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What is Overdraft Privilege?
As a
benefit of your relationship with us,
Overdraft Privilege is offered on your
checking account. With Overdraft
Privilege, if you inadvertently overdraw
your account, we have the option to
cover your overdrafts, including fee(s)
and thereby saving you the embarrassment
and inconvenience of a returned or
declined item, as well as the fee
normally charged to you by merchants for
items returned to them.
The amount of
the Overdraft Privilege is not shown in
your available balance, but may be
available to you for ATM cash
withdrawals, checks, telephone and
Internet Banking, ACH transactions, and
when you use your debit card for
purchases at retail merchants |
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How does Overdraft
Privilege work?
As long as you maintain your account in
good standing (defined as making regular
deposits, and bringing your account to a
positive balance, including payment of
all bank fees charged to your account,
at least once every 30 days), Metairie
Bank may honor overdrafts up to the
Overdraft Privilege limit on your
account. Whether your overdraft will be
paid is discretionary and we reserve the
right not to pay. For example, we
typically do not pay overdrafts if your
account is not in good standing or you
are not making regular deposits, or have
too many overdrafts. To ensure you don’t
exceed your limit if you use Overdraft
Privilege, please note that the amount
of the overdraft plus our standard NSF
fee of $29 for each item will be
deducted from your overdraft limit. No
interest will be charged on the
overdraft balance.
*please
refer to the Customer Policy for more
details |
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How do I know when
I use the overdraft limit?
You will
receive an overdraft notice in the mail
each time items are paid. The notice
will show the check number, amount and
the OD fee. You will need to subtract
the total fees when balancing your
checkbook |
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What is my
Overdraft Privilege limit? I have two
checking accounts. Can I get Overdraft
Privilege on both?
Locate your account type below and make
note of the corresponding limit. If you
have multiple accounts for your
household, you may have a limit on all
eligible accounts.
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Business Accounts |
$1,000 |
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MAX Advantage |
$700 |
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Advantage |
$500 |
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EZ Checking |
$700 |
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What if I go
beyond my Overdraft Privilege limit?
Overdrafts above and beyond your
Overdraft limit may mean that a check or
checks will be returned to the payee.
Our standard returned item fee of $31
will be charged per item. An NSF notice will be sent to
you. |
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How quickly must I
repay my Overdraft Privilege?
Every attempt should be made to bring
your account to a positive balance
within 30 days. If you are not able to
do so, a letter from Metairie Bank will
be sent to inform you of the situation
and the options available. If, after a
period of time, your account has not
been brought to a positive balance, we
may suspend your account and take other
steps to recover funds. |
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What does my
Overdraft Privilege cost?
There is no additional cost associated
with this privilege unless you use it.
You will be charged $29 for each
presentment item that we pay and we
charge $31 for each presentment item that we
return. Advantage customers are charged
$28 for each presentment item that we pay. Overdrafts
may be created by checks, ACH,
Point-of-Sale, ATM withdrawals,
in-person withdrawals, or by other
electronic means paid over the limit. (For example, three paid items
for non Advantage customers in one day
will result in $87 in overdraft fees.)
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What are some of
the ways I can access my Overdraft
Privilege limit? Will my limit be
reflected in the balance I receive?
The chart below shows some different
ways you can access your Overdraft
Privilege limit and indicates whether or
not this limit will be reflected in the
balance provided.
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Access Point |
Is my Overdraft Privilege
limit available? |
Does the balance provided
reflect my Overdraft
Privilege limit? |
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Teller |
YES |
YES |
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Writing A Check |
YES |
N/A |
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Debit Card |
YES, If Opt-In Received |
NO |
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ATM Withdrawal |
YES, If Opt-In Received |
NO |
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ACH-Auto Debit |
YES |
N/A |
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Telephone Banking |
YES |
NO |
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Online Banking |
YES |
NO |
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How soon can I use
my Overdraft Privilege?
If you are a new account holder, you
will be able to use the overdraft
privilege service 30 days after the
account is opened. |
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What are some
other ways I can cover overdrafts at
Metairie Bank?
The best way to avoid overdrafts and
Overdraft check fees is to manage your
account so it doesn’t become overdrawn.
However, if a mistake occurs, Metairie
Bank offers the following to cover
overdrafts |
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Ways
to cover overdrafts at Metairie Bank
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Ways to cover Overdrafts
at Metairie Bank |
Associated Fees |
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Good Account Management |
$0 |
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Overdraft Protection Line of
Credit* |
WSJ Prime+4.00%** |
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Overdraft Privilege |
Standard OD Fee of $29 per item |
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Overdraft Savings Sweep |
Standard Fee of $10 per transfer
Transfer Increments of $100 |
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*Subject to credit
approval **Rate
subject to change without notice |
Posting Sequence of presentment
items:
Transactions may not be processed in the
order in which they occurred; and the
order in which transactions are received
and processed may impact the total
amount of fees incurred.
The posting sequence for items
by transaction type is as
follows:
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EFT Sort (ATM and POS
transactions) - are sorted and
processed against your account
at the time of authorization and
in ascending transaction amount
order.
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Check Sort (Checks and items
with a check number) - are
sorted and paid in transaction
code order (On-us, In House,
In-Clearing), check serial
number order then ascending
transaction amount order.
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•
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Amount Sort (Bill Pay & ACH’s) -
are sorted and posted within
transaction code order then
ascending transaction amount
order. |
For information about effective
money management and financial
fitness, please contact a
Metairie Bank Account
Representative. In
addition, here are websites that
may be helpful.
www.mapping-your-future.org
www.nfcc.org
www.pueblo.gsa.gov
Overdraft Privilege Statement of
Policy
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©2011 Metairie Bank. This bank complies with Section 326 of the "USA Patriot Act" that
mandates we verify certain information about you while processing your account application.
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