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Bounce Protection

December 11, 2018


Having a payment returned due to insufficient funds can be a costly and embarrassing experience. That's why we provide “Bounce ProtectionSM” a special overdraft privilege for The Bank of Elk River's checking customers.

Bounce ProtectionSM gives you an extra level of protection in case of account reconciliation errors. At The Bank of Elk River, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. The purpose of this privilege is to save you from the embarrassment, additional merchant fees or other problems that might result if a payment is returned.

What is Bounce ProtectionSM?

Bounce ProtectionSM is an overdraft privilege limit that is automatically assigned to your account. There is no action required on your part. You do not have to sign anything.

How does Bounce ProtectionSM work?

As long as you maintain your account in good standing (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days), The Bank of Elk River may honor overdrafts up to the Bounce ProtectionSM limit on your account.

What does my Bounce ProtectionSM cost?

There is no cost associated with this privilege unless you use it. However, you should keep in mind that you will be charged our Bounce fee of $30 for each item paid under the limit.

What is my Bounce ProtectionSM limit? If I have two checking accounts, can I get Bounce ProtectionSM on both?

Locate your account type below, and make note of the corresponding limit. If you have multiple accounts for your household, you may have a limit on all eligible accounts.

How soon can I use my Bounce ProtectionSM?

You will be issued $200 in coverage at account opening. If your checking account remains in good standing for the next 30 days, your Bounce Protection limit may increase to a maximum of $700 total coverage.

Ultimate Checking Account $200
Carefree Checking Account $200
Classic Checking Account
Freedom Checking Account $200
All accounts are eligible for an increase of $500.

How do I know when I use the overdraft limit? What if I go beyond my Bounce ProtectionSM limit?

You will receive an overdraft notice in the mail each time items are paid. Overdrafts above and beyond your established Bounce ProtectionSM limit may result in a payment or payments being returned to the payee. The normal NSF fee will be charged per item and assessed to your account. So as not to exceed your limit if you use Bounce ProtectionSM, you should note that the amount of the overdraft plus our standard NSF fee of $30 for each item will be deducted from your overdraft limit.

How quickly must I repay my Bounce ProtectionSM?

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 The Bank of Elk River 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 suspend your overdraft privilege limit and take other steps to recover funds.

What are some of the ways I may have access to my Bounce ProtectionSM limit? Will my limit be reflected in the balance I receive?

The chart below is designed to make you aware of the different ways you can access your Bounce ProtectionSM limit and whether or not the limit will be reflected in the balance provided.

Access Points Is my overdraft
privilege available?
Does the balance
provided reflect
my overdraft
privilege limit?
Teller Yes No
Writing a Check Yes N / A
The Bank Cash & Check Card Yes* N / A
ATM Withdrawal Yes* No
ACH-Auto Debit Yes N / A
Internet Banking Yes No
Info Line Yes No
Scheduled Internal Automatic Transfers No N / A

*To receive Bounce Protection for The Bank Cash & Check Card transactions, you need to let us know. Please contact us at 763.241.8522 for assistance.

By keeping accurate records and knowing your balance, you can avoid mistakenly accessing your limit and incurring NSF fees. The best way to do this is to use your checkbook register to keep track of your deposits, written checks, withdrawals including service charges, ATM and check card transactions. Always reconcile your register with your monthly bank statement.

What if I do not want to have Bounce ProtectionSM on my checking account?

In the event you would like to have this service removed from your account, you may do so by calling 763.241.8522. However, once this service is removed, you should keep in mind that if an item is presented for payment and there are not sufficient funds in your account, the item may be returned to the payee and our standard NSF fee of $30 will be charged per item.

Bounce ProtectionSM Customer Overdraft Policy

An insufficient balance and NSF fee could result in several ways, such as (1) the payment of checks, electronic funds transfers, ATM or other withdrawal requests; (2) payments authorized by you; (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 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 checking account in good standing (defined as making regular deposits and bringing your account to a positive balance including payment of any bank fees charged to your account, at least once every 30 days) and there are no legal orders or levies outstanding, we may approve your reasonable overdrafts as a non-contractual courtesy. You may opt-out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting-out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. The Bank offers other types of overdraft protection services. For alternative services/products please contact the bank.

Opt-In / Opt-Out

To receive Bounce Protection for The Bank Cash & Check Card/The Bank Cash Card transactions, you are required to "opt-in," and agree to the terms and conditions of the overdraft coverage program. Should you decide to “opt-out”, you will no longer receive overdraft coverage protection on one-time debit card transactions and ATM withdrawals. Everyday debit card transactions and ATM withdrawals may be declined at the point of sale if the transaction will result in insufficient funds. To Opt-In or Opt-Out, please call Customer Service at 763.241.8522.