Overdraft Protection Options
Bank of Granite offers three overdraft protection options:
- Bounce Protection
- Personal ReservAccount (Line of Credit)
- Preauthorized transfers
Bounce Protection™ is offered as a service for personal checking accounts. The optional limit is available for accounts open for at least 30 days and that meet the eligibility requirements. Simply maintain your account in good standing and this protection ensures that inadvertent overdrafts will be honored up to the limit on your account. Should the use of Bounce Protection become necessary, the bank's normal insufficient funds fee (NSF) for each transaction will be deducted from your limit. The daily maximum limit on overdraft fees is $210.00 (six (6) items/$35.00 per item). The daily de minimis limit is $20.00 (If the account is overdrawn by less than $20.00, no fee will be assessed.) We will notify you by mail when an overdraft occurs. No interest will be charged on the overdraft balance. If you overdraw your account, you must bring your account to a positive balance within 30 days.
How does overdraft coverage apply to my account?
Overdraft coverage applies as shown in the table below.
|Type of Transaction||Do I have overdraft coverage?*|
|Automatic bill payments||Yes|
|Transaction using your checking account numbers||Yes|
|ATM transactions||No, unless you sign up for it (see below)|
|Every day debit card transactions||No, unless you sign up for it (see below)|
What happens if I don’t have overdraft coverage for a transaction?
If you do not have overdraft coverage, in most cases your transaction will be declined or returned. Applicable fees would be associated with that transaction. However, there may be instances when you can still overdraw your account. For example, you may have enough money in your account when we authorize a debit card transaction, but other transactions may reduce the funds in your account before the transaction clears. This may cause you to overdraw your account, and you will be charged fees.
What are the fees for overdraft coverage?
|Type of fee||Fee**|
|Overdraft fee||$35 for each overdraft item|
|Savings/Money Market Deposit Account transfer fee||
$1 charge for each transfer due to overdraft
(All other Savings & Money Market Deposit Account terms apply.)
How can I sign up for overdraft coverage for ATM and every day debit card transactions?
To sign up for overdraft coverage for ATM and every day debit card transactions for every account you own, or for information about overdraft protection plans:
- Enroll online at www.bankofgranite.com/overdraft
- Call us at 800-844-3549 or
- Visit one of our 18 convenient Bank of Granite locations
Requests initiated before 3:00 p.m. will be processed the same business day.
Requests initiated after 3:00 p.m. and on non-business days will be processed the next business day.
Note: Effective July 1, 2010, new legislation takes effect which prohibits the bank from providing Bounce Protection on ATM and debit card withdrawals…unless the checking accountholder has “opted in”, providing the bank written permission to extend this service to these withdrawal channels. Bounce Protection, however, will continue to be available on check and electronic overdrafts (i.e., direct draft, e-bill pay, etc.)
Personal ReservAccount is a convenient line of credit, which automatically transfers funds to your checking account to avoid overdrafts. Enjoy peace of mind and take away the worry of accidentally overdrawing your account or the embarrassment of having a check returned. We offer:
- Discreet service—only you and Bank of Granite know that you are using this credit
- Credit line of $1,000 or more, funds are transferred to your checking account in increments of $100 as you use them
- Receive notification each time a transfer is made
- Minimum monthly payment of only 5% of the outstanding balance or $20, whichever is greater
- Pay your entire balance at any time without pre-payment penalty
- No interest on the unused portion of your credit line
- Banclub, Lifestyle 50, Lifestyle 50 Elite, and GraniteAdvantage customers receive reduced interest rate
- Optional life insurance is available
The approval process is fast and easy with no charge to apply. Contact any Bank of Granite office to learn more about our Personal ReservAccount.
We also offer you the option of preauthorizing transfers from your Bank of Granite Savings or Money Market Deposit Account to protect you from overdrafts. A transfer fee will apply each time you access this service and each transaction will count as a withdrawal on the account. All other Savings and Money Market Deposit Account terms apply.