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Overdrafts

A Special Service for Checking Accounts.

At times, unexpected 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 a costly, inconvenient and potentially embarrassing experience.

At Reelfoot Bank, 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 Reelfoot Bank's checking 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 or automatic bill payment and recurring debit card payment. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday (non-recurring) debit card purchases using your limit.


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 overdraft privilege 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 a continuing line of credit; and (3) there are no legal orders, levies or liens against your account. Please note that the amount of the overdraft plus our overdraft paid charge of $30 for each item will be deducted from your overdraft limit. If the item is returned, the return item check charge of $30 will be deducted from your account. No interest will be charged on the overdraft balance.


How do I know when I use the overdraft limit?

You will receive an overdraft notice in the mail each time items are paid. The notice will show the check number, amount and the overdraft paid charge. You will need to subtract the total fees when balancing your checkbook.


What is my Bounce Protection Privilege limit? If I have two checking accounts, can I get Bounce Protection 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.

Account Type Bounce Protection Limit
Eagle Checking $500.00
VIP Interest Checking $500.00
50+ Interest Checking $500.00
High Interest Checking $1000.00

 


What if I go beyond my Bounce Protection limit?

Overdrafts above and beyond your established Bounce Protection limit may result in item(s) being returned to the payee. The return item check charge of $30 will be charged per item and assessed to your account. An NSF notice will be sent to notify you of the 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 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 Reelfoot Bank informing you that your Bounce Protection limit has been suspended and additional items will be returned.


What does my Bounce Protection cost?

There is no additional cost associated with this privilege unless you use it. You will be charged our overdraft paid charge of $30 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction, or a recurring debit card payment. Also, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and non-recurring debit card purchases. For example, three paid items in one day will result in $90 in overdraft paid charges. 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 in accordance with Federal regulations.


What are some of the ways I can access my Bounce Protection limit? Will my limit be reflected in the balance I receive?

The listing 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 Overdraft Privilege Limit Available? Does The Balance Provided Reflect My Overdraft Privilege Limit
Teller Yes No
Writing a Check Yes N/A
Debit Card (recurring) Yes N/A
Debit Card (everyday) No** N/A
ATM Withdrawal No** No
ACH-Auto Debit Yes N/A
Online Banking Yes Yes*
Bill Pay Yes N/A
Telephone Banking No No

 

*In available funds.

**Bounce Protection service will be made available for ATM and everyday (non-recurring) debit card transactions upon your request. Call (731)885-1010 or visit one of our branches to arrange for your ATM and debit card coverage.


How soon can I use my Bounce Protection?

If you are a new account holder, you may be able to use the overdraft privilege service 30 days after the account is opened, assuming your account is in "good standing".


What are some other ways I can cover overdrafts at Reelfoot Bank?

The best way to avoid overdrafts and fees is to keep track of your account balance by entering all items in your check register, reconcile your checkbook regularly and manage your finances responsibly. However, if a mistake occurs, Reelfoot Bank offers additional ways to cover overdrafts in addition to Bounce Protection.

Ways to Cover Overdrafts at Reelfoot Bank Example of Associated Fees*
Good Account Management $0
Link to Savings Account $0
Bounce Protection** Overdraft paid charge of $30 for each item

 

*These costs are provided only as examples. Please ask us about our specific products and fees.

 


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

If you would like to have this service removed from your account, please call (731) 885-1010.


Financial Service Counseling:

To learn more about protecting yourself from overdraft fees click the link below.

http://www.federalreserve.gov/pubs/bounce

Free financial counseling locations click here.

Obion County, TN
UT Extension Agent
302 South 3rd Street
Union City, TN 38261
731-885-5319
 

Weakley County, TN
UT Extension Agent
P.O. Box 168
Dresden, TN 38225
731-364-3164
 

Dyer County, TN 
UT Extension Agent
151 Everett Ave.
Dyersburg, TN 38024
PH: 731-286-7821
 

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