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Overdraft Coverage Options

Overdraft Protection And Overdraft Privilege

Marion State Bank understands that unexpected overdrafts occur from time to time - Overdraft Coverage can help.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost
Overdraft Protection Link to Another Deposit Account you have at Marion State Bank1 $3.00 fee per transfer.
Overdraft Privilege $29.95, $10.95, or $5.95 Overdraft Item Fee per item depending on item and balance characteristics; $6.00 Daily Overdrawn Fee for every day your account is overdrawn (this Daily Overdrawn Fee is assessed to your account every 3rd business day).

1Call us at 844-266-5318, email us at odp@marionstatebank.com, or come by a branch location to sign up for these services.

Overdraft Protection applies to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Marion State Bank for $3.00 per funds transfer.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit for a fee to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the "What Else You Should Know" section at the bottom of this page for other important information.

Transactions Covered with Overdraft Privilege Standard Coverage (No action required) Extended Coverage (Your consent required on consumer accounts)*
Checks x x
ACH - Automatic Debits x x
Recurring Debit Card Transactions x x
Online Bill Pay Items x x
Internet Banking Transfers x x
Telephone Banking x x
Teller Window Transactions x x
ATM Transactions   x*
Everyday Debit Card Transactions   x*

If you would like to select Extended Coverage for future transactions, call us at 844-266-5318, visit any branch location, complete a consent form by clicking the link below and mail it to us at 296 Main St. Marion, LA 71260, or email us at odp@marionstatebank.com.

Extended Coverage Consent Form

*If you choose Extended Coverage on your consumer account, ATM withdrawals and everyday debit card transactions will be included with the transactions listed under Standard Coverage. If you already have Overdraft Privilege Extended coverage, it is not necessary to request it again. Business accounts automatically have Extended Coverage.

You can discontinue the Overdraft Privilege by contacting us at 844-266-5318, visiting any branch location, or sending us an email at odp@marionstatebank.com.

What Else You Should Know

  • A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov.
  • The following fees apply to your consumer account:
    $29.95 Overdraft Item Fee – this fee is charged if you overdraw your account by $50.00 or more;
    $29.95 Returned Item Fee – this fee is charged if an item that is $10.00 or more is returned as unpaid;
    $10.95 Overdraft Item Fee – this fee is charged if you overdraw your account by less than $50.00;
    $5.95 Overdraft Item Fee – this fee is charged if you overdraw your account via a transaction less than $10.00;
    $5.95 Returned Item Fee – this fee is charged if the item returned is less than $10.00.
    If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Item Fee or a Returned Item Fee in accordance with the fee schedule above. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
  • The following fee applies to your business account:
    $29.95 Overdraft Item Fee – this fee is charged if you overdraw your account;
    $29.95 Returned Item Fee – this fee is charged if an item is returned as unpaid.
    If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Item Fee or a Returned Item Fee. All fees and charges will be included as part of the Overdraft Privilege limit amount. Your account may become overdrawn more than the Overdraft Privilege limit amount because of a fee.
  • If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, Marion State Bank will charge a Returned Item Fee each time it returns the item because it exceeds the available balance in your account. If, on representment of the item, the available balance in your account is sufficient to cover the item, Marion State Bank may pay the item, and, if payment causes an overdraft, charge an Overdraft Item Fee.
  • A $6.00 per day Recurring Overdraft Fee is charged if your account remains overdrawn. This Recurring Overdraft Fee is charged in $18.00 increments every 3 business days as long as your account remains overdrawn.
  • There is no limit on the total Overdraft Item Fees per day we will charge.
  • This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post ACH credits before debits. ATM, ACH and debit card transactions are posted from in the order in which the items are received, while paper checks are posted in serial number order; however, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Item Fees or Returned Item Fees assessed.
  • Although under payment system rules, Marion State Bank may be obligated to pay some unauthorized debit card transactions, Marion State Bank will not authorize debit card or ATM transactions unless your account’s available balance (including Overdraft Coverage Options) is sufficient to cover the transactions and any fee(s).
  • Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Overdraft Item Fees for transactions that we would otherwise be required to pay without assessing an Overdraft Item Fee. However, this would allow us to authorize transactions up to the amount of your Overdraft Privilege limit and may also help you avoid overdrafts in excess of your available balance. If you consent to Extended Coverage on your consumer account, it will remain on your account until it is otherwise withdrawn.
  • Marion State Bank authorizes and pays transactions using the available balance in your account. Marion State Bank may place a hold on deposited funds in accordance with our Account Agreement, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Overdraft Privilege limit and any available Overdraft Protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available Overdraft Protection, but does NOT include the Overdraft Privilege Limit. For accounts with Extended Coverage, the Overdraft Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
  • Please be aware that the Overdraft Privilege amount is not included in your available balance provided through online banking, mobile banking or Marion State Bank’s ATMs.
  • Marion State Bank will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, an Overdraft Item Fee may be assessed.
  • Except as described herein, Marion State Bank will not pay items if the available balance in your account (including the Overdraft Privilege limit, if applicable) is not sufficient to cover the item(s) and the amount of any fee(s).
  • New consumer and business checking accounts will receive a $100.00 Introductory Overdraft Privilege limit at account opening that will be increased to $500.00 after 60 days in good standing for consumer accounts or to $1,000.00 after 60 in good standing for business accounts.
  • An Overdraft Privilege limit of $500.00 will be granted to eligible consumer checking accounts opened at least 60 days in good standing.
  • An Overdraft Privilege limit of $1,000.00 will be granted to eligible business checking accounts opened at least 60 days in good standing.
  • Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
  • Overdraft Privilege may be reduced or suspended if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have the full Overdraft Privilege limit reinstated.
  • Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Account Agreement. The total (negative) balance, including all fees and charges, is due and payable upon demand.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at (844) 266-5318 or visit a branch location.

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