Managing Overdrafts

Having insufficient funds in your account can put you at risk for bouncing checks or having your ATM / Debit Card transactions denied at a gas station or store. It can mean embarrassing phone calls and unwanted fees charged by vendors. MVB Bank has several tools and tips for making smart decisions about managing your overdrafts.

Overdraft Shield / Overdraft Shield Plus

We understand that mistakes happen. When they do, we strive to pay your overdrafts on the following types of transactions:

Overdraft Shield is a discretionary, non-contractual courtesy, where we strive to pay your overdrawn items and charge our standard NSF/OD fee of $36.00 for each item overdrawn. This service is a discretionary courtesy and may be withdrawn at any time.

For example, we typically do not pay overdrafts if your account is not in good standing, or if you are not making regular deposits, or you have excessive numbers of overdrafts. Payment of your overdraft item is NOT guaranteed, and the bank may require payment of overdrawn balances immediately or on demand. You have the right to request that your accounts be excluded from this service at any time.

Overdraft Shield Plus for consumer accounts, our Overdraft Shield Plus may also be extended to cover the following types of transactions, if you inform us after you have received a special notice required by Regulation E.

Optional Services

There are other options to cover overdrafts which could save you money. Overdraft lines of credit or other overdraft protection services will remain unchanged and in the event of an overdraft will be accessed for coverage before the discretionary overdraft service. One option is to transfer money from other accounts by linking your checking account to a savings account or other checking account. Another option is a personal line of credit. The APR and fees vary based on your credit history. In the event you have an overdraft, money will be transferred from your linked account and/or line of credit before the Overdraft Shield/Overdraft Shield Plus discretionary overdraft service would apply. 

Utilize the tips below for managing your accounts wisely. 

Tips for Avoiding Overdrafts:

The following will help you manage your account wisely.

Know Your Balance

  • If you have a joint account, designate one person as the account manager.
  • Consider direct deposit of your payroll checks and other benefit payments.
  • Record all checks, ATM transactions, debit transactions, account fees and deposits in your checkbook and keep a running balance.
  • Never write a check or make a charge on your debit card for more than you have in your account.
  • Make sure deposits to your account clear before withdrawing cash or making charges against those deposits.
  • Balance your checkbook against your bank statement every month.

Keep Your Account Safe

  • Report stolen checks or debit cards immediately.
  • Update your personal information when moving or changing names.
  • Don’t use other peoples’ checks or debit cards or let them use yours.
  • Keep your checks and debit cards in a safe place.

Keep Your Account Safe

  • Always use a pen.
  • Don’t erase mistakes.
  • Never sign blank checks.
  • Be cautious of post-dating checks.
  • Destroy voided or unused checks and deposit slips.

Keep Your Account Safe

When you do a balance inquiry online or at an MVB Bank ATM. The balance provided reflects the deposits and withdrawals actually posted to your account.

Keep in mind this balance does not reflect recent transactions (for example, deposits, checks, debits and ATM withdrawals) that are still outstanding and have not been processed against your account.