FDIC-Insured - Backed by the full faith and credit of the U.S. GovernmentWhat You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough available funds 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 another account or line of credit, which may be less costly than our Standard Overdraft Practices. To learn more, ask a Customer Service Representative 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 (at our discretion):
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent (see below):
- ATM transactions
- Everyday one-time 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 Murphy-Wall State Bank and Trust Company pays my overdraft?
Under our Standard Overdraft Policy:
- We will charge you a fee of up to $35 each time we pay an overdraft, if your account is overdrawn more than $5
- We will not charge you a fee if your account is overdrawn by $5 or less on any given day
- There is a limit of $175 per day on the total fees we can charge you for overdrawing your account
➢What if I want Murphy-Wall State 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, call (877) 358-6554, complete the form below and click submit, or print and complete the form below and present it at one of our four Murphy-Wall State Bank and Trust Company locations or mail it to:
Murphy-Wall State Bank and Trust Company
P.O. Box 128
Pinckneyville, IL 62274
You can revoke your authorization for Murphy-Wall State Bank and Trust Company to pay these overdrafts at any time by any of the above methods, or by mailing a revocation of consent to the address above. Your revocation must include both your name and the last 4 digits of your account number so that we can properly identify your account.