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Overdraft Privilege helps protect you against having your items returned in the event of an inadvertent overdraft of your account by giving you a reserve for emergencies or unexpected situations. If you overdraw your account, we have the discretion to pay the overdraft, subject to the limit of your Overdraft Privilege. There is no fee for having this privilege on your account; you are only charged an overdraft fee if you overdraw your account.
Here is how Overdraft Privilege works for you:
Suppose you do not have Overdraft Privilege and your account balance is $50. If you have a debit item for $100, Mifflinburg Bank will charge your account a fee (currently $35) for having an item with insufficient funds and will then return the item if adequate funds aren’t available. In most cases, the establishment where you made the transaction will require you to pay for the item and will normally charge you a fee (approx. $30) for writing an NSF item. This means that you now have incurred two fees ($35 at Mifflinburg Bank & Trust and $30 at the merchant) for an item that wasn’t even paid for.
However, if you had $300 of Overdraft Privilege, here is how the situation typically would have worked. When the item arrived at Mifflinburg Bank & Trust, we would pay the item and charge you the $35 fee for an overdraft transaction. The total charge to you would have been $35 compared to $35 plus $30 in merchant fees if you had not had Overdraft Privilege. Additionally, you avoid being added to any bad-check lists on the check approval networks or with the merchant, and your item has been paid for.
You must maintain your account in good standing, which includes at least:
In addition to the Overdraft Privilege service detailed above which is a discretionary service for handling overdraft items, MBTC also offers Overdraft Protection plans. Overdraft Protection plans will prevent your account from becoming overdrawn, and covered overdraft transactions will not incur a $35 per item fee*.
*Subject to a sufficient balance or available credit line that is at least equal to the amount of the transaction.
If you have an MBTC savings account or second MBTC checking account, you can ‘link’ your accounts to prevent overdrafts and related charges from occurring. The balance of your linked account(s) becomes the amount available to cover an overdraft transaction. Please refer to the bank’s Schedule of Fees for the current fee.
An MBTC Overdraft Line of Credit is a loan product that is linked to a checking account to automatically provide overdraft protection. The limit amount available to cover overdrafts is based on the account holder’s credit worthiness. This is determined through a loan application process. Any amount advanced from the line of credit to cover an overdraft transaction becomes an outstanding loan subject to an interest rate and terms for repayment. Please contact us for current interest rates.
Effective July 1, 2010, Regulation E prohibits banks from providing overdraft privilege on ATM and debit card withdrawals unless the account holder has provided the bank documented permission to extend this service through these withdrawal channels. Accounts opened after August 2, 2010 are given the option of overdraft privilege during the initial account setup process.
If your account was opened prior to August 2, 2010 and you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, Opt-in by calling an MBTC bank representative at 570-966-1041 or toll free at 888-966-6282, or stop in at your local branch to verbally authorize us.
For complete details, contact us at any of our office locations, or call toll free at 888-966-MBTC (6282).
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