PERSONAL BANKING – PERSONAL CHECKING
An overdraft means you do not have enough money in your account to cover a transaction. We offer Bounce Protection as a means to handle overdrafts on your account(s).
As long as you maintain your account in, BSV may approve overdrafts up to the available Bounce Protection limit. Whether your overdraft will be paid is discretionary and we reserve the right not to pay. The amount of the overdraft plus our standard NSF fee of $32.89 for each item will be deducted from your overdraft limit. In addition, there is a daily overdraft fee of $4.89 charged for every day the account remains in an overdrawn status. No interest will be charged on the overdraft balance.
When you open certain types of checking accounts you will have the option to select Bounce Protection for your account(s).
|Regular or Prime Time Checking||$600|
|Life Line Checking||$300|
|Super Saver Checking||$400|
|Advantage, Premier or Premier Plus Checking||$800|
|Small Business Checking||$1000|
ATM and Debit Card Transactions
In compliance with federal regulations Bounce Protection will automatically apply to all transactions except for ATM or everyday debit card transactions. You must grant us permission, or opt-in to have Bounce Protection apply to these types of transactions. If you would like to opt-in please fill out the Overdraft Privilege Opt-In/Out Form.
Going beyond your Bounce Protection limit
Overdrafts above and beyond your established Bounce Protection limit may result in a check or checks being returned to the payee. The standard NSF fee will be charged per item and assessed on your account. An NSF notice will be sent to notify you of our actions.
Repaying your Bounce Protection
Your account must be brought into a positive balance within 30 days. If not, BSV will send you a letter informing you of the situation and your options. If your account cannot be brought into a positive balance thereafter your account will be suspended and steps will be taken to recover the funds.
There is no additional cost associated with this privilege unless you use it. You will be charged our standard NSF fee of $32.89 for each item and a daily overdraft fee of $4.89.