Overdraft Services for Your LorMet Checking Account

Overdraft Transfer Protection
Free Automatic Transfers from Savings

Your LorMet Free Checking Account is automatically linked to your savings account. In the event your checking account is overdrawn, if you have available funds in your linked savings account, we will transfer these funds first to cover the amount. 

• There is no fee for the transfer.
• You can have up to six automatic transfers per month.
• If you exceed six transfers in a month your savings will no longer provide automatic protection.

To learn more about Automatic Transfers from your savings, refer to the “Terms and Conditions” and “Truth in Savings” within the Important Account Information you received when you opened your account or contact a friendly Member Service Representative.

Overdraft Privilege 

• Can mean you may avoid high charges from merchants for returned checks. 

• May help you avoid the inconvenience of denied purchases and dishonored
  automated payments. 

• Should not be used to pay ordinary or routine expenses and you should not rely on overdrafts as a means to cover those expenses.

Overdraft Privilege for Checks and ACH Automatic Debits

Rather than automatically returning unpaid all insufficient funds items you may have, we will consider, without obligation on our part, payment of your reasonable overdrafts up to your assigned Overdraft Privilege Limit. Of course, we cannot promise to pay every overdraft.

• You do not have to apply for this service.
• LorMet Checking Accounts are eligible after they have been opened at least 30 days and are in good standing.
• Not all accounts are eligible and some restrictions do apply.

For more information, see the Overdraft Privilege Service Policy. If you have questions concerning the Overdraft Privilege Service, please contact a Member Service Representative at 440-960-6600. 

How does Overdraft Privilege Work?

When transactions are presented and the funds are not available in the checking or linked savings account, LorMet may pay the transaction even if it overdraws your account, by bringing the checking account to a negative balance up to the assigned Overdraft Privilege Limit of $400.

What does Overdraft Privilege Cost?

You will receive an overdraft notice in the mail each time items are paid. The amount of the overdraft paid plus our customary non-sufficient funds/overdraft charge of $32.00 for each item that would create an overdraft on your account will be deducted from your Overdraft Privilege Limit. You will need to subtract the fee(s) and the item from your checkbook balance. There are no additional costs associated with this privilege, unless you use it.

Overdraft Privilege for ATM and Debit card transactions

Overdraft Privilege Service is also available for on the spot approval of your debit card or ATM transactions. It’s a convenient service for situations when you need gas or an ATM withdrawal, but don’t have enough funds in your checking account. It works and costs the same as Overdraft Privilege for Checks and ACH – for each ATM or debit card overdraft we pay, we charge $32.00. Federal regulations required the consent of one account holder to opt-in for the ATM/Debit Overdraft Privilege Service.

IMPORTANT: You must "Opt-In" to have Overdraft Privilege for ATM and Debit card transactions. See What you must know about Overdraft Privilege for ATM/Debit Card Transactions to learn more, or contact a Member Service Representative at 440-960-6600 for information on how to opt-in.