Overdraft Protection and Overdraft Privilege

Life happens! Mid America Bank understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.

 

WHAT ARE MY OVERDRAFT COVERAGE OPTIONS?

The choice is yours.  Consider these ways to cover overdrafts:

Service

Cost

Auto Sweep Overdraft Protection (Link to Another Deposit Account you have at Mid America Bank)1

$2 fee per transfer

Overdraft Privilege

No fee if your overdrawn balance is $10 or less on any given day

$15 Overdraft Fee for transactions $50 or less

$30 Overdraft Fee for transactions greater than $50

1Contact us at (573) 635-0019, email us at bookkeeping@midambk.com, or come by a branch to sign up for these services.

 

WHAT IS AUTO SWEEP OVERDRAFT PROTECTION?

Overdraft Protection applies to all types of transactions and may help protect your account from being overdrawn by automatically transferring funds to your checking account from another account you may have at Mid America Bank, for a fee. 

 

WHAT IS OVERDRAFT PRIVILEGE?

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction.

Mid America Bank may provide you a specific Overdraft Privilege limit depending on the type of account you have. New consumer and business checking accounts will receive a $100 Introductory Overdraft Privilege limit at account opening that will be increased to $500 after 30 days in good standing for consumer accounts or to $1,000 after 60 in good standing for business accounts.

Even if you have Auto Sweep Overdraft Protection, Overdraft Privilege is still available as secondary coverage if the other protection sources are exhausted.

Please be aware that the Overdraft Privilege amount is not included in your available balance displayed through internet banking, mobile banking, or Mid America Bank ATMs.

 

HOW MUCH DOES OVERDRAFT PRIVILEGE COST?

When Overdraft Privilege is used, an Overdraft Fee will be imposed for overdrafts created by checks, ACH, point-of-sale, ATM transactions, in-person withdrawals, or by other electronic means if your account is overdrawn more than $10. There is no fee if your account balance is overdrawn by $10 or less on any given day. An Overdraft Fee of $15 will be charged for each overdraft transaction of $50 or less. An Overdraft Fee of $30 will be charged for each overdraft transaction over $50. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item Fee of $30 for items returned to the payee due to insufficient funds.  If your business account’s balance remains overdrawn for longer than seven (7) business days, we will charge your account a Continuous OD Fee of $5 for each of the consecutive business days, the account remains overdrawn, beginning with business day eight (8).

If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Mid America Bank will charge a return item fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item Mid America Bank may pay the item, and, if payment causes an overdraft, charge an overdraft fee.

The maximum amount of Overdraft Fees and Return Item Fees that we will charge to your consumer account is $150 per day. This daily limit does not apply to business accounts.

All fees and charges will be included as part of the Overdraft Privilege limit amount.  Your account may become overdrawn in excess of the Overdraft Privilege limit amount as a result of the assessment of a fee.  The total negative balance, including all fees and charges, is due and payable upon demand.  Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all such amounts, as described in the Terms and Conditions of Your Account

 

WHAT IF I DON’T WANT OVERDRAFT PRIVILEGE?

You can request to discontinue Overdraft Privilege service in its entirety at any time by contacting us at (573) 635-0019, sending us an email at bookkeeping@midambk.com, or visiting any branch. Without Overdraft Privilege, your insufficient funds items will be returned to the payee and/or declined at the point of purchase, unless you have Auto Sweep Overdraft Protection available to cover the item(s). You will be charged the standard Return Item Fee of $30 for all returned items.

 

WHAT IF I WANT MID AMERICA BANK TO PAY MY ATM AND EVERYDAY DEBIT CARD OVERDRAFTS (EXTENDED COVERAGE)?

If you want us to authorize and pay overdrafts caused by ATM and everyday debit card transactions (Extended Coverage), tell us by using one of the methods below.

NOTE: Business accounts automatically have access to Overdraft Privilege for ATM and everyday debit card transactions (Extended Coverage).

 

What Else You Should Know

Consent Form

Know your Overdraft Options

Money Management Tools