What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
1. We have standard overdraft practices that come with your account.
2. We also offer overdraft protection plans, such as a link to a savings account and an overdraft line of credit which may be used separately or combined. They may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see Opt-In and Opt-Out buttons below):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Merrimack County Savings Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $30 each time we pay an overdraft.
- There is a limit of 6 fees per day that we can charge for overdrawing your account.
What if I want Merrimack County Savings Bank to authorize and pay overdrafts on my ATM and everyday one-time debit card transactions?
To pay overdrafts on your ATM and everyday debit card transactions we require your authorization.
To authorize Merrimack County Savings Bank to pay overdrafts on your ATM and everyday debit card transactions, click this button:
You may reverse your request at any time in the future by clicking this button:
You may also make these requests by:
1) Calling the Bank at 603-225-2793 or 800-541-0006
2) Completing a form at any branch.
3) Printing and mailing this form (use Adobe Reader to view and print) to: Merrimack County Savings Bank, PO Box 2826, Concord, NH 03302-2826