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.
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.
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 costly, inconvenient and potentially embarrassing. At BANKWEST, 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 service for BANKWEST’s customers.
What Is Bounce Protection®?
Bounce Protection® is an overdraft privilege offered at account opening. An overdraft privilege amount (Bounce Protection® Limit) is automatically activated when the requirement is met.
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 Bounce Protection® consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive balance at least once every 30 calendar days and there are no legal orders outstanding.
Please note that the amount of the overdraft plus our Bounce Protection® Paid Item(s) Fee of $30 for each item will be deducted from your Bounce Protection® limit. If the item is returned, the returned item NSF fee of $30 will be deducted from your account. No interest will be charged on the overdraft balance. Please refer to the customer overdraft policy for additional details.
How Do I Know When I Use Bounce Protection®?
You will receive an overdraft notice in the mail each time items are paid. The notice will show the check number, dollar amount, and possible Bounce Protection® Paid Item(s) Fee. You will need to subtract the total fees from your checkbook balance.
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 returned item NSF fee of $30 will be charged per item and assessed to your account. An 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 balance within 30 days. If you are not able to do so, you will receive a letter from BANKWEST informing you of the situation and your options. If after a period of time, your account has not been brought to a positive balance, we may have 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 unless you use it. You should keep in mind that you will be charged a Bounce Paid Item(s) Charge of $30 to your account for each check/withdrawal/debit paid under the Bounce Protection® limit. For example, three paid items in one day will result in $90 in Bounce Protection® Paid item(s) 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 Ways I May Have Access to Bounce Protection®?
Generally, you may access your Bounce Protection® through:
- Checks and other debits cashed at teller windows
- ACH debit transactions
- Checks issued to a third party
- Recurring debit card transactions
- ATM Withdrawals*
- Everyday debit card transactions*
*Bounce Protection® service will not be available for ATM withdrawals or everyday debit card transactions unless you sign an opt-in agreement for this service. 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. More information about opt-in can be found here.
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 Soon Can I Use My Bounce Protection®?
After an account is opened, the Bounce Protection® limit will automatically be activated when at least two deposits of $500 or greater are made.
When I Check My Balance, Is My Bounce Protection® Limit Included?
Your Bounce Protection® limit is not included in the available balance provided by customer service, the 24-Hour Bankline, internet banking or the ATM.
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.
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.
Maximize your excess balances by setting up a sweep service. Or utilize a convenient and low-cost way for you to avoid overdrafts.
- 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.