Courtesy Pay

As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Courtesy Pay limit as a non-contractual courtesy. For Courtesy Pay consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts that would suggest the use of Courtesy Pay as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.

We reserve the right to limit participation to one account per household or to suspend, revoke, or discontinue this service without prior notice.

Click here to read the Courtesy Pay Customer Overdraft Policy

Please note that the amount of the overdraft item plus our Overdraft Item Fee of up to $32.50 for each item will be deducted from your Courtesy Pay limit, if an item is paid. Overdrafts above and beyond your established Courtesy Pay limit may result in checks or other items being returned to the payee. If an item is returned, a Returned Item Fee of up to $32.50 will be deducted from your account. No interest will be charged on the overdraft balance.

There is no additional cost associated with Courtesy Pay unless you use it. You will be charged our Overdraft Item Fee of $32.50 for each overdrawn item paid created by a traditional paper-based check, and other transactions made using your checking account number, such as a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. If you request us to do so, by “opting in”, we may also authorize ATM transfers or withdrawals and everyday debit card purchases up to your daily Courtesy Pay limit. MVSB will charge no more than 4 Overdraft Item Fees per account on any given business day. For example, three paid items in one day will result in up to $97.50 in Overdraft Item Fees. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly statement.

Locate your account type below and make note of the corresponding limit. If you have multiple
accounts for your household, you may have a limit on all eligible accounts.

You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Meredith Village Savings Bank informing you that your Courtesy Pay limit has been suspended and additional items will be returned. Unless we advise you differently or you request this service to be removed from your account, your limit will be made available to cover overdrafts again one business day after you bring your account to a positive end-of-day balance.

The chart below shows the different ways you can access your Courtesy Pay limit and indicates whether or not this limit will be reflected in the balance provided.

** Courtesy Pay service will be made available for ATM or everyday debit card transactions upon your request. Call 800.922.6872 or visit one of our branches to arrange for your ATM and debit card coverage. 

Please contact us at 800.922.6872 if: (1) you  do not believe you will be able to bring your account to a positive end-of-day balance within the required time period; (2) find that you are using Courtesy Pay more often than you intend; or (3) don’t understand why your account becomes overdrawn. We would like to discuss your situation with you.

Following regulatory guidance, we will contact you if you are paying multiple overdraft fees (i.e., more than six fees in a rolling 12-month period), to discuss possible alternatives to Courtesy Pay that may better meet your short-term credit needs. In the event you ask us to stop contacting you because you have determined Courtesy Pay is appropriate for your needs, we will honor your wishes. However, if we identify that the number and frequency of overdrafts increases materially for an extended period of time at some point after that, we may contact you again to ensure Courtesy Pay is still the most appropriate option available to you for covering your short-term credit needs.

Normally, we will not approve an overdraft for you in excess of the predetermined limit assigned to your account. So as not to exceed your limit, please remember that the amount of the overdraft plus our Overdraft Item Fee of $32.50 for each item will be deducted from the Courtesy Pay limit. Overdrafts above and beyond your established Courtesy Pay limit may result in checks or other items being returned to the payee. The Returned Item Fee of up to $32.50 will be charged per item and assessed to your account. An Overdraft/Non-sufficient Funds notice will be sent to notify you of items paid and/ or returned.

An Overdraft/Non-sufficient Funds notice will be sent to notify you of items paid and/or returned, including fees. You will need to subtract the total fees when balancing your checkbook.

We have no obligation to notify you before we pay or return any item. The amount of any overdraft including our paid Overdraft Item Fee of $32.50 and/ or a Returned Item Fee of $32.50 that you owe us is due and payable upon demand even if we do not ask you for payment. You must repay us no later than 30 calendar days after the creation of the overdraft. If there is more than one owner on the account, each owner and agent, if applicable, shall be jointly and severally liable for all overdrafts including all fees charged.

If you are a new customer, you may be able to use the overdraft service the next business day after your account is opened.

The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases and ATM withdrawals in your check register, reconcile your account regularly, and manage your finances responsibly. Other suggestions may be found at https://www.fdic.gov/moneysmart and https://www.consumerfinance.gov/ . However, if a mistake occurs, Meredith Village Savings Bank offers several ways to cover overdrafts.

*This information is effective as of April 2022 and is provided as examples. Please ask us about our current specific products, rates and fees.
**APR = Annual Percentage Rate. APR subject to change without notice.

If you would like to revoke your previous authorization for ATM and debit card transaction coverage, or have this service removed entirely from your account, please call 800.922.6872.

While you may opt out of the privilege at any time, you are responsible for any overdrawn balances at the time of opting out.