Overdraft Courtesy is a discretionary service
available to qualified personal and business
checking accounts. It is designed to help you avoid embarrassment from items being returned due to insufficient funds. It can also help save on the costs associated with the fees many merchants charge for items returned for insufficient funds. With Overdraft Courtesy, the Bank may pay items overdrawing qualified accounts up to $500 (which includes applicable fees).
Best of all, you do not need to apply for Overdraft Courtesy. Your account will be reviewed automatically, and if you qualify, you will receive a letter approximately 35 days after opening your account.
Overdraft Courtesy is not intended for casual or everyday use, but rather for protection against inadvertent record keeping errors. Items paid in conjunction with Overdraft Courtesy are subject to fees.
(1) To qualify, checking accounts must be open a minimum of 30 days, have a positive balance, and meet certain minimum deposit requirements set periodically by the Bank. Additionally, customers may not be in default on any loan obligation to Monroe Bank, or be subject to legal or administrative levy. Monroe Bank reserves the right to limit the number of accounts eligible for Overdraft Courtesy per account owner or household. Applicable fees include: $29 overdraft fee per item paid, $29 weekly overdrawn account fee for each week the account balance remains negative, and $29 insufficient funds fee for items returned unpaid. Fees may be imposed for covering overdrafts created by check, in-person withdrawal, ATM withdrawal, or other electronic means. Monroe Bank reserves the right to require repayment of any overdraft on demand. Payment of overdrafts is discretionary, and Monroe Bank may refuse to pay an overdraft at any time. For example, we typically do not pay overdrafts if you are not making regular deposits, or your account is otherwise not in good standing.
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