Protect Your Account with Bounce Protection
CUSTOMER OVERDRAFT POLICY
An insufficient balance could result in several ways, such as: (1) the payment of checks, (2) in-person withdrawal, 3) ATM Withdrawal 4) or other electronic means. We encourage customers to monitor their accounts frequently and deduct each withdrawal made from your available balance, including electronic payments that you have authorized. For customers that prefer an overdraft service, we have several options available. Options include a link to your savings account or other deposit account at our bank, an Overdraft Protection Line of Credit and a non-contractual courtesy known as Bounce Protection. For more information on how to set up the link to your savings account or other deposit account at our bank to cover overdrafts or for an application to apply for an Overdraft Protection Line of Credit, please contact any of our convenient locations. Additional information on Bounce Protection is listed below.
BOUNCE PROTECTION
Bounce Protection is a non-contractual courtesy that we offer for overdrafts. If you maintain your account in good standing, defined as making regular deposits, bringing the account to a positive balance at least once every 30 days, and there are no legal orders outstanding, we may approve your reasonable overdrafts as a non-contractual courtesy. Each consumer checking account that we offer has a pre-determined “Bounce Protection” limit. This service is available to you upon request and may also be terminated by you at any time, upon request. For customers that elect to use Bounce Protection, we will normally not approve an overdraft in excess of the predetermined amount assigned to your account. When you incur an overdraft, there is a fee assessed for each item submitted for payment. Both the amount of the item presented for payment and the bank’s NSF Fee is deducted from the Bounce Protection limit assigned to your account. Bounce Protection is a non-contractual courtesy so we may refuse to pay an overdraft for you at any time, even though we may have previously paid overdrafts for you. You will be notified by mail of any non-sufficient funds items paid by us or returned by us. We have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our insufficient funds fee that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on your account with more than one (1) owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus any insufficient funds fees charged to the account.
FEES
We charge an insufficient funds fee (NSF) of $25.00 for each presentment of an NSF item. This fee is charged if we pay the item or if we return the item. Effective December 22, 2010, we will pay items in serial number order. This means we are paying items in check number or serial number order, regardless of the amount of each item. If your account has been charged with at least one NSF fee, we will provide you with the total NSF charges for your account Year- to-Date and Month- to-Date in your monthly bank statement.
Effective December 22, 2010, we will eliminate NSF Fees on overdraft balances of less than $10.00
Effective December 22, 2010, we will also eliminate NSF Fees that total more than $100.00 per day, per account.
LIMITATIONS
Bounce Protection is available to individually owned accounts for personal or household use. We reserve the right to limit participation to one account per household. For debit card access to Bounce Protection, customer’s are required to complete an “Opt-In” Agreement for ATM and one-time debit card transactions. Contact us for more information.
RESPONSIBLE ACCOUNT MANAGEMENT
We promote responsible management of your account and offer several convenient options to monitor your account 24 hours a day, such as Peoples Voice Telephone Banking, online banking, mobile phone banking, and ATM account balance information. Please contact us for more information on the many services we offer to assist you in managing your account. Effective December 22, 2010, Bounce Protection may be terminated if there are excessive overdrafts on your account. We define excessive overdrafts as being overdrawn six or more times during a 12-month period. We will send you a reminder of the account management services we offer if your account is overdrawn 6 times in a 12-month period. Please contact us if you wish to know more about the services we offer to assist you with responsible account management to avoid paying overdraft fees.
