Overdraft Privilege is a convenient service that provides you and your family with financial flexibility in times when you may not have sufficient funds in your account.
To assure you peace of mind in an emergency, Meredith Village Savings Bank’s existing Overdraft Privilege program automatically covers overdrafts on your everyday debit card purchases. For many of our account holders, this is a valued safety net offering flexibility and protection from the potential embarrassment of insufficient funds and the associated merchant fees.
However, the rules are changing. If you haven’t told us by August 15, 2010, that you want us to continue to provide overdraft protection for your everyday debit card purchases and ATM transactions, we will be forced to decline your card when you do not have enough money in your account. If you want to keep this important service on your account, you will have to specifically request it.
Our goal is to assist you with making an informed decision regarding these new requirements and to provide you with a means to notify us of your choice. You can review your Overdraft Privilege options and make your choice online or visit any of MVSB’s 11 offices throughout the Lakes Region, or call (800) 922-6872 to learn more.
The choice is yours. We are here to answer your questions.
* The effective date of the change is August 15, 2010 for accounts opened before July 1, 2010. For accounts opened after July 1, 2010 the effective date of the change is July 1, 2010. Beginning August 15, 2010, we will not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent. An overdraft (OD) fee or insufficient funds (NSF) fee of up to $32.50 may be charged for covering overdrafts that result in a negative balance at the end of the day. Overdrafts may be created by check, ACH, online banking transactions, phone transactions or other electronic means. Recurring debit card transactions (payments that are set up to bill and pay automatically) such as automatic draft from your health club or insurance company may continue to be covered by your overdraft service. Once an overdraft has occurred you are required to bring your account to a positive balance within 30 days. We reserve the right not to pay if your account is not in good standing. Contact us if you have questions.
