An insufficient balance can result from several events, such as (1) the payment of checks, electronic funds transfers, or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds.
As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Bounce Protection limit as a non-contractual courtesy. For overdraft consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all bank fees); (2) avoid excessive overdrafts suggesting the use of Bounce Protection as a continuing line of credit; and (3) have no legal orders, levies or liens against your account.
In the ordinary course of business, we generally pay electronic transactions first and then checks beginning with the lowest dollar amount, per the bank’s policy. We reserve the right to change the payment order without notice to you if we suspect fraud or possible illegal activity affecting your account. Also, please be aware that the order of item payment may create multiple overdraft items during a single banking day, for which you will be charged our paid item Overdraft Fee of $35 for each overdraft item paid.
You may opt out of Bounce Protection at any time, but you are responsible for any overdrawn balances at the time of opting out. Usually, we will not approve an overdraft for you over the predetermined amount assigned to your account type. So as not to exceed your limit, please note that the amount of the overdraft plus the bank’s paid item Overdraft Fee of $35 per item will be deducted from the overdraft limit.
We may refuse to pay an overdraft item at any time, even though we may have previously paid overdrafts for you. For example, we typically do not pay overdraft items if your account is not in good standing as defined above or if, based upon our review of your account management, we determine that you are using Bounce Protection excessively or seem to be using Bounce Protection as a regular line of credit. You will be charged an NSF Fee of $35 for each item returned.
You will be promptly notified of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to let you know before we pay or return any item. The amount of any overdraft, including our paid item Overdraft Fee of $35 and/or a returned Item NSF Fee of $35 that you owe us shall be due and payable upon demand, but if no demand is made, no later than 30 calendar days after the creation of the overdraft. If there is an overdraft on an account with more than one owner on the signature card, each owner and agent, if applicable, shall be jointly and severally liable for all overdrafts, including fees.
Bounce Protection should not be viewed as an encouragement to overdraw your account. To avoid fees, we encourage you to keep track of your account balance by entering all items in your check register, reconciling your checkbook regularly, and managing your finances responsibly. If you want this service removed from your account, please call your local Branch Manager.
Please note that your Bounce Protection limit may be available for each item paid under the limit created by checks and other transactions made using your checking account number, such as a teller withdrawal, an automatic payment (ACH) transaction, an automatic bill payment, or recurring debit card payments. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit. The limit will not be included in the balance provided during an inquiry.
LIMITATIONS: Bounce Protection is a non-contractual courtesy available to individually/jointly owned accounts in good standing for personal or household use. Hebron Savings Bank reserves the right to limit participation to one account per household and to suspend, revoke, or discontinue this service without prior notice. Unless we advise you differently or request this service be removed from your account, your limit will be made available to cover overdrafts again after bringing your account to a positive end-of-day balance.