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. First Hope Bank offers Bounce Protection, an Overdraft Line of Credit and a link to your savings account to help you protect your checking account.
- Bounce Protection
At First Hope 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 may result if a check is returned. That's why we provide Bounce Protection, a special overdraft service for First Hope Bank 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 every day 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) deposit enough money to bring your account to a positive end-of-day balance at least once every 30 calendar days (including 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 Paid Item Fee of $35 for each item will be deducted from your overdraft limit. If the item is returned, the Return Item Fee of $35 will be deducted from your account. No interest will be charged on the overdraft balance.
* Please refer to the Bounce Protection Customer Policy for additional details.
Click here to view more information on Bounce Protection. (link to FAQ tab)
- Overdraft Line of Credit
Hope Prime Advantage
The Hope Prime Advantage is a line of credit that is attached to your personal checking account; it will activate only when the balance of the account goes below zero in an emergency situation. The funds needed to cover the overdraft will be automatically transferred into the checking account.
This low-interest loan is available from $250 to $5,000, and is offered with a variable rate to customers with a credit score of 680 or better. Payments are automatically deducted from your account once a month or you can choose to pay in full.
- Linked Savings Account
Should your account become overdrawn, the funds can be automatically transferred from another First Hope account in increments of $100. The fee for this service is $7 per transfer. Automatic transfer can be added to your account by visiting any of our offices, or by providing a request in writing.
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 Return Item Fee of $35 will be charged per item and assessed to your account. An overdraft/NSF notice will be sent to notify you of items paid and/or returned.
What does Bounce Protection cost?
There is no additional cost associated with this privilege unless you use it. You will be charged our Paid Item Fee of $35 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 everyday debit card purchases.
For example, three paid items in one day will result in $105 in Paid Item 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 is my Bounce Protection 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.
- Kasasa- $500
- Personal Checking- $500
- Money Market - $1000
- Personal NOW- $1000
- Hope Select- $1000
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 First Hope Bank informing you that your Bounce Protection limit has been suspended and additional items will be returned. If your limit is suspended, unless we notify you otherwise 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 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.
** Bounce Protection service will be made available for ATM or everyday debit card transactions upon your request. Call (908) 459-4121, visit us online at www.firsthope.com, or stop by one of our branches to arrange for your ATM and debit card coverage.
What if I am having trouble repaying my Bounce Protection or use it frequently?
Please contact us at 908.459.4121 if you: (1) do not believe you will be able to 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 intend; or (3) don't understand why your account becomes overdrawn. We would like to discuss your situation with you.
Following regulatory guidance, we will contact you if you are paying multiple overdraft fees (ie more than six fees in a rolling 12-month period), to discuss possible alternatives to Bounce Protection that may better meet your short term credit needs. In the event you ask us to stop contacting you because you have determined Bounce Protection is appropriate for your needs, we will honor your wishes. However, if we identify that the number and frequency of overdrafts increases materially for an extended period of time at some point after that, we may contact you again to ensure Bounce Protection is still the most appropriate option available to you for covering your short term credit needs.
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.
How soon can I use my Bounce Protection?
If you are a new customer, you may be able to use the overdraft privilege service usually the first working day 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 First Hope 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. However, if a mistake occurs, First Hope Bank offers additional ways to cover overdrafts in addition to Bounce Protection.
This information is effective as of October 2014 and is provided as examples. The number of transfers allowed from a savings account each month may be limited and additional fees/consequences for exceeding this limit may apply. APR- Annual Percentage Rate- Subject to change. Please ask us about our current specific products, rates and fees.
What if I do not want to have Bounce Protection on my account?
If you would like to have this service removed from your account, please call (908)459-4121 or stop by one of our six convenient branch locations.
|Ways to Cover Overdrafts at First Hope Bank||Example of Associated Rates and Fees|
|Good account management||$0|
|Link to savings account||$7 transfer fee|
|Overdraft line of credit||12.00% APR|
|Bounce Protection||Paid Item Fee of $35 for each item|
|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|
|ATM Withdrawal||No **||No|
|ACH- Auto Debit||Yes||N/A|