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Bureau of Financial Institutions
OTHER PFR AGENCIES
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.
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.
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.
Last Updated: February 14, 2012
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