PERSONAL BANKING – PERSONAL CHECKING
An overdraft means you do not have enough money in your account to cover a transaction. We offer Sideline Reserve as a means to handle overdrafts on your account(s), special purchases, unexpected bills or other emergencies. In the case of an overdraft BSV will automatically deposit funds into your account in multiples of $100 up to your approved credit limit. There are no interest charges unless funds are advanced to your account. Each transfer to your checking account generates a transfer fee. There is a small annual fee assessed for Sideline Reserve. This annual fee is waived for Premier Plus checking and for customers 62 or older who sign up for Prime Time Banking.
Applying for Sideline Reserve
Sideline Reserve is a credit product. It is subject to standard BSV application approval. You may apply at any BSV branch office.
Each month you will receive a statement for your Sideline Reserve Account along with your regular checking account statement. The statement will show all activity on the account, including advances made to your checking account, automatic payments, finance charges, annual fee and any payment you have made in addition to or in lieu of the minimum payment.
Your Sideline Reserve statement will tell you the minimum payment amount due each month, based on the Automatic Payment Schedule below. The minimum payment will be automatically deducted from your checking account 10 days later. If you wish, you may repay any amount due, up to the full balance on the Sideline Reserve account, before the due date. A payment of at least the minimum amount due prior to the due date will stop automatic deduction from your checking account.
Automatic Repayment Schedule
(Minimum Monthly Repayment)
|Balance of Loan||Monthly Payment|
|over $400.00||5% of loan balance|