If you have overdrawn your Transactional Account that means that you have exhausted all available balances in your Transactional Account and any available credit in your LOC. You should make a deposit to your Transactional account as soon as possible to cover the shortfall and avoid losing your Meed Account privileges.
Frequently Asked Questions
Let us help you understand our services.
Meed Member Banks provide domestic peer-to-peer (P2P) transfers directly through your Meed application to other domestic Meed users. Simply select the ‘P2P Transfer’ option in your Meed Mobile Application or online at Meed.net and follow the simple steps.
Meed User to Meed User transfers occurring during business hours happen in nearly real time aka fast.
This feature allows a Meed user to send/receive funds to/from other Meed users. There is no fee domestically and no more than a 2% foreign exchange fee internationally.
Meed Secured Savings Account, or SSA, is an interest-bearing account that encourages long-term savings. There are withdrawal restrictions until age 59.
You can transfer funds from your Checking Account to your Security Savings Account or make a payment to your Line of Credit from within the Mobile App or online at Meed.net. Simply open the ‘Transfer’ menu and follow the simple steps.
Unfortunately, no. Meed Member Banks limit users to the 75% limit as a safety precaution for the user and to help ensure their account remains open.
You may borrow against your line of credit as often as you like as long as you have sufficient funds available and your account remains open with your Meed Member Bank.
Individuals who fall behind on their payments should contact their respective bank to find a solution. Individuals who are unable to make payments may risk the chance of having their account frozen.
If your Demand Deposit Account doesn’t quite have enough to cover the cost of a purchase, additional funding is automatically covered by any available credit in your Line of Credit account. But if you don’t have sufficient funds available in your Line of Credit, that purchase may sadly be denied.
Access to your Line of Credit account is provided through your Checking Account. There is nothing you need to do to activate your Line of Credit. If there are funds available in your Line of Credit, and you make a purchase where funds are not available in the Checking Account, your Line of Credit is automatically established at 75% of your Security Savings Account balance.
As a user of Meed, we allow you to advance and use up to 75% of your current Security Savings Account balance.
Your Member Bank will mail you a co-branded debit card.
Funds can be deposited into your account at your Meed Member Bank branches, through direct deposit, by account transfer, through remote check deposit, or via ATM (where applicable under your Member Bank account terms and conditions).
You can transfer funds into your Checking Account from external accounts based upon the transfer policies of your non-Meed Member Bank. You may also be able to make a deposit through the remote check deposit on the Meed Mobile Application.
A Meed Member Bank Checking Account is a checking account that includes Bill Pay, eChecks, and ATM usage.
If there are no funds in your Checking Account, then the payment will be applied to your Line of Credit. If your Line of Credit has reached its limit, then the payment will not be processed. An email alert will be sent to you informing you of the returned payment.
Any business which has provided you with an account number and mailing address can be paid using Bill Pay.
Bill Payees can be added by selecting the Bill Pay tab from the ‘More’ Menu on your Meed Mobile Application or online at Meed.net. Select ‘Payee,’ then ‘Add New Payee’
Funds are always taken first from your Checking Account and then your Security Savings Account. This is done to help limit your interest charges and provide the optimum fiscal management for your financial well-being.
You can cancel a Bill Pay transaction in the Bill Pay section of the More Menu on your Meed Mobile Application or online at Meed.net. Select the ‘Scheduled/Recent’ tab, choose the Bill Pay you want to cancel and select the ‘Cancel Payment’ option. The Bill Pay transaction cannot be cancelled after the transaction has already been processed. Refer to your Meed Member Bank bill pay policy for more information.
Bills can be paid through the Bill Pay section of the ‘More’ Menu on your Meed Mobile Application or online at Meed.net.
Your app will show whether or not your Member Bank supports the Bill Pay function.
Bill Pay is a simple and convenient way to pay your bills. To make a bill payment, enter the required information in the ‘Bill Pay’ section of the ‘More’ Menu on your Meed Mobile Application or online at Meed.net.
The ATM finder can be found in the ‘More > ATM Finder’ tab.