Overdraft Protection
ABC Bank understands that at times, unanticipated 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. 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, American Bank of Commerce offers several ways to cover overdrafts: Sweep Accounts, CREDITadvantage, and Bounce Protection.
SWEEP ACCOUNTS
Sweep Accounts are two or more accounts linked to each other that in the event an overdraft occurs, will transfer money from one account to the other (“sweep”) to cover the overdraft. Sufficient funds must be available in the "transfer from" account for the sweep to occur. A transfer fee may apply. For information on how to set up sweep accounts, please contact a new account representative at one of our convenient ABC Banking Centers.
CREDIT ADVANTAGE
The Advantage of Making Yourself a Loan…..
When approved you will have availability to a revolving credit line which can be accessed at your convenience. CREDITadvantage from American Bank of Commerce is a better way to have the money for what you need when you need it. CREDITadvantage is a personal line of credit through which you may qualify for as much as $25,000 at a variable rate of interest above the Wall Street Journal Prime Lending Rate. Click here for more information about CREDITadvantage.
Applying for CREDITadvantage is as easy as applying for a credit card, maybe easier. Since we are locally owned, our decision-makers are here providing you with quality and efficient service. To apply, please contact a new account representative at one of our convenient ABC Banking Centers or your account Officer.
BOUNCE PROTECTION
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| At American Bank of Commerce, 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 is why we provide “Bounce Protection”, a special overdraft privilege service for American Bank of Commerce’s checking customers.
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WHAT IS BOUNCE PROTECTION
Bounce Protection is an overdraft privilege service requiring no action on your part. You don’t have to sign anything. Your Bounce Protection limit amount will be automatically assigned.
HOW DOES BOUNCE PROTECTION WORK? *
We are not obligated to pay any item presented for payment if your account does not contain sufficient funds; however, 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. Bounce Protection is available as a safety net for customers in the event an emergency or unexpected incident arises and the account becomes overdrawn. 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. If you are a new account holder, you may be able to use Bounce Protection 30 days after the account is opened, assuming your account is in “good standing” as defined above. Please note that the amount of the overdraft plus the bank's paid item NSF fee of $30 for each item will be deducted from your overdraft limit. If the item is returned, a returned item NSF fee of $30 for each item will be deducted from your account. No interest will be charged on the overdraft balance.
*Please refer to the ABC Bank Customer Overdraft Policy for additional details.
For more information on Bounce Protection, please contact a new accounts representative. You may also review our handy Bounce Brochure for more information.
