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.
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 our 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 debit card purchases using your limit.
To opt-in to Bounce Protection coverage on ATM transfers or withdrawals and everyday debit card purchases, you can click the button below and complete the opt-in form, or you can visit any of our six branch locations.
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.
Hope Prime Advantage
Hope Prime Advantage (HPA) is an overdraft line of credit that is attached to your personal checking account. Your HPA will activate only when the balance of your account falls below zero, such as in an emergency situation, and the funds needed to cover the overdraft will be automatically transferred into your checking account.
- Loan is available from $250 to $5,000
- Variable interest rate offered to customers with a credit score of 680+
- Automatic payments deducted from your account once a month, or choose to pay in full
*There is a $35 annual fee associated with a Hope Prime Advantage.
You can choose to cover overdrafts by setting up automatic transfers from a linked account. Should your account become overdrawn, funds will be automatically transferred from your linked First Hope account in increments of $100. This service can be added to your account by visiting any of our six branch locations.
*There is a $7 per transfer fee for this service. The number of transfers allowed from a savings account each month may be limited and additional fees/consequences for exceeding this limit may apply.