BUSINESS OVERDRAFT PROTECTION

1. Automatic transfer from Checking, Savings or Money Market account

Cost: $10.00/transfer

Transfers between accounts will be made in increments of $100.00 to cover each overdraft on your checking account. Debit card and ATM transactions will be authorized up to the available balance in the transfer account. If you enroll in this service, it will be utilized before any other overdraft protection plan.

2. Occasional Overdraft Privilege Service (OOPS)

Cost: No Cost

OOPS pays occasional overdrafts up to $1,500.00 for eligible business accounts. Our fees will be added to your outstanding overdrafts and will be applied against your OOPS limit. This service is offered at the discretion of MidWestOne Bank and is a purely discretionary courtesy that we may provide for you. Overdrafts must be repaid within 60 days. OOPS will be utilized only after all other overdraft protection plan options have been exhausted or if no other plan has been selected. Newly opened eligible checking accounts will be automatically enrolled into OOPS after the account has been open for 30-days unless you choose to opt-out of this service. There is no cost to be enrolled in OOPS and no fees will be charged if the service is not used, however, overdraft fees will still apply.

To be eligible for this service:

• You must be at least 18 years old.
• Your account must be in good standing. An account in good standing exhibits, but is not limited to, the following characteristics:
  • Has been open for 30 days.
  • Has a positive balance at least once every 30 days.
  • Is not subject to any legal or administrative order.

FEES

Fees are assessed per item created by check, in-person withdrawal, ATM withdrawal, returned deposit items or other electronic means; includes savings accounts. There is not a maximum fee limit per day for business accounts. An item or transaction that is returned and later represented to us may result in you incurring additional fees, such as multiple nonsufficient funds (NSF) fees each time that item or transaction is presented. 

We will notify you by mail if we pay or return any insufficient or unavailable funds items on your account. However, we have no obligation to notify you before we pay or return any item. The amounts of any overdrafts, including our fees, are due and payable immediately or on demand.

Business Accounts

ADDITIONAL INFORMATION REGARDING OOPS

OOPs applies to checks and other transactions made using your checking account number, automatic bill payments, ATM transactions and debit card transactions.

OOPS ELIGIBILITY

We may limit the number of accounts eligible for OOPS to one account per taxpayer identification number. We typically do not pay overdrafts if your account is not in good standing, you are not making regular deposits or you have excessive overdrafts.

Eligible accounts:

Business Checking, Business Interest Checking and Non-Profit Checking

Ineligible accounts:

Savings-type accounts, Money Market accounts, Business Analysis, Public Fund/Charitable Organization accounts, Political Campaign accounts, Trust accounts and/or Fiduciary accounts

Electronic monitoring and alerts

Our online and mobile banking service gives you the opportunity to customize account alerts. You can be notified via email, text message or both if your account balance ever falls below a particular threshold. This service is free, though text and data rates may apply.