OVERDRAFT COVERAGE OPTIONS:
BOUNCE BACK PROTECTION PRIVILEGE AND OVERDRAFT PROTECTION
Life happens! Jackson River Community Credit Union understands that unexpected overdrafts occur from time to time – Overdraft Coverage can help.
Overdraft Coverage Options The choice is yours. Consider these ways to cover overdrafts:
|Overdraft Protection Link to Another Deposit Account you have at Jackson River Community Credit Union1||$1 fee per transfer|
|Bounce Back Protection Privilege||$33 Bounce Back Fee per item. Daily fees may apply.|
1Call us at (540) 962-6154 or (833) 962-6154, email us at email@example.com, or come by a branch to sign up or apply for these services.
Overdraft Protection services apply to all transactions and may help prevent overdrafts by automatically transferring funds to your checking account from another account you may have at Jackson River Community Credit Union for a fee.
Bounce Back Protection Privilege allows you to overdraw your account up to the disclosed limit for a fee in order to pay a transaction. Even if you have overdraft protection, Bounce Back Protection Privilege is still available as secondary coverage if the other protection source is exhausted. Please review the “What Else You Should Know” section included with this letter for other important information.
|Transactions Covered with Bounce Back Protection Privilege||Standard Coverage
(No action required)
Extended Coverage(Your consent required on consumer accounts) *
If you would like to select Extended Coverage for future transactions:
|ACH - Automatic Debits||X||X|
|Recurring Debit Card Payments||X||X|
|Online Bill Pay Items||X||X|
|Internet Banking Transfers||X||X|
|Teller Window Transactions||X||X|
|Everyday Debit Card Transactions||X*|
What Else You Should Know
- A link to another account may be a less expensive option than an overdraft. A single larger overdraft will result in just one fee, as opposed to multiple smaller overdrafts. Good account management is the best way to avoid overdrafts. Use our mobile banking, Internet banking, and telephone banking services to keep track of your balance. For additional financial education resources, please visit www.mymoney.gov or www.jacksonrivcommcu.org/.
- This describes the posting order for purposes of determining overdrafts. Our general policy is to post items throughout the day and to post credits before debits. Paper checks are posted in serial number order, ACH transactions post lowest to highest, while ATM and debit card transactions are in the order in which the items are received. However, because of the many ways we allow you to access your account, the posting order of individual items may differ from these general policies. Holds on funds (described herein) and the order in which transactions are posted may impact the total amount of Bounce Back Fees or NSF Fees assessed.
- Although under payment system rules, Jackson River Community Credit Union may be obligated to pay some unauthorized debit card transactions, Jackson River Community Credit Union will not authorize debit card or ATM transactions unless there are available funds (including Overdraft Coverage Options) to cover the transactions and any fee(s).
- Giving us your consent to pay everyday debit card and ATM overdrafts on your consumer account (Extended Coverage) may result in you incurring Bounce Back Fees for transactions that we would otherwise be required to pay without assessing an Bounce Back Fee. However, this would allow us to authorize transactions up to the amount of your Bounce Back Protection Privilege limit and may also help you avoid overdrafts in excess of your available balance that could result in suspension of your debit card. If you consent to Extended Coverage on your consumer account, it will remain on your account until you otherwise withdraw it.
- Jackson River Community Credit Union authorizes and pays transactions using the available balance in your account. Jackson River Community Credit Union may place a hold on deposited funds in accordance with our Membership Agreement Form, which will reduce the amount in your available balance. The available balance for checks, ACH items, and recurring debit card transactions is comprised of the ledger balance, less any holds on deposited funds and any debit card holds, plus the amount of the Bounce Back Protection Privilege limit and any available overdraft protection. The available balance for ATM and everyday debit card transactions on accounts with Standard Coverage is the ledger balance, less any holds on deposited funds and any debit card holds, plus any available overdraft protection, but does NOT include the Bounce Back Protection Privilege Limit. For accounts with Extended Coverage, the Bounce Back Protection Privilege Limit is included in the available balance for authorizing ATM and everyday debit card transactions.
- Please be aware that the Bounce Back Protection Privilege amount is not included in your available balance provided through online banking, mobile banking or Jackson River Community Credit Union’s ATMs.
- Jackson River Community Credit Union will place a hold on your account for any authorized debit card transaction until the transaction settles (usually within two business days) or as permitted by payment system rules. In some cases, the hold may exceed the amount of the transaction. When the hold ends, the funds will be added to the available balance in your account. If your account is overdrawn after the held funds are added to the available balance and the transaction is posted to the available balance, a Bounce Back Fee may be assessed.
- Except as described herein, Jackson River Community Credit Union will not pay items if your account does not contain available funds (including the Bounce Back Protection Privilege limit) to cover the item(s) and the amount of any fee(s).
- Jackson River Community Credit Union may suspend your debit card if you incur overdrafts in excess of the available balance in your account, including any Bounce Back Protection Privilege limit (as described herein). Debit cards on your account will remain suspended until you make sufficient deposits so that your available balance, taking into account any Bounce Back Protection Privilege limit, is positive and then you contact us.
- Jackson River Community Credit Union may also suspend your debit card if your account is overdrawn more than 32 consecutive calendar days. Debit cards on your account will remain suspended until you make sufficient deposits so that your account balance is positive.
- Jackson River Community Credit Union may also suspend your debit card if we are unable to contact you due to an incorrect mailing address or Phone Number(s). You must contact us with your correct mailing address and/or Phone Number(s) to have your debit card reinstated.
- We will charge a fee of $15 to reactivate your debit card if we suspend your Debit Card.
- If your debit card is suspended, you will be unable to use your debit card for purchases or to access your account at the ATM, and if you use your debit card for recurring payments, e.g., utilities, you are responsible to make other arrangements for your recurring debit payment(s).
- A Bounce Back Protection Privilege limit of $500 will be granted to eligible consumer checking accounts opened at least 60 days in good standing.
- A Bounce Back Protection Privilege limit of $500 will be granted to eligible Business Checking accounts opened at least 60 days in good standing.
- Bounce Back Protection Privilege is not a line of credit; it is a discretionary overdraft service that can be withdrawn at any time without prior notice.
- Bounce Back Protection Privilege may be discontinued if you default on any loan or other obligation to us, your account becomes subject to any legal or administrative order or levy, or if you fail to maintain your account in good standing by not bringing your account to a positive balance within 32 days for a minimum of one business day. You must bring your account balance positive for at least one business day to have Bounce Back Protection Privilege reinstated.
- Depositor and each Authorized Signatory will continue to be liable, jointly and severally, for all overdraft and fee amounts, as described in the Membership Agreement Form. The total (negative) balance, including all fees and charges, is due and payable upon demand.