At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be costly and inconvenient.
At Merrimack, we encourage you to manage your finances responsibly. However, we have several options that can save you from additional merchant fees and possible damage to your credit history that may result from an overdraft.
Transfer Account Protection
We will withdraw funds from another Merrimack checking or savings account to cover an overdraft on a checking account.
The basics of the program are:
- Available funds are transferred in $5 increments once each day to cover all overdrafts on the checking account for that day.
- Transfers will not occur to cover fees or charges assessed by the Bank. This may result in an overdraft on your checking account.
- $5 Transfer Fee per daily transfer charged to the linked checking account.
- No annual fee or finance charge.
- Enrollment required. Apply with a Branch Services Representative.
CheckReserve Overdraft Line of Credit
The CheckReserve Overdraft Line of Credit allows qualifying customers access to an approved line of credit that enables funds to be automatically transferred into their checking account.
Courtesy Pay provides a safety net up to a pre-determined amount under certain conditions.
How do the overdraft programs work together?
The overdraft options are activated in the following order, as applicable, to cover an overdraft on your checking account:
- The available balance in your enrolled Transfer Account Protection linked account is used first.
- Check Reserve Overdraft Line of Credit up to your pre-approved amount is used second.
- When each of these is exhausted, or non-applicable, Courtesy Pay will be activated.