Overdraft Protection

What is an overdraft?

Standard Overdraft Practices

Transactions authorized & payed

• Checks & other transactions made using checking account number
• Automatic bill payments

Transactions not authorized

• ATM transactions
• Everyday debit card transactions
• Unless authorized by customer

Overdraft Fee

Reasons to have overdraft protection

• less costly-one fee per day rather than per transaction
• more flexibility when paying bills
• assurance of knowing transactions will be covered
• more satisfied customer

Overdraft Protection Plans

Savings Overdraft

• 3 accounts to choose from
• Starter savings excluded
• $12.50 transfer fee per day
• No annual fees

Overdraft Line of Credit

• $250-$25,000 line of credit
• Annual percentage rate 18%
• $12.50 transfer fee per day
• No annual fee
• Subject to credit approval

Visa Credit Card

• 3 cards to choose from
• Variable APR's
• $12.50 transfer fee per day
• No annual fee
• Subject to credit approval

Benefits to Customer

• Less fees
• Avoid returned checks & overdraft charges
• Provides flexibility when paying bills
• Assurance knowing transactions are covered
• Piece of mind/less stress

Benefits for M&T

• More satisfied customer
• Opportunity to cross sell
• Improved share of wallet
• Opportunity for referrals

Questions?