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Overdrawing your account can be a costly error. To help minimize the financial and emotional impact that often occurs as the result of overdrawing your account, we offer the following overdraft protection services:
Is linking your accounts the best overdraft solution for you?
Is an overdraft line of credit the best solution for you?
If you have any questions about Overdraft Protection, Overdraft Privilege, or Extended Coverage, please call us at (800) 797-6324 or visit a branch.
What Else You Should Know
A link to another account or a line of credit 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.
For Consumer accounts, the $29 Overdraft Fee that is charged if you overdraw your consumer account more than $10, is the same fee that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item Fee of $29. There is a limit of 4 items per day that we will charge ($116). 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. We will not charge an Overdraft Fee if a consumer account is overdrawn by $10 or less or if the amount of the item is $10 or less. This exception does not apply to business accounts.
For Business accounts, the $35 Overdraft Fee that is charged if you overdraw your business account is the same fee that is charged if a check is returned as unpaid. If multiple items overdraw your account on the same day, each item will be assessed an appropriate Overdraft Fee or a Return Item Fee of $35. There is a limit of 10 items per day that we will charge ($350). 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.
In addition, if your Consumer or Business account balance remains overdrawn for longer than 5 Business Days, we will charge your account a Continuous Overdraft Fee of $5 for each of the consecutive Business Days the account remains overdrawn, beginning with day 5 and ending on the 14th business day.
We reserve the right to change the payment order of transactions without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order in which we pay the transactions may create multiple overdrafts during a single banking day. There is no particular order of payment that is favorable to you in every instance. There are advantages and disadvantages for any order of payment. In some cases your more important transactions (which may be those with higher dollar amounts) may get paid later in this sequence or may not be paid at all depending upon your account balance and the available Overdraft Privilege limit assigned to your account (if applicable). Using this sequencing method is our way of remaining neutral.
(1) All credits/deposits; (2) Electronic debits through our online banking, mobile banking, or cash management services or 24-hour automated banking service; (3) Debit card point-of-sale transactions will be debited in the order received; (4) Cash paid items—items other than your pre-printed checks that are cashed over-the-counter at a Bank branch. (5) ATM withdrawals will be debited in the order received; (6) Automated Clearing House (ACH) transactions, including through our electronic bill payment service but excluding electronically-converted checks, will be debited in low to high dollar amounts. (7) Point of Sale (POS) recurring withdrawals (8) Checks presented to Mechanics Bank (including paper checks through our bill payment service or electronically-converted checks) will be debited in check number sequence. This means that the check with the LOWEST check number will be paid FIRST and then the remaining checks will be paid in sequence to the highest check number.
Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Overdraft Fees or Return Item Fees assessed.
Although under payment system rules, Mechanics Bank may be obligated to pay some unauthorized debit card transactions, Mechanics Bank will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) 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 Fees for transactions that we would otherwise be required to pay without assessing an Overdraft 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 that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
Mechanics Bank uses the following to determine the balance that is available to pay items to your account each day. First, we take your present balance, which is your balance at the end of the previous business day. This will be the balance that appears on your Bank statement each day. Then, we add or subtract any transactions known to the Bank that you’ve made to your account today (e.g., deposits, debit card transactions, ATM withdrawals, and payments scheduled for today). It doesn’t include any checks you may have written but haven’t yet been cashed. The remaining balance, less any holds placed on deposits, is your available balance. The available balance used for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance (previous day’s statement balance), plus deposits, less any holds on deposited funds, 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 Mechanics Bank’s ATMs.
Mechanics 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 Fee may be assessed.
Except as described herein, Mechanics Bank will not pay items if your account does not contain available funds (including the Overdraft Privilege limit) to cover the item(s) and the amount of any fee(s).
Mechanics Bank may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Overdraft Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Overdraft Privilege limit, is positive and then you contact us.
Mechanics Bank may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
Mechanics Bank may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or Phone Number(s). You must contact us with your correct mailing address and/or Phone Number(s) to have your debit card reinstated.
If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
An Overdraft Privilege limit of up to $750 will be granted to eligible consumer checking accounts opened at least 30 days in good standing.
An Overdraft Privilege limit of $1,000 will be granted to eligible Business Checking accounts opened at least 30 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 discontinued 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 Overdraft Privilege reinstated.
Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Deposit Account Agreement and Disclosure. The total (negative) balance, including all fees and charges, is due and payable upon demand.
If you would like to opt-in to the payment of ATM or everyday debit card transactions (Extended Coverage), call 800.797.6324 or complete this form and present it at a branch or mail it to: P.O. Box 5610, Hercules, CA 94547
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