Having trouble deciding?

Deciding whether to opt-in to overdraft services is an important decision. We encourage you to consider your lifestyle, spending habits and record-keeping processes and how frequently you use your ATM and debit cards before you choose which option is best for you.

To OPT-IN means:

  • You do want us to cover your everyday debit card and ATM transactions—even if you have insufficient funds in your account. You are willing to incur the fees associated with this service.
  • You will only be charged if we have to cover an overdraft for you. There are no fees to opt-in for the service. The service is called Overdraft Privilege*.
  • If we cover your overdraft, you will be saved the frustration and embarrassment of having your card declined.

To NOT OPT-IN means:

  • You do not want us to cover your everyday debit card and ATM transactions when there are insufficient funds in your account.
  • You will not be charged any overdraft fees for everyday debit card fees and ATM transactions.
  • Your transaction will be declined if there are insufficient funds in your account.

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.



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