PERSONAL BANKING – PERSONAL CHECKING

BOUNCE PROTECTION


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 good standing* Your account is in good standing if you (1) demonstrate responsible account management-such as making regular deposits to bring your account to a positive balance at least once every 30 days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of Bounce Protection as a continuing line of credit, and (3) there are no legal orders, levies or liens against your account., 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).

Account Limits

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.

Cost

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.