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Maine.gov > PFR Home > Bureau of Financial Institutions > FAQ > Bank and Credit Union Fees

Frequently Asked Questions - Bank and Credit Union Fees

Can my financial institution charge me a $25 overdraft fee when my account is only overdrawn by $10.00?

Yes, Maine law does not limit the amount of overdraft fees your bank or credit union may charge. They are, however, required to provide you with a written disclosure of the fees associated with your checking account at the time you open the account and 30 days prior to the effective date of any increase in fees. To avoid this situation in the future, keep your checking register up to date and balance your account each month.

Can a financial institution pay checks that I have written in any order it chooses?

Banks and credit unions have a right to establish their own policy concerning the order in which they process checks. If smaller items are paid first, then there are fewer overdrafts and fewer charges; however, mortgage and rent payments may be returned. Some institutions feel that if larger items are paid first, then the most important items are not returned.

Is there a limit on how much can be charged for ATM Transactions?

No, Maine law does not limit the amount that may be charged. However, the fee must be disclosed and you must be given the option of canceling the transaction before the fee is imposed.

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Last Updated: March 25, 2014