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:

  1. We have standard overdraft practices that come with your account.
  2. We also offer overdraft protection plans, such as a link to a savings account, or Overdraft Protection Line of Credit which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

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:

  • 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 Main Street Bank pays my overdraft?

Under our standard consumer overdraft practices:

  • We will charge you a fee of up to $32 each time we pay an
  • We will limit the total amount of fees we can charge you, up to a maximum of five fees per calendar day, for overdrawing your account.

Under our standard business overdraft practices:

  • We will charge you a fee of up to $32 each time we pay an
  • Also, if your account is overdrawn for 3 or more consecutive business days, we will charge you an additional $8 a day.
  • There is no limit on the total fees we can charge you for overdrawing your account.

What if I want Main Street Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please contact our Operations Department at 508-460-4188.

If at any time you wish to discontinue this service, please contact us at 508-460-4188.

This notice was last updated on 6/1/2017.