Bounce Protection FAQs
Q: How does Bounce Protection work?
A: As long as you maintain your checking account in good standing (defined as: making regular deposits and bringing your account to a positive balance at least once every 30 days), Bank of Advance may honor overdrafts up to the Bounce Protection limit on your account. If you use Bounce Protection, you should remember the bank’s normal overdraft fee for each transaction will be deducted from your limit. As in the past, the bank will notify you by mail when an overdraft occurs.
Q: How do I know when I use the overdraft limit?
A: You will receive an overdraft notice in the mail each time items are paid. The notice will show the check number, amount and the overdraft fee. You should subtract total fees from your checkbook. Remember, the fee for paying an item is the same as for returning one.
Q: I have two checking accounts. Can I get Bounce Protection on both?
A: Yes. If you have multiple accounts for your household, you may have a limit on all eligible accounts.
Q: What if I go beyond my Bounce Protection limit?
A: Overdrafts above and beyond your established Bounce Protection limit may result in a check or checks being returned to the payee. The normal overdraft fee will be charged per check and assessed to your account. An overdraft notice will be sent to notify you of our actions.
Q: What are some of the ways I may have access to Bounce Protection?
A: Generally, you may access your Bounce Protection through:
- Checks and other debits cashed at teller windows
- ACH debit transactions
- Checks issued to a third party
- All transactions that currently are honored through your account
- Debit /ATM card transactions (if authorized)
Note: Debit card and ATM card transactions will not access your Bounce Protection limits without your prior authorization. You may authorize these transactions by contacting your local branch.
Q: The Bounce Protection overdraft fee is $24.00. How quickly must I repay my Bounce Protection?
A: You should make every attempt to bring your account to a positive balance as quickly as possible. If your account remains overdrawn for 30 consecutive days, then your Bounce Protection privilege will be suspended. If your account remains overdrawn for 70 consecutive days your account will be closed and we will take steps to recover the funds. Items presented that are not within your Bounce Protection limit will not be paid.
Q: What does my Bounce Protection privilege cost?
A: There is no additional cost associated with this privilege. As stated previously, you should keep in mind that you will be charged an overdraft fee for each item paid under the limit.
Q: How do I use my Bounce Protection?
A: If you are a new account holder, you may use Bounce Protection after 30 days, and after having made at least two deposits totaling your Bounce Protection limit.
Note: Bounce Protection requires your prior authorization. You may authorize this service by contacting your local branch.
Q: When I call Bank of Advance’s 24-Hour Telephone Information Service to get my balance is my Bounce Protection limit included?
A: No. The balance reflected through the Bank of Advance’s 24-Hour Telephone Information Service will not include the overdraft limit assigned to your account.
Q: When I access Bank of Advance’s 24 Hour ATM to make a cash withdrawal is my Bounce Protection limit included?
A: If you opt-in to the Debit Card Overdraft Protection service allowing Bank of Advance to authorize and pay overdrafts on your ATM card, then YES, the Bounce Protection limit is included. If you choose to not opt-in to this service then NO, your Bounce Protection limit will not be available at the ATM.
Q: When I access Bank of Advance’s 24 Hour ATM for balance inquiries, is my Bounce Protection limit included?
A: NO. The current balance reflected through our 24 Hour ATM will not include your Bounce Protection limit.
Q: What if I don't want Bounce Protection or Debit Card Overdraft Protection on my account anymore?
A: You may opt out of this service at any time by contacting your local branch.