What You Need to Know about Overdrafts and Overdraft Fees
What's an Overdraft?
An overdraft occurs when you do not have enough money in your account to cover a transaction, but MIDFLORIDA pays it anyway. MIDFLORIDA charges an overdraft fee when the Actual Balance is not sufficient to cover a transaction, as described in the Overdraft Agreement. We can cover your overdrafts in two different ways:
- MIDFLORIDA has standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account or a line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
What are the Standard Overdraft Practices that Come with My Account?
MIDFLORIDA does authorize and pay overdrafts for the following types of transactions available 30 days after account opening.
- Checks and other transactions made using your checking account number:
- Automatic bill payments
MIDFLORIDA will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
MIDFLORIDA pays overdrafts at our discretion which means we do not guarantee that we will always authorize and pay any type of transaction.
If MIDFLORIDA does not authorize and pay an overdraft, your transaction will be declined.
What Fees will I be Charged if MIDFLORIDA Pays my ATM and Everyday Debit Card Overdrafts?
Our standard overdraft practices are:
- You will be charged $10 for the first overdraft, then $30 for each additional overdraft within the same month. The maximum fee that may be imposed per overdraft is $30.
- The overdraft fee will be waived for transactions of $5 or less.
- Also, if your account is overdrawn for five or more consecutive days, we will charge an additional $5 per day beginning the sixth day.
- The maximum number of overdraft fees per day is five. MIDFLORIDA will continue to pay overdrafts, instead of declining the transaction, but will refund the fee starting with your sixth overdraft on a given day.
There is no limit on the total fees MIDFLORIDA can charge you for overdrawing your account.