At times, unanticipated expenses or unforseen problems can leave you with too little cash in your checking account. Having a check returned due to insufficient funds (NFS) can be costly and inconvenient.
At Vision Bank, 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 non-contractual special. overdraft service for Vision Bank'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.
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. For business accounts the limit may be available for ATM and everyday debit card transactions with no action required.
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 item 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. You will be eligible for Bounce Protection unless you have a bad address on file with Vision Bank, as evidenced by return mail.
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 continuing line of credit; and (3) have no legal orders, levies or liens against your account.
Vision Bank reserves the right to limit participation to one account per household or business or to suspend, revoke, or discontinue this service without prior notice.
What if I go beyond my Bounce Protection limit?
Normally, we would 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 Overdraft fee of $29.50 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 an NSF fee of $29.50 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 Fees. An OD/NSF notice will be sent to notify you of items paid and/or returned.
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 $29.50 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. An Overdraft Fee of $29.50 will be charged for each ATM or everyday debit card transaction that posts against insufficient funds. Once opted in, you may revoke your authorization at any time by contacting us at (888) 332-5132.
For business accounts, ATM and debit card transactions will be handled as described above with no action required on your part.
In the normal course of business, we generally pay electronic transactions first and then checks in check number order, per the bank's policy; however, checks are often converted to electronic transactions which may post to your account more quickly, affecting the order in which they post. 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 Overdraft Fee of $29.50 for each overdraft items paid.
Overdraft/NSF fees are capped to no more than three (3) per business day for personal accounts; so regardless of how many items are insufficient (both paid and returned) you will pay only three (3) Overdraft/NSF fees per day per account. Overdraft/NSF fees are not capped on business accounts.
Multiple paid items will result in multiple fees. For example, three paid items in one day will result in $88.50 in Overdraft Fees. To help your 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 is my Bounce Protection limit? If I have two checking accounts, can I get Bounce Protection on both?
Locate your account type and make note of the corresponding limit. If you have multiple accounts for your household or business you may have a limit on each eligible account.
|High Interest Checking||$500|
|55+ Interest Checking||$500|
|Totally Free Checking||$500|
|Business Interest Checking||$500|
|Totally Free Business Checking||$500|
(no longer offered)
(no longer offered)
(no longer offered)
(no longer offered)
Vision Club Checking
(no longer offered)
Small Business Checking
(no longer offered)
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?|
|Writing a check||Yes||N/A|
|Debit Card (recurring)||Yes||N/A|
|Debit Card (everyday)||No||N/A|
|24-Hour telephone banking service||No||No|
What if I am having trouble repaying my Bounce Protection or use it frequently?
Please contact us at (888) 332-5132 if you; (1) do not believe you will be able yo 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 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 an NSF fee of $29.50 for each item returned.
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 Overdraft Fee of $29.50 and/or an NSF Fee of $29.50 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 charges.
How soon can I use my Bounce Protection?
If you are a new customer, we will advise you 60 or more days after your account is opened that you may use the Bounce Protection service. This is provided you have maintained satisfactory activity in the account, including making regular deposits, consistent with our internal standards for the account type for which the Bounce Protection is offered. Once you are notified your Bounce Protection limit is available to you, it may continue to be available provided you maintain the account in "good standing".
What are some other ways I can cover overdrafts at Vision Bank?
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 checkbook regularly and manage your finances responsibly.
How quickly must I repay my Bounce Protection?
You should make an 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 Vision Bank 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 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 (888) 332-5132.
While you may opt-out of the privilege at any time, you are responsible for any overdrawn balances at the time of opting out.