Overdraft Programs

At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly, inconvenient and potentially embarrassing experience.

At Meredith Village Savings Bank, we do not encourage overdrafts. To avoid fees, we encourage you to manage your finances responsibly by keeping track of your account balance and reconciling it regularly. However, we have several options that can save you from additional merchant fees and possible damage to your credit history that may result from an overdraft.

Transfer Account Protection

MVSB will transfer available funds from another MVSB checking or savings account to cover an overdraft on a checking account, if enrolled.

The basics of the program are:

• Available funds are transferred in $5 increments once each day to cover all overdrafts on the checking account for that day.
• $5 Transfer Account (Acct) Protection Fee per daily transfer charged to the linked checking account.¹
• If there are not sufficient funds to cover the entire overdraft, only available funds will be transferred. The Transfer Account (Acct) Protection Fee will not be charged, however Overdraft fees may still result.
• Transfers will not occur to cover fees or charges assessed by the Bank. This may result in an overdraft on your checking account.
• No annual fee or finance charge.
• Enrollment required. Apply with a MVSB Branch Services Representative.

To learn more about Transfer Account Protection stop by any of our locations, or call us at 800.922.6872.

CheckReserve Overdraft Line of Credit

The CheckReserve Overdraft Line of Credit allows qualifying customers access to an approved line of credit that enables funds to be automatically transferred into their checking account.

Learn More

Courtesy Pay

Courtesy Pay provides a safety net up to a pre-determined amount under certain conditions.

Learn More

How do the overdraft programs work together?

The overdraft options are activated in the following order, if enrolled and as applicable, to cover an overdraft on your checking account:

1. The available balance in your enrolled Transfer Account Protection linked account is used first.
2. Check Reserve Overdraft Line of Credit up to your pre-approved amount is used second.
3. When each of these is exhausted, or non-applicable, Courtesy Pay will be activated.

¹Fee not applicable with Bank On Certified Checking Accounts