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 a
discretionary overdraft
service,
requiring no action on your part,
that
provides you a safety net up to an automatically assigned
overdraft limit.
-
Your Bounce Protection limit may be available for checks and
other transactions made using your checking account number or
automatic bill payment and recurring debit card payment. Also,
at your request, we may authorize and pay ATM transfers or
withdrawals and everyday debit card purchases using your limit.
How does Bounce Protection work?
-
We
are not obligated to pay an item presented for payment if your
account does not contain sufficient funds; however, as long as you maintain your account
in good standing, Central National Bank may approve your
overdraft
items
within your current available Bounce Protection limit
as a
non-contractual courtesy.
-
For
overdraft privilege 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 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
paid
overdraft item
fee of $25 for each item will be deducted from your overdraft
limit.
If
the item is returned, the returned item NSF fee of $25 will be
deducted from your account.
No interest will be
charged
on the overdraft balance.
How do I know when I use the overdraft limit?
What is my Bounce Protection Limit? I have
two checking accounts. Can I get Bounce Protection on both?
What if I go beyond my Bounce Protection
limit?
How quickly must I repay my Bounce Protection?
-
You
should make every attempt to bring your account to a positive
end-of-day
balance as soon as possible, and must do so within 30 calendar
days. If you are not able to
do so,
you will receive a letter from Central National Bank informing
you
that your Bounce Protection limit has been suspended and
additional items will be returned.
What does
Bounce
Protection cost?
-
There is no additional cost associated with this privilege
unless you use it. You will be charged our
standard paid overdraft item fee of $25 for each
overdrawn
item created by
a
traditional paper-based
check,
a
teller withdrawal, an automatic payment (ACH) transaction, or a
recurring debit card payment. Also, if you have requested us to
do so, we may authorize and cover ATM transfers or withdrawals
and everyday debit card purchases.
-
For example, three paid items in one day will result in $75 in
paid
overdraft item fees.
To help you manage your account, the total fees you have paid
for
items
(both
paid and returned) during the current month and for the
year-to-date will be reflected on your monthly checking
statement.
What are some of the ways I can access my Bounce Protection
limit? Will my limit be reflected in the balance I receive?
|
Access Point |
Is my
Bounce Protection
limit available? |
Does the balance provided reflect my
Bounce Protection
limit? |
| Teller |
Yes |
No |
| Writing a Check |
Yes |
n/a |
| Debit Card (recurring) |
Yes |
n/a |
| Debit Card (everyday) |
No** |
n/a |
| ATM Withdrawal |
No** |
No |
| ACH-Auto Debit |
Yes |
n/a |
| Central Online Banking |
Yes |
No |
| Bill Pay |
Yes |
n/a |
| X-Press Phone Banking |
Yes |
No |
** Bounce Protection service will be made
available for ATM or everyday debit card transactions upon your
request. Call (888) 262-5456 or visit one of our branches to
arrange for your ATM and debit card coverage.
How soon can I use my Bounce Protection?
What are some other ways I can cover
overdrafts at Central National Bank?
-
The best way to avoid overdrafts and
fees
is to
keep track of your account balance by
entering all checks, debit card purchases and ATM withdrawals in
your check register, reconcile your check book regularly and
manage your finances responsibly.
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 |
| Link to savings account |
$7 transfer fee |
| Platinum Check Line |
16.768% APR* +
$22.64 Annual Fee |
| Bounce Protection |
Paid overdraft item 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?
- 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.
|