MutualBank has your back. We offer a variety of overdraft solutions to help you live a better life. The solutions described below can help you avoid the inconvenience of having an item returned or declined. If you wish to take advantage of an overdraft solution, please see the instructions below and keep in mind that you must be approved.
Overdraft Protection uses another MutualBank account (checking or savings) to protect your checking account. If you do not have enough money in your checking account to cover an item, funds will be automatically transferred from another MutualBank account to cover the transaction. A $3.00 Sweeps Transfer Fee will be charged for each transfer, but you will not be charged the $37 Overdraft Fee.
How to get Overdraft Protection:
Enroll or log in to online banking, click on Secure Forms, and click on “overdraft protection” to apply online. You may also visit one of our financial centers.
Overdraft Privilege helps protect you against having items returned or declined in the event that you do not have enough money in your checking account. Overdraft Privilege also saves you from returned item fees that the merchant might charge you. It will honor checks and electronic withdrawals up to your Overdraft Privilege limit and will draw your account into the negative. Overdraft Privilege is not a line of credit. There is no fee for having this privilege on your account, but you will be charged a $37 Overdraft Fee for each item resulting in a negative balance.
How to get Overdraft Privilege:
For checks and electronic withdrawals:
MutualBank may add Overdraft Privilege to your account at our discretion. You do not have Overdraft Privilege on your account until you receive written confirmation from MutualBank that it has been added. If your account is not currently in the Overdraft Privilege program for checks and electronic withdrawals, please fill out an Overdraft Reinstatement form at your local financial center to apply, and your account can be reviewed.
For one-time debit card and ATM transactions:
If you currently have Overdraft Privilege on checks and electronic withdrawals and would also like to have your one-time debit card and ATM transactions covered by this program, you can enroll or log in to online banking and apply using the Secure Forms section and clicking on What you need to know about overdrafts and overdraft fees. Or, you may visit your local MutualBank financial center.
Overdraft Banking is an unsecured line of credit attached to a checking account and is used to cover overdrafts on the account. Overdraft Banking is available by application with a consumer lender and is subject to credit approval. Interest is charged on the amount overdrawn; there’s a processing fee for the application and an annual fee.
Points to Remember
- You must promptly repay the amount of any overdraft and the overdraft fee. If your checking account is overdrawn for five consecutive business days, you will be charged a $5.00 fee per calendar day until the account is in the positive for one full business day. This applies to overdrafts created by check, in-person withdrawal, ATM withdrawal, debit card transaction, ACH or other electronic means, or account fees including but not limited to bank service fees. There is a limit of $190.00 on the total fees we can charge you for overdrawing your account per calendar day.
- You do not have Overdraft Privilege until you receive a letter telling you that it has been put on your account.
- Your Overdraft Privilege will not be included as part of your available balance at an ATM.
- You must bring your account to a positive balance within 30 business days or the Overdraft Privilege will be taken off of your account.
- There are circumstances where Mutual would not pay an overdraft. These include:
- When an active account balance is already $500 or more in the negative.
- Customer requested to not have privilege coverage or they were removed from the program by the bank.