An upcoming regulatory change may affect the way some MVSB customers use their debit card.
Effective August 15, 2010, the everyday purchases our customers make with a debit card and ATM transactions will no longer be covered by our Overdraft Privilege service. If you do not have enough money in your account or the funds are not yet available, your transaction will be denied. Customers wishing to continue coverage of these types of transactions must specifically request that the service be continued on their accounts, even if they have already been using this service prior to that date.
Overdraft Privilege was designed to provide our customers with peace of mind in case of an emergency, and 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.
Customers can review their Overdraft Privilege options and make their choice using our convenient online opt-in form. They may also respond to a letter that will be mailed to all deposit account holders in June, visit any of MVSB’s 11 offices throughout the Lakes Region, or call (800) 922-6872 to learn more.
* 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.
