Overdraft Protection

MARINETTE, WISCONSIN

OVERDRAFT PROTECTION

The bank offers overdraft protection to those customers who need to write a check against their account but cannot get to the bank to make a deposit, telephone the bank to make a transfer or have made an error in their check register. Some familiar examples are; you are out of town and won't be back before the check clears, or the bank is closed and you have to remember to call us when we're open to transfer funds from another account to cover the check.

Overdraft Protection can solve those problems for you by providing protection from an inadvertent overdraft by granting the Bank the authority to transfer funds from a passbook or statement savings account or a money market deposit account to cover the overdrawn balance in your Checking or NOW account.

There is no cost in having this protection unless you use it. Furthermore, the cost of using this service is substantially less than an overdraft charge.

This protection is available on Checking or NOW accounts.

There may be only one savings or money market deposit account (donor account) designated for transfers to the Checking or NOW account under this plan.

The Bank will transfer an amount necessary to cover the overdrawn balance and the fee that is imposed on this transfer. No transfer will occur if there are not sufficient funds in the savings or money market deposit account to cover the entire overdrawn balance and the overdraft protection fee.

No transfer will take place if the overdrawn balance is $10 or less because the Bank does not charge an overdraft fee for this overdraft situation.

Each transfer initiated by the Bank will cost $1.00, which is significantly less than our normal overdraft charges which currently range from $6.00 to $16.00.

All overdraft protection transfers will be duly noted on the account statement(s) and/or passbook.

An agreement granting the Bank the authority to perform the provisions of the Overdraft Protection Plan must be executed by all owners of the accounts affected by an overdraft protection arrangement.

Remember, there are no costs associated with establishing overdraft protection. The only charge occurs when it is actually needed by you.

If you are interested in establishing overdraft protection for your Checking or NOW account, please use our Feedback page for your request and we will forward the necessary agreement for your signature(s).

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