July 8, 2008
A Special Overdraft Privilege for Checking
Bounce Protection® FAQs
Bounce Protection® Customer Overdraft Policy
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 is an embarrassing and humiliating experience.
At Central Bank, we want to do our part to save you from the possibility of ever having this occur.
That's why we created Bounce Protection,® a special overdraft privilege for Central Bank checking customers.
|
What is Bounce Protection®? |
| Bounce Protection® is an overdraft privilege requiring no action on your part. You do not have to sign anything. Your overdraft privilege (Bounce Protection® limit) amount will be automatically assigned. |
|
|
How does Bounce Protection® work? |
| As long as you maintain your account in good standing, Central Bank will honor overdrafts up to the Bounce Protection® limit on your account. If you use Bounce Protection® you should remember the bank's normal insufficient funds (NSF) 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. No interest will be charged 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 should subtract the total fees from your checkbook. |
|
|
I have two checking accounts. Can I get Bounce Protection® on both? |
| Yes. 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 normal NSF fee per check will be charged to your account. An NSF notice will be sent to notify you of our actions. |
|
|
Will I have access to my limit through my ATM Visa Check Card? |
Yes. You can access your Bounce Protection® by using your ATM and Visa Check Card. Other transactions that will be honored under the program include:
- Checks and other debits cashed at teller windows
- Visa Check Card purchases
- ACH debit transactions
- Checks issued to a third party
- All transactions that currently are honored through your account.
|
|
|
How quickly must I repay my Bounce Protection®? |
| You should make every attempt to bring your account into a positive balance within 30 days. If you are not able to do so, you will receive a letter from Central Bank informing you of the situation and your options. If, after a period of time, your account has not been brought into a positive balance, we will have no option but to close your account and take other steps to recover funds. |
|
|
What does my Bounce Protection® privilege cost? |
| There is no additional cost associated with this privilege! As stated previously, you should keep in mind that you will be charged an NSF fee for each check paid under the limit. Remember, checks drawn up to the limit will not be returned, saving you the embarrassment and expense associated with the returned check fee. This privilege can save you money! |
|
|
How soon can I use my Bounce Protection®? |
| If you are a new account holder and the account is in good standing, Bounce Protection will be added after 30 days. |
|
|
What is my Bounce Protection® limit? |
To find your Bounce Protection® limit, simply locate your account type in the listing below.
- Regular Checking: $400.00
- Electronic Checking: $400.00
- Money Market Checking: $1,000.00
- Money Market Savings: $1,000.00
|
|
|
When I call Central Bank or check my balance on the Internet, is my Bounce Protection® limit included? |
| The Current Balance information reflected through calling Central Bank and Online Banking do not include the overdraft limit assigned to your account. The Available Balance information reflected through Central Bank and Online Banking does include the overdraft limit assigned to your account. |
|
Additional Questions?
If you have additional questions or would like more information, contact us, call us at 765-883-5501 or stop by the branch location nearest you.
An insufficient balance could result in several ways, such as (a) the payment of checks, electronic funds transfers, or other withdrawal requests; (b) payments authorized by you; (c) the return of unpaid items deposited by you; (d) the imposition of bank service charges; or (e) 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. However, if you maintain your account in good standing defined as making regular deposits to bring the account to a positive balance at least once every 30 days, and there are no legal orders outstanding, we may approve your reasonable overdrafts as a non-contractual courtesy. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type, including NSF fee. We may refuse to pay an overdraft for you at any time, even though we may have previously paid overdrafts for you. You will be notified by mail of any insufficient funds item 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 plus our Insufficient Funds handling fee(s) that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus our Insufficient Funds handling fee(s). You can access your Bounce Protection® limit through any teller, ATM or Central Bank Debit Card.
LIMITATIONS: Available to individually-owned accounts in good standing for personal or household use. Central Bank reserves the right to limit participation to one account per household and lower your Bounce Protection® limit or discontinue this product at any time
|
