You Need to Know. The Choice is Yours.
IMPORTANT NOTICE: New Federal Regulations will impact the way you use your debit card. As of August 15, 2010*, we can no longer provide automatic Bounce Protection service on your every day debit card purchases and ATM transactions. This means if you use your debit card or ATM and there is not enough money in your account of if your deposit has not cleared, your card will be denied. If you want to keep this service available to you in case of emergencies, you will need to specifically request that Bounce Protection be continued on your account.
If you have not already signed your opt-in request, please stop by any of our three convenient locations. If you prefer, click here for a copy of the opt-in form that you may print, fill out, sign, and mail to: Texas Bank, PO Box 3186, San Angelo, TX 76902.
*The effective date of the change is August 15, 2010 for accounts opened before July 1, 2010. For accounts opened after July 1, 2010 the effective date of the change is July 1, 2010. Beginning August 15, 2010, we will not authorize and pay overdrafts on ATM and everyday debit card transactions without account holder consent. An overdraft fee or non-sufficient fund fee, currently $25, will be charged for covering overdrafts that result in a negative balance at the end of the day. Overdrafts may be created by check, ACH, online banking transactions, phone transactions or other electronic means. Recurring debit card transactions (payments that are set up to bill and pay automatically), such as an automatic draft from your health club or insurance company, may continue to be covered by your overdraft service. Once an overdraft has occurred you are required to bring your account to a positive balance within 30 days. We reserve the right not to pay an item if your account is not in good standing.
What is Bounce Protection?
Having a check returned due to insufficient funds can be a costly and embarrassing experience. At Texas Bank, we do not encourage overdrafts. As always, we encourage you to manage your finances responsibly. However, we want to save you from 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 privilege for Texas Bank checking account customers. 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 debit card purchases using your limit.
How does Bounce Protection work?
As long as you maintain your account in “good standing”, Texas Bank may approve your overdrafts within your current available Bounce Protection limit as a non-contractual courtesy. 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 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 fee, currently $25 for each item paid, will be deducted from your overdraft limit. If the item is returned, the returned item fee, currently $25, 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, including fees. You will need to subtract the total fees when balancing your checkbook.
How soon can I use my Bounce Protection?
If you are a new customer, you may be able to use the overdraft privilege service 30 days after your account is opened, assuming your account is in good standing as defined above.
What are some other ways I can cover overdrafts at Texas 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 withdrawals in your check register, reconcile your checkbook regularly, and manage your finances responsibly. However, if a mistake occurs, Texas Bank offers additional ways to cover overdrafts in addition to Bounce Protection.
|Ways To Cover Overdrafts at Texas Bank||Examples of Associated Fees|
|Good account management||$0|
|Link to savings account||$1 transfer fee|
|Reserve Checking||18% APR|
|Bounce Protection||Currently $25 per item|
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 notify Texas Bank in writing or stop by one of our three locations and sign an opt-out form.
What is my Bounce Protection limit? If I have two checking accounts, can I get Bounce Protection on both?
Your Bounce Protection limit is $500. If you have multiple accounts for your household, you may have a limit on each eligible account.
What if I go beyond my Bounce Protection limit?
Overdrafts above and beyond your established Bounce Protection limit may result in checks or other items being returned to the payee. The returned item fee, currently $25, will be charged per item returned and assessed to your account. An NSF notice will be sent to notify you of 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 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 Texas 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 fee, currently $25, for each overdrawn item paid 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 everyday debit card purchases. For example, three paid items in one day will result in $75 in overdraft fees. 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.
What are some of the ways I can access my Bounce Protection limit?
Access Points: Tellers, Writing a Check, Debit Card (recurring), ACH – Auto Debit, Internet Banking, Internet Bill Pay, Telephone Banking, Debit Card (everyday)*, ATM Withdrawal*
*After July 1, 2010 (for new accounts) and August 15, 2010 (for existing accounts), your Bounce Protection service will not be available for ATM or everyday debit card transactions unless you sign an opt-in agreement for this service. Bounce Protection service will be made available for ATM or everday debit card transactions upon you signing an opt-in agreement. Visit one of our locations to arrange for your ATM and debit card coverage. You may also access a copy of the opt-in form via the “click here” link in the first paragraph of this page.
Will my limit be reflected in the balance I receive?
The balance reflected at any of the applicable access points will not include your Bounce Protection limit.
Limitations: Bounce Protection is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal, household or sole proprietor use. Texas State Bank reserves the right to limit participation to one account per household and to suspend, revoke, or discontinue this service without prior notice.