What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with certain accounts.
- We offer opt-in overdraft protection for ATM and standard debit card transactions.
- We also offer alternative overdraft protection plans, such as cash management with a link to a savings account, or another checking account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (opt-in):
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Merchants and Planters Bank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $27 each time we pay an overdraft. Please note - more than one (1) attempt may be made to submit a returned item for payment and additional fees may be charged to you as a result of a returned item AND resubmission(s).
- The maximum number of overdraft fees you may be charged in a day for overdrawing your account is 5, or $135.00.
- We do not charge if the overdrawn balance is $10.00 or less.
What if I want Merchants and Planters Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please complete an Opt-In form, call us at (870) 523-3601, or stop by one of our convenient locations today.
To learn more about Overdrafts and Opt-In, please click here.
Should you change your mind and decide you no longer want the bank to continue to authorize and pay overdrafts on your ATM and everyday debit card transactions, you may revoke your authorization at any time by contacting us either in person, online, by mail, or by phone.