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Overdraft Privilege

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 a potentially embarrassing experience. At Metairie Bank, we encourage you to manage your finances responsibly and we do not encourage overdrafts. 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 is why we provide Overdraft Privilege service for our checking account customers

Overdraft Privilege Opt-In Notice

Due to regulatory changes it is now necessary that you opt-in  for the payment of everyday point-of-sale and ATM transactions in cases where such payment will result in your account being overdrawn. If you wish for Metairie Bank to authorize and pay point-of-sale transactions, you must opt-in. If you do not opt-in your point-of-sale and ATM transactions will be denied if you do not have sufficient funds to cover them.

 


 

 

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

 

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 $32 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

 

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

 

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.

Business Accounts $1,000
Personal Accounts $700

 

 

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 $32 will be charged per item. An NSF notice will be sent to you.

 

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.

 

What does my Overdraft Privilege cost?
There is no additional cost associated with this privilege unless you use it. You will be charged $32 for each presentment item that we pay and we charge $32 for each presentment item that we return. Advantage customers are charged $32 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, five paid items in one day will result in $160 in overdraft fees.)

 

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.
 

Access Point

Is my Overdraft Privilege
limit available?

Does the balance provided reflect my Overdraft
Privilege limit?

Teller YES YES
Writing A Check YES N/A
Debit Card YES, If Opt-In Received NO
ATM Withdrawal YES, If Opt-In Received NO
ACH-Auto Debit YES N/A
Telephone Banking YES NO
Online Banking YES NO
 

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.

 

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

 

Ways to cover overdrafts at Metairie Bank
 

Ways to cover Overdrafts
at Metairie Bank

Associated Fees

Good Account Management $0
Overdraft Protection Line of Credit* WSJ Prime+4.00%**
Overdraft Privilege Standard OD Fee of $32 per item
Overdraft Savings Sweep Standard Fee of $10 per transfer
Transfer Increments of $100
   *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:



 
EFT Sort (ATM and POS transactions) - are sorted and processed against your account at the time of authorization and in ascending transaction amount order.
 


 
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.
 

 
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.mappingyourfuture.org
www.nfcc.org
www.pueblo.gsa.gov

 

Overdraft Privilege Statement of Policy