Bounce Protection
At times, unanticipated expenses or unforeseen problems can leave you
with too little cash in your checking account. Having a check
returned due to insufficient funds can be a costly, inconvenient and
potentially embarrassing experience.
At Central National Bank, we do not encourage overdrafts. As
always, we encourage you to manage your finances responsibly.
However, we want to save you from the additional merchant fees and
possible damage to your credit history that might result if a check is
returned.
That's why we provide "Bounce Protection", a special overdraft
privilege service for Central National Bank's checking customers.
Frequently Asked Questions
What is Bounce Protection?
- Bounce Protection is an overdraft privilege requiring no action
on your part. You do not have to sign anything. Your
Bounce Protection limit amount will be automatically assigned.
How does Bounce Protection work?
- As long as you maintain your account in good standing, Cnetral
National Bank may approve your overdrafts within your current
available Bounce Protection limit. Whether your overdraft will
be paid is discretionary and we reserve the right not to pay.
For example, we typically do not pay overdrafts if your account is
not 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 16 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. Please
note that the amount of the overdraft plus our standard NSF fee of
$25 for each item will be deducted from your overdraft limit.
No interest will be paid on the overdraft balance.
How do I know when I use the overdraft limit?
- You will receive an overdraft notice in the mail each time items
are paid. The notice will show the check number, amount and
the NSF fee. You will need to subtract the total fees when
balancing your checkbook.
What is my Bounce Protection Limit? I have two checking accounts.
Can I get Bounce Protection on both?
- To find your Bounce Protection limit, simply locate your account
type on the Personal Checking page.
If you have multiple accounts for your household, you may have a
limit on all eligible accounts.
What if I go beyond my 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 to your
account. An NSF notice will be sent to notify you of our
actions.
How quickly must I repay my Bounce Protection?
- You should make every attempt to bring your account to a
positive balance as soon as possible, and must do so within 16 days.
If you are not able to bring your account to a positive balance
within 16 days, you will receive a letter from Central National Bank
informing you of the situation and your options. If,
thereafter, your account has not been brought to a positive balance,
we may suspend your account and take other steps to recover the
funds.
What does my Bounce Protection privilege cost?
- There is no additional cost associated with this privilege
unless you use it. You will be charged our standard NSF fee of
$25 for each item created by check or through in-person withdrawals,
ATM withdrawals, or other electronic means paid under the limit.
(For example, three paid items in one day will result in $75 in NSF
fees.) To help you manage your account, the total fees you
have paid for NSF items (both paid and returned) during the current
month and for the year-to-date, will be reflected on your monthly
checking statement in accordance with Federal regulations.
What are some of the ways I can access my Bounce Protection limit?
Will my limit be reflected in the balance I receive?
- The chart below shows the different ways you can access your
Bounce Protection limit and indicates whether or not this limit will
be reflected in the balance provided.
|
Access Point |
Is my overdraft privilege
limit available? |
Does the balance provided
reflect my overdraft privilege limit? |
| Teller |
Yes |
Yes |
| Writing a Check |
Yes |
n/a |
| Central VISA Check Card |
Yes |
n/a |
| ATM Withdrawal |
Yes |
No |
| ACH-Auto Debit |
Yes |
n/a |
| Central Online Banking |
Yes |
Yes |
| X-Press Phone Banking |
Yes |
No |
How soon can I use my Bounce Protection?
- If you are a new account holder, you may be able to use the
overdraft privilege service 30 days after the account is opened,
assuming you demonstrate responsible account management by making
regular deposits to maintain your account with a positive balance
and there are no legal orders, levies or liens against your account.
What are some other ways I can cover overdrafts at Central
National Bank?
- The best way to avoid overdrafts and bounced check fees is to
manage your account so you don't overdraw it. However, if a
mistake occurs, Central National Bank offers additional ways to
cover overdrafts in addition to Bounce Protection.
|
Ways to Cover Overdrafts at
CNB |
Associated Fees |
| Good account management |
$0 |
| Overdraft line of credit |
16.768% APR* +
$22.64 Annual Fee |
| Bounce Protection |
Standard NSF fee of $25
for each item |
*Annual Percentage Rate subject to change without
notice.
What if I do not want to have Bounce Protection on my checking
account?
- Bounce Protection costs you nothing unless you use it.
However, if you would like to have this service removed from your
account, please call 1-888-262-5456.
Additional questions?
To view our full Customer Overdraft Policy,
click here.
|
