Even the most careful customer may end up experiencing an overdraft in their checking account. BANKWEST provides you with several convenient and low cost options that help you avoid overdrafts.
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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 BANKWEST, we do not encourage overdrafts. To avoid fees, we encourage you to manage your finances responsibly by keeping track of your account balance and reconciling it regularly. 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 service for BANKWEST'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. This service is available to individual/joint-owned accounts in good standing for personal or household use. This service is not available for business accounts.
Your Bounce Protection® limit may be available for checks and other transactions made using your checking account number, such as a teller withdrawal, an automatic (ACH) payment transaction, automatic bill payment or recurring debit card payment. If you request us to do so (opt in), we may authorize ATM transfers or withdrawals and everyday debit card purchases using your available balance and your Bounce Protection® limit.
Balances displayed do not include the Bounce Protection® limit.
How Does Bounce Protection® Work?
There are several ways your account can become overdrawn, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you (i.e. debit card at point of sale); (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.
As long as you maintain your account in “good standing,” we may approve your overdraft items within your unused Bounce Protection® limit as a non-contractual courtesy.
For Bounce Protection® 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.
BANKWEST reserves the right to limit participation to one account per household or to suspend, revoke, or discontinue this service without prior notice.
What If I Go Beyond My Bounce Protection® Limit?
Normally, we will not approve an overdraft for you in excess of the predetermined limit assigned to your account. So as not to exceed your limit, please remember that the amount of the overdraft plus our Bounce Paid Item(s) Charge of $30 for each item will be deducted from the Bounce Protection® limit. Overdrafts above and beyond your established Bounce Protection® limit may result in checks or other items being returned to the payee. You will be charged a NSF Returned Item(s) Charge of $30 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 NSF Returned Item(s) Charge.
An OD/NSF notice will be sent to notify you of items paid and/or returned.
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 BANKWEST 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 the first business day after you bring your account to a positive end-of-day balance.
What Does My Bounce Protection® Cost?
There is no additional cost associated with Bounce Protection® unless you use it. If you do use the Bounce Protection® limit, you will be charged our Bounce Paid Item(s) Charge of $30 for each overdrawn item created by checks and other transactions made using your checking account number, such as a teller withdrawal, an automatic payment (ACH) transaction, automatic bill payment, or recurring debit card payment.
If you request us to do so (opt in), we may authorize ATM transfers or withdrawals and everyday debit card purchases by using your available balance and your Bounce Protection® limit. Your balance at the time these transactions post will determine the overdraft status and the assessment of fees. Other transactions initiated by you, or a delay in processing authorized transactions by the merchant, may result in previously authorized transactions posting against an insufficient balance. A Bounce Paid Item(s) Charge of $30 will be charged for each ATM or everyday debit card transaction that posts against insufficient funds. If transactions were approved on good funds (a positive balance), a fee will not be assessed on these transactions. Once opted in, you may revoke your authorization at any time by contacting us at (763) 477-5231.
In the normal course of business, transactions may not be processed in the order in which they occurred, and the order in which transactions are received by the bank and process can affect the total amount of overdraft fees you incur. Although we reserve the right to process items in any order, in general credits will post before debits and electronic debits will post before checks. Checks typically post in numerical order. In addition, we post incoming transactions in real time, so checks and other debits to your account may post before deposits and other credits. If there are insufficient funds in your account at the time a transaction posts, you will be charged for each item paid. 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, the order we pay your items may create multiple overdraft items during a single banking day and you will be charged our Bounce Paid Item(s) Charge of $30 for each overdraft item paid.
Multiple paid items will result in multiple fees. For example, three paid items in one day will result in $90 in Bounce Paid Item(s) charges. 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?
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 points |
Is my Bounce Protection® 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 |
|
Internet Banking |
Yes |
No |
|
Bill Pay |
Yes |
N/A |
|
24-Hour Bankline |
Yes |
No |
* Bounce Protection® service will be made available for ATM or everyday debit card transactions on personal accounts upon your request. Call (763) 477-5231, visit our website: https://www.bankwestmn.com/applications/opt-in.html, 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 us at (763) 477-5231 if you: (1) 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 intended; or (3) don’t understand why your account becomes overdrawn. We would like to discuss your situation with you.
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 a NSF Returned Item(s) Charge of $30 for each item returned.
Following regulatory guidance, if you are paying multiple overdraft related fees (i.e., more than six fees in a rolling 12-month period) we will include contact information on your account statement(s), to discuss possible alternatives to Bounce Protection® that may better meet your short term credit needs. 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 to ensure Bounce Protection® is still the most appropriate option available to you for covering your short term credit needs.
What Is My Bounce Protection® Limit? If I Have Two Checking Accounts, Can I Get Bounce Protection® On Both?
The Bounce Protection® limit for all personal checking accounts is $500. If you have multiple accounts for your household you may have a Bounce Protection® limit on all eligible accounts.
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.
We have no obligation to notify you before we pay or return any item. The amount of any overdraft including our Bounce Paid Item(s) Charge of $30 and/or a NSF Returned Item(s) Charge of $30 that you owe us is due and payable upon demand even if we do not ask you for payment. You must repay us no later than 30 calendar days after the creation of the overdraft. If there is more than one owner on the account, each owner and agent, if applicable, shall be jointly and severally liable for all overdrafts including all fees charged.
What are some other ways I can cover overdrafts at BANKWEST?
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. Other suggestions may be found at https://www.bankwestmn.com/services/personal-services/overdraft-protection-services, https://www.fdic.gov/moneysmart and https://www.consumerfinance.gov/.
BANKWEST offers additional ways to cover overdrafts in addition to Bounce Protection®.
|
Ways to Cover Overdrafts at BANKWEST |
Example of Associated Rates and Fees1 |
|
Good account management |
$0 |
|
Link to another BANKWEST account (sweep) |
$2 transfer fee |
|
Overdraft line of credit |
18% APR2 & $30 Annual Fee |
|
Bounce Protection® |
Bounce Paid Item(s) Charge of $30 for each item |
1 This information is effective as of March 2023 and is provided as examples. 2APR- Annual Percentage Rate – Subject to change. Please ask us about our current specific products, rates and fees.
What if I do not want to have Bounce Protection® on my account?
If you would like to revoke your previous authorization for ATM and debit card transaction coverage, or have this service removed entirely from your account, please call (763) 477-5231.
While you may opt out of the privilege at any time, you are responsible for any overdrawn balances at the time of opting out.
Bounce Protection® Customer Overdraft Policy
An insufficient balance could result in several ways, such as:
1) the payment of checks, electronic funds transfers, or other withdrawal requests;
2) payment authorized by you;
3) the return of unpaid items deposited by you;
4) the imposition of 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 an item presented for payment if your account does not have collected funds. However, if you maintain your account in good standing (defined as making deposits and bringing your account to a positive balance at least once every 30 calendar 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 your Bounce Protection® limit plus our Bounce Protection® Paid Item(s) 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 overdrawn 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 plus our overdraft fee charge(s) that you owe us shall be due and payable upon demand. If no demand is made, the amount shall be due no later than 30 calendar days after the creation of the overdraft. If there is an overdraft paid by us on an account with more than one owner or agent on the signature card, each owner and agent, will be jointly and severally liable for all overdrafts inclusive of fees. If you use Bounce Protection®, the bank’s Bounce Protection® Paid Item(s) Fee may be deducted from your available balance. If you consent or opt-in to the overdraft services for ATM and one-time debit card transactions, the Bounce Protection® limit will be available for the authorization of these transactions, and when there is insufficient funds you will be charged a Bounce Protection® Paid Item(s) fee. No interest will be charged on the overdraft balance. Your Bounce Protection® limit is not included in your available balance provided by customer service, Internet Banking, 24-Hour Bankline or at the ATM.
LIMITATIONS: Available to individual/joint owned accounts in good standing for personal or household use. BANKWEST reserves the right to limit participation to one account per household use and to discontinue this product with 30 days prior notice.
Checking Plus Overdraft Protection
Overdraft Protection (ODP) is a line of credit that works with your checking account. If your checking account drops below a zero balance, your ODP line will automatically transfer funds to your checking account. ODP is helpful in avoiding overdraft or non-sufficient funds charges. There is an annual fee for Overdraft Protection. Please contact a personal banker for more information, including how to apply for ODP.
Reg E Overdraft Opt-In
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- We do not authorize and pay overdrafts for the following types of transactions unless you ask us to:
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our sole discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if BANKWEST pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $30 each time we pay an overdraft.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want BANKWEST to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 763-477-5231 or submit the form below.
I want BANKWEST to authorize and pay overdrafts on my ATM and everyday debit card transactions.
Account Sweeps
Maximize your excess balances by setting up a sweep service. Or utilize a convenient and low-cost way for you to avoid overdrafts.
Details
- Available to customers with more than one personal account at BANKWEST
- Keep your money working for you, automatically
- Maintain target balance while maximizing interest earnings
- Help prevent unnecessary overdrafts
- Receive benefits where you need them the most:
- Designate a target checking or savings balance
- Funds are swept over to your checking should you fall short of your balance
- Set up Automatic Funds Transfers (AFTs)
- Automatically transfer funds by date
- Make loan payments automatically
- Make automatic transfers between any BANKWEST accounts
Please contact us to learn more about this helpful service.
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