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It is important for you to use your checking account responsibly and to never intentionally overdraw your account. However, we realize that financial shortfalls happen from time to time and we have options available for you.

Why would my account be overdrawn?

An insufficient balance can result from several events such as:

  • The payment of checks, electronic funds transfers or other withdrawal requests
  • Payments authorized by you
  • The return of unpaid items deposited by you
  • Bank service charges
  • The deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid.

Overdraft Policy

Whether your overdrafts will be paid is discretionary and Mutual Savings Bank reserves 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 you have too many overdrafts. The non-sufficient fee applies to overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means as applicable.

Overdraft Services Available

No matter how well you manage your finances, mistakes can happen. To help spare you potential embarrassment and expenses of returned items, Mutual Savings Bank offers three options to cover overdrafts.

Automatic Overdraft Transfer Service

What it is – Allows for the automatic transfer of funds to an overdrawn account

How it works – Funds will automatically transfer from a funding account to the account that is overdrawn (Can be used in conjunction with Overdraft Privilege)

Associated fees – $5 SWEEP Transfer Fee (per transfer)

How to activate – Complete an authorization form for enrollment

Maximum dollar limits – Up to the amount of funds available in the funding account

Overdraft Privilege

What it is – Discretionary program that may allow for the payment of insufficient funds items to a set limit on all eligible checking accounts.

How it works – With the Overdraft Privilege, the bank will generally pay overdraft items up to the established limit; however, whether your overdrafts will be paid is discretionary and we reserve the right not to pay. (Can be used in conjunction with the Automatic Overdraft Transfer Service)

How to activate – You are automatically Opted-In to this service 30 days after your account is opened, depending on account opened. You may Opt-Out of this service by Contacting Us at (317) 736-7151.

Sign Up For Overdraft Privilege

The Overdraft Privilege will be available for all checks written, in-person withdrawals, and ACH transactions. The Overdraft Privilege will only be available for your everyday debit card transactions if you authorize the bank by completing a consent form or by providing the bank with verbal authorization to do so. You may contact a bank representative for more information at any of our bank locations or call us at (317) 736-7151.


You may opt out of the $800 or $1500 Automated Overdraft Privilege at any time by contacting the bank at (317) 736-7151 or visiting any of our branch locations. However, you are responsible for any overdrawn balance at the time of opting out.

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