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First Reliance Bank

Bounce Protection

Having a check returned due to insufficient funds can be a costly and humiliating experience. That’s why we provide “Bounce Protection”, a special overdraft privilege for First Reliance Banks checking customers.

What is Bounce Protection?

Bounce Protection is an overdraft privilege limit that is automatically assigned to your account and gives you an extra level of protection against unanticipated cash flow emergencies and account reconciliation errors. There is no action required on your part. You do not have to sign anything.

Why doesn’t Bounce Protection automatically include all types of transactions for consumer accounts?

Under Regulation E for consumer accounts, we will not intentionally pay your ATM and everyday (one-time) debit card transactions that overdraw your account without your permission. You must consent to having us pay your ATM and everyday (one-time) debit card transactions that overdraw your account for which you will incur our standard overdraft fee of $35.

What will happen if I do not consent to having my ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus?

Your ATM and everyday (one-time) debit card transactions will be declined in the event of an overdraft, unless you have other Overdraft Protection services. Our standard overdraft services, such as Overdraft Transfer/Sweep and Overdraft Protection Line of Credit, will continue to be in effect for your checks and automatic bank payments.

What if I already have an Overdraft Protection service?

Your linked Overdraft Protection account will continue to function the same way as it does today.

If I already have an Overdraft Protection on my checking account (through a link to a secondary account), can I also opt-in to have my ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus?

Your Overdraft Protection Transfer/Sweep allows us to automatically transfer available funds to your checking account to cover any overdraft on your account. However, if you do not have enough available funds in your linked account to cover your ATM and everyday (one-time) debit card purchases, they will be declined. Choosing to opt-in to have your ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection could provide an additional layer of coverage in the event you exhaust other sources of Overdraft Protection.

I would never spend more money than I have, so why would I want to opt in to have my ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus?

Unfortunately, people slip up from time to time, so the occasional overdraft can happen and we want to try to pay those transactions. If it happens, opting in may allow your ATM withdrawals and everyday (one-time) debit card purchases to be accepted, which saves you the humiliation of being declined and/or leaving you in a position where you may be unable to complete the transaction for an urgent purchase.

If I opt in to have my ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus will they always be authorized regardless of available funds?

No, the bank has the discretion to approve or decline a transaction that causes the account to become overdrawn. It is our policy to strive to pay all overdraft items when possible.

What fees are associated with overdrawing my account?

You will be charged a fee each time we pay an overdraft, with a limit of $210 in charges per day. You may also be assessed additional fees if your account remains overdrawn.

Is it true that the bank can never charge me an overdraft fee if I don’t opt in to have my ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus?

No, the changes made to Regulation E only apply to ATM and everyday (one-time) debit card transactions. Items such as checks, ACH transactions and recurring debit card transactions are handled under our standard Bounce Protection service. When you do not have sufficient available funds to cover these types of items, the bank, at its discretion, may pay the item(s) resulting in an overdraft fee(s).

How are automatic or recurring payments I have set-up on my debit card handled?

The changes made to Regulation E do not affect the way we process overdrafts on recurring debit card transactions, checks and other transactions made using your checking account. We will continue to exercise our discretion in paying these overdrafts.

If I choose not to opt in at this time to have my ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus but change my mind later, how can I opt in and when will it take effect?

You may call 888.543.5510, go on line at https://www.firstreliance.com/my-banking/checking-accounts/account-protection/overdraft-optin or visit a branch at any time to opt in to have your ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus. The request will become effective no later than the following two business days.

Can I change my ATM and everyday (one-time) debit card transactions election?

Yes, you may change your ATM and everyday (one-time) debit card transactions choice at any time; however, each time you make a change it will not go into effect until the following two business days. You will receive a Confirmation Notice each time you change your selection.

My spouse and I are both signers on two different accounts. If we want to have our ATM and everyday (one-time) debit card transactions included as a part of Bounce Protection Plus, do we both have to opt in?

Only one authorized signer per account has to opt in or opt out for an election to take place.

Are business accounts impacted by the change in regulation?

No, Regulation E applies to consumers only. All business transactions will be processed under the bank’s standard overdraft practices.