Overdraft Protection Options from Magna Bank

When your account balance gets a little low and you forget to record a transaction, Magna Bank’s overdraft products have you covered. We have two options to choose from.

Magna Bank Overdraft Line of Credit - Line of credit that covers overdraft items by automatically transferring funds to your checking account when the balance is insufficient to cover the items presented.

Available limits from $100-$2,500; subject to credit approval.
Funds are automatically advanced from your Overdraft Line to your deposit account to cover overdraft items up to your available line of credit balance.
The balance on your Overdraft Line, plus the daily accrued interest, will be repaid automatically from the next deposit made to your deposit account. If no deposit is made to your checking account you will be billed monthly for 5% of the outstanding credit line balance plus the daily accrued interest.
The Annual Percentage Rate “APR” on the Overdraft Line of credit is 18.00%
A $5 transfer fee will be assessed to your checking account each time a transfer is made; no more than $5 (one fee) per processing day.
A late fee of 5% of the payment amount due will be charged if the minimum monthly payment has not been paid within 15 days of the payment due date.

Overdraft Defense connects your checking account to any of your Magna Bank savings or money market accounts.

Amount needed to cover overdraft transactions is automatically transferred daily from your savings/money market account (accounts are limited to six preauthorized or automatic transfers per month, counting overdraft transfers).
A $5 overdraft transfer fee is assessed to the checking account each time that a transfer is made – no more than once per processing day.

Protect Yourself From Overdrafts

Processing Overdrafts - Important Notice