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What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.  We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that come with your account.
     
  2. We also offer overdraft protection plans, such as a link to another deposit account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

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

We do not authorize and pay overdrafts for the following types of transaction unless you ask us to (see below).

  • ATM transactions
  • Everyday Debit Card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if MidWestOne Bank pays my overdraft?

Under our standard overdraft practices:

  • We will charged you a fee up to $32 each time we pay an overdraft.
  • There is a $160 daily limit on the total fees we can charge you for overdrawing your account.
  • There is no charge on daily overdraft balances of $10 or less.

What if I want MidWestOne Bank to authorize and pay overdrafts on my ATM and everyday Debit Card transactions?

If you want us to authorize and pay overdrafts on ATM and everyday Debit Card transactions, call or stop by your local MidWestOne Bank location, call 800-247-4418, print this form and mail it to MidWestOne Bank, PO Box 1700, Iowa City, IA 52244-1700, or complete the secure electronic form below.

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