Additional Services

At times, unanticipated expenses or unforeseen problems can leave you with too little cash in your checking account. Having a check returned due to nonsufficient funds can be a costly, inconvenient and potentially embarrassing experience. Jefferson Security Bank offers standard overdraft protection services, referred to as Bounce Protection, to help reduce the possibility of a returned item on your account, and to save you the fees that third parties may charge in such case. At Jefferson Security Bank, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly.

What is Bounce Protection?

Except for certain preauthorized transactions, including debit card transactions authorized against a sufficient Available Balance, we are not obligated to pay transactions presented for payment from your account if the payment of those transactions from your account’s Ledger Balance would overdraw your account’s Ledger Balance. We offer standard overdraft services, referred to as Bounce Protection, which provide you with access to an authorized overdraft limit that may be used to cover overdrafts. Bounce Protection is a discretionary service that is designed and intended to protect you from occasional inadvertent overdrafts. Bounce Protection is not intended to be used as a line of credit, and you agree not to use it as a line of credit.

How does Bounce Protection work?

Bounce Protection is a non-contractual discretionary courtesy that we provide to account holders. We may suspend or terminate Bounce Protection at any time for any reason and without notice. Bounce Protection is not available for holders of Second Chance Checking accounts or accounts designed for individuals under the age of 18. Your Bounce Protection limit may be available for checks and other transactions made using your checking account number or automatic bill payments and recurring debit card payments. Also, at your request, you can opt-in to extended Bounce Protection which permits us to authorize and pay ATM transfers or withdrawals and one-time, also referred to as everyday, debit card transactions using your limit. Refer to your disclosure “What You Need to Know about Overdrafts and Overdraft Fees” to learn how to opt-in to this extended Bounce Protection service.

Can Jefferson Security Bank cancel my standard Bounce Protection services?

We reserve the right to suspend or terminate Bounce Protection for any reason, at any time, including but not limited to circumstances where your account is no longer in Good Standing. Bounce Protection is only available to accounts that are in Good Standing, and access to Bounce Protection will be suspended if at any time your account is no longer in Good Standing. Your account is in “Good Standing” if you (1) have not been overdrawn more than 30 continuous calendar days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts (i.e., overdrafts consistent with the use of Bounce Protection as a continuing line of credit); (3) have no legal orders, levies, or liens against your account; (4) are not a petitioner with respect to a bankruptcy proceeding; (5) are not in default or delinquent with respect to any other obligations to us; and (6) avoid engaging in improper behavior or misuse of your account. For each transaction we decline to pay, we may assess an NSF Fee.

How quickly must I repay overdrafts occurring as a result of Bounce Protection?

The amount of any overdraft, including our Overdraft Fee, is immediately due and payable. For joint accounts, each owner is liable for all overdrafts, including all
Overdraft Fees.

How do I take advantage of standard overdraft practices referred to as Bounce Protection?

At the time you open an account, you will automatically be enrolled in Bounce Protection unless you are opening a Second Chance checking account or an account designed for individuals under the age of 18. You will be asked to acknowledge receipt of this Bounce Protection Disclosure at the time you open your account.

How do I cancel (waive) the standard overdraft practices referred to as Bounce Protection?

You can waive Bounce Protection at the time you open your account by indicating your desire to waive Bounce Protection at the end of this disclosure. You can cancel (waive) Bounce Protection at any time thereafter, but you will be responsible for repaying any overdrawn balances, including but not limited to assessed Overdraft Fees, at the time you cancel your account’s Bounce Protection. If you have opted in to the authorization of ATM and everyday (one-time) debit card transactions that would exceed your Available Balance at the time of authorization, you can also revoke your opt-in status at any time. Cancellation (waiver) of Bounce Protection will also revoke your opt-in status for extended Bounce Protection which permits the authorization of ATM transactions and everyday (one-time) debit card transactions that exceed your Available Balance at the time of authorization. You may change your election at any time by calling us at 304-876-9000. You may be required to complete a form to change your election.

How do I know when I use the overdraft limit?

You will receive an overdraft notice each time items are paid using your overdraft limit. The notice will also provide you with the fees assessed for paying each item. You will need to subtract the total fees when balancing your checkbook.

What is my Bounce Protection Limit?

Each account enrolled in Bounce Protection is provided with a $500 overdraft limit that may be used to cover overdrafts. For each overdraft we pay using Bounce Protection, we will deduct the amount paid using Bounce Protection and our Overdraft Fee from your $500 overdraft limit. However, we will not charge an Overdraft Fee when your Ledger Balance is overdrawn by $20 or less, and we have a limit to the amount you will be charged on any given day, regardless of how many overdrafts we pay or transactions we return unpaid. We also do not assess Overdraft Fees with respect to debit card transactions authorized against a sufficient Available Balance at the time the transactions were authorized. Refer to your disclosure “Common Features (Limits and Fees)” for more details on Overdraft Fees.

What if I go beyond my Bounce Protection Limit?

We generally do not pay overdrafts that would exceed your account’s $500 overdraft limit, but if we do pay such overdrafts, you will be required to pay the overdraft and all applicable Overdraft Fees. In most circumstances, these items will be returned, and you will be assessed an NSF Fee. Refer to your disclosure “Common Features (Limits and Fees)” for more details on Overdraft Fees and NSF Fees.

What does Bounce Protection cost?

There is no additional cost associated with this privilege unless you use it. The current amount we charge as an Overdraft Fee is $30 for each overdrawn item. We currently do not charge an Overdraft Fee if the ending account overdraft balance is $20 or less. We currently limit the combined amount of Overdraft Fees and NSF Fees that can be assessed to $120 per day. In some instances, fees incurred on a given day may be assessed to your account on a subsequent day. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current statement cycle as well as year-to-date will be reflected on your monthly account statement. The amount we charge for fees may change at any time; however, you will be notified prior to any changes that could increase the amount of fees you may incur. Refer to your disclosure “Common Features (Limits and Fees)” for more information.

What are some of the ways I can access the funds in my Bounce
Protection limit?

You may access the funds in your Bounce Protection limit through the teller window at one of our office locations and by check, recurring debit card transaction, ACH, online banking, mobile banking and telephone banking.

Is my Bounce Protection limit reflected in the balance I receive?

The Bounce Protection limit will not be included in the balance provided in online banking, mobile banking, ATM or telephone banking. When you ask for your balance, please remember the amount we show you does not include your Bounce Protection limit.

How soon can I use my Bounce Protection?

As a new account holder, you will be able to use Bounce Protection the business day following the business day the new account was opened.

What are my alternatives to using Bounce Protection at Jefferson Security Bank?

The best way to avoid overdrafts and fees is to keep track of your account balance by entering all checks, debit card purchases, ATM withdrawals and any other account activity in your check register, reconcile your checkbook regularly and manage your finances responsibly. However, if a mistake occurs, Jefferson Security Bank offers another way to cover overdrafts in addition to Bounce Protection. Please ask us about those options, including Sweep Protection which allows you to “sweep” funds from a linked Jefferson Security Bank deposit account or line of credit to maintain a target Ledger Balance. Refer to your disclosure “Common Features (Limits and Fees)” for more details on Sweep Transaction Charges.