OOPS! Optional Overdraft Protection Services

You have options in case you overdraft

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 encourage you to manage your finances responsibly. However, we want to save you from the additional merchant fees and possible damage to your credit history that might result if a check is returned. That’s why we offer a variety of optional overdraft protection services for our customers.

Transfer Account Protection (TAP)

With your authorization, MVSB will withdraw funds from another account at the bank to cover an overdraft on your personal or business checking account. Features and benefits include:

  • Funds are transferred in $5 increments just once each day to cover all overdrafts on the account for that day
  • No Annual Fee
  • $10 fee for each transfer
  • Provides peace of mind knowing checks will be paid
  • Saves the embarrassment of having checks returned
  • No finance charge because you use your own money
  • Saves money on returned check charges

To sign up for TAP or for more information, please contact us in the way that is most convenient for you:

  • Secure email form
  • On weekday business hours, call 800.922.6872
  • We also have convenient evening and weekend hours in many of our offices. For a full listing of locations and phone numbers, click here

REALProtection Line of Credit

REALProtection is a line of credit that you can use to help maintain a positive account balance. Learn more.

Overdraft Privilege

Use Overdraft Privilege* as a convenience to cover inadvertent overdrafts or as a safety net to help in emergencies. Available only on personal accounts. To sign up for Overdraft Privilege or for more information, please contact us in the way that is most convenient for you:

  • Secure email form
  • On weekday business hours, call 800.922.6872
  • We also have convenient evening and weekend hours in many of our offices. For a full listing of locations and phone numbers, click here

$15 Allowance

This helpful MVSB service can help customers avoid costly charges resulting from those “little mistakes” we all make from time to time. Available only on personal checking accounts. Learn more.

Here’s how they all work together:

  • If a transaction that would result in an overdraft occurs in a customer’s account, MVSB will first attempt to cover the overdraft with Transfer Account Protection (TAP).
  • If the customer is not signed up for TAP or there is not enough money in the TAP account to cover the overdraft, we will check for REALProtection.
  • If the customer has REALProtection, MVSB will then automatically advance funds from the line of credit (in $100 increments) into the linked checking account to cover the shortfall.
  • If there is no TAP or REALProtection on the account, we will determine if the customer has Overdraft Privilege on the account. If this service is activated to cover the overdraft, a charge of up to $32.50 will be assessed, up to a maximum of 6 per account per day.

Other tools and resources to help prevent overdrafts

Of course, the best way to prevent multiple and recurring overdrafts is to practice good account management. For assistance in this area, you may:

  • Enroll in the free, comprehensive FDIC Money Smart program designed to help you enhance your banking skills. Visit www.fdic.gov/consumers or call us to get started.
  • Contact the Laconia Area Community Land Trust, a nonprofit that offers a free financial literacy program, as well as personal counseling, resources, workshops and seminars to help individuals and families achieve economic self-sufficiency.
  • Enroll in one of our electronic banking services to help monitor your accounts. Many of these tools allow you to set up alerts that notify you when your balance is getting low

* 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. We will not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent. 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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