Bounce Protection

Exchange Bank currently offers Bounce Protection on all of our checking accounts. We know the unexpected can sometimes happen... we want you to be protected just in case it happens to you. **Overdraft Protection is subject to credit approval**

Frequently Asked Questions

What is Bounce Protection?
How does Bounce Protection work?
How do I know when I use the overdraft limit?
I have two checking accounts. Can I get Bounce Protection on both?
What if I go beyond my Bounce Protection limit?
What are some of the ways I may have access to Bounce Protection?
How quickly must I repay my Bounce Protection?
What does my Bounce Protection privilege cost?
How soon can I use my Bounce Protection?
What is my Bounce Protection limit?
 

 

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 to your account.

How does Bounce Protection work?

As long as you maintain your account in good standing (defined as making regular deposits and brining your account to a positive balance at least once every 30 days) Exchange Bank may 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 total fees from your checkbook. Remember, the fee for paying an item is the same as for returning one.

I have two checking accounts. Can I get Bounce Protection on both?

Yes. If you have multiple accounts for your household, you may have Bounce Protection 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 will be charged per check and assessed to your account. An NSF notice will be sent to notify you of our actions.

What are some of the ways I may have access to Bounce Protection?

Generally, you may access your Bounce Protection through:

  • Checks and other debits cashed at teller windows
  • Visa Check Card
  • ACH debit transactions
  • Check issued to a third party
  • All transactions that are currently honored through your account

How quickly must I repay my Bounce Protection?

You should make every attempt to bring your account to a positive balance within 30 days. If you are not able to do so, you will receive a letter from Exchange 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 lost funds.

What does my Bounce Protection privilege cost?

There is no additional cost associated with this privilege if you bring your account to a positive balance once every 30 days. As stated previously, you should keep in mind that you will be charged an NSF fee for each paid item under the limit.

How soon can I use my Bounce Protection?

If you are a new active account holder, you will be able to use the overdraft privilege 30 days after the account is opened.

What is my Bounce Protection limit?

To find your Bounce Protection limit, simply locate your account type in the listing below.

EB Free Checking $100.00 WAC
Regular Checking $300.00 WAC
Direct Deposit Account $300.00 WAC
NOW Checking Account $750.00 WAC
Prime 50 $750.00 WAC
X-treme Money Market $750.00 WAC
Regular Savings N/A
Cash for College N/A
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