access EZ Pay Protection?
Overdrafts may be paid utilizing your EZ Pay Protection funds up to the limits mentioned above for the following types of transactions:
- POS/Debit Card Transactions
- Electronic Transactions
- Bill Pay
- Online Banking
- ATM Withdrawals
We strongly recommend that you first perform a balance inquiry before making an ATM Withdrawal. Should you request a withdrawal that draws your account negative, the ATM may honor that request by drawing on your EZ Pay Protection limit and/or any other overdraft protection you may have with Century Bank. The ATM receipt will show the amount withdrawn. It may not indicate your withdrawal has taken your account negative or accessed EZ Pay Protection and/or other overdraft protection funds or charged a fee.
Call Us For More Information
We are happy to review EZ Pay Protection and its features with you, along with giving you other options to add convenience and ease to your account. Please call or stop by one of our branches for more information.
EZ Pay Protection is a service that allows us to pay an item presented against our customer’s checking account, even if it causes the account to become overdrawn. EZ Pay Protection may provide certain account holders in “good standing” with the ability to overdraw their checking account up to $500.
Corporations, Non-profit and Growth accounts are not eligible for EZ Pay Protection.