At times, unanticipated expenses can leave you with too little cash in your checking account. Having a check returned due to insufficient funds can be a costly and embarrassing experience. We don’t encourage overdrafts; 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 Protectionsm, a special overdraft service for The Savings Bank’s customers.
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. Opt in to Bounce Protection.
How does Bounce Protection work?*
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 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 overdraft fee of $33 for each item will be deducted from your overdraft limit. If the item is returned, the fee of $33 will be deducted from your account. No interest will be charged on the overdraft balance.
*Please refer to the customer overdraft policy below for additional details.
What if I go beyond my Bounce Protection limit?
Overdrafts above and beyond your established Bounce Protection limit may result in checks or other items being returned to the payee. The overdraft fee of $33 will be charged per item and assessed to your account. An overdraft notice will be sent to notify you of items paid and/or returned.
What does Bounce Protection cost?
There is no additional cost associated with this privilege unless you use it. You will be charged our overdraft fee of $33 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 $99 in overdraft 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 is my Bounce Protection limit? If I have two checking accounts, can I get Bounce Protection on both?
Locate your account type below and make note of the corresponding limit. If you have multiple accounts for your household or business, you may have a limit on all eligible accounts.
Consumer Checking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 750
Commercial Checking . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 750
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 The Savings Bank informing you that your Bounce Protection limit has been suspended and additional items will be returned. Unless we advise you differently or you request this service be removed from your account, your limit will be made available to cover overdrafts again after you bring your account to a positive end-of-day balance.
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.
Is my Bounce Protection available?
Does the balance provided reflect my Bounce Protection limit?
Writing a check
Debit Card (recurring)
Debit Card (everyday)
The Bank Line
**With the exception of business accounts, Bounce Protection service will be made available for ATM or everyday debit card transactions upon your request. Call a customer service representative at (800) 246-2009 or visit one of our branches to arrange for your ATM and debit card coverage.
What if I am having trouble repaying my Bounce Protection or use it frequently?
Please contact a customer service representative at (800) 246-2009 if: (1) you do not believe you will be able to bring your account to a positive end-of-day balance within the required time period; (2) find that you are using Bounce Protection more often than you intend; or (3) don’t understand why your account becomes overdrawn. We would like to discuss your situation with you.
Following regulatory guidance, we will contact you if you are paying multiple overdraft fees (i.e., more than six fees in a rolling 12-month period), to discuss possible alternatives to Bounce Protection that may better meet your short-term credit needs. In the event you ask us to stop contacting you because you have determined Bounce Protection is appropriate for your needs, we will honor your wishes. However, if we identify that the number and frequency of overdrafts increases materially for an extended period of time at some point after that, we may contact you again to ensure Bounce Protection is still the most appropriate option available to you for covering your short-term credit needs.
How do I know when I use the overdraft limit?
You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook.
How soon can I use my Bounce Protection?
If you are a new customer, your overdraft protection is available to you 30 days after your account is opened. This is provided if you have maintained satisfactory activity in the account, including regular deposits, consistent with our internal standards for new account types that may offer Bounce Protection. Your Bounce Protection limit remains available to you provided you maintain the account in “good standing” as defined in Customer Policy below.
What are some other ways I can cover overdrafts at The Savings 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 checkbook regularly and manage your finances responsibly. However, if a mistake occurs, The Savings Bank also offers two other forms of Overdraft Protection in addition to Bounce Protection.
- Transfer Protection
Transfer Protection is an automatic sweep to prevent potential overdrafts at no cost to you! With Transfer Protection, you can link up to two eligible accounts to your primary checking account so funds will be transferred automatically at the end of business day processing if you’ve overdrawn your account during the day, helping you avoid overdrafts. This service is available on The Savings Bank’s retail checking accounts.
- Money Reserve
This revolving line of credit is linked to your checking account and requires an application. If you overdraw your enrolled checking account, your Money Reserve Line of Credit will activate to cover your purchase, bringing your enrolled checking account’s balance down to zero and your Money Reserve Line of Credit’s balance up to the amount needed to cover the purchase, in increments of $25, or up to the available line. Your monthly payment is only 5% of the outstanding balance or $30, whichever is greater. The order in which we access your overdraft options is from no cost to you to the next lowest cost and then the highest cost: Transfer Protection, then Money Reserve Line of Credit and then Bounce Protection. Please refer to our Transfer Protection and Money Reserve Line of Credit brochures for more details on these overdraft options.
Bounce Protection Customer Policy
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 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) have no legal orders, levies or liens against your account.
In the normal 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 order of payment 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 overdraft fee of $33 for each overdraft item paid.
You may opt-out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of 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 fee of $33 per item will be deducted from the overdraft limit. The consecutive day OD fee of $35 is assessed after five consecutive business days of a negative balance and 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 overdraft fee of $33 for each item returned. Returned items may be presented for payment by the payee or their financial institution multiple times, which may result in multiple overdraft fees
You will be promptly notified of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft including our overdraft fee of $33 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 inclusive of 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, reconcile your checkbook regularly, and manage your finances responsibly. If you would like to have this service removed from your account, please call a customer service representative at (800) 246-2009.
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, or automatic bill payment and recurring debit card payment; and for business accounts only, ATM and everyday debit card transactions. For all other personal accounts, 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 that is available to accounts in good standing for personal or business use. The Savings Bank has the right to limit participation to one account per household or business and to suspend, revoke, or discontinue this service without prior notice. Unless you request this service be removed from your account, your limit will be made available to cover overdraft again after you bring your account to a positive end-of-day balance.