What is Bounce Proof Security?
Bounce Proof Security is a benefit of your checking account. The service will generally provide up to a maximum of $500 overdraft protection on approved checking accounts open at least 30 days and maintained in good standing. Generally the Bank will limit this courtesy to only one account per household or business.
How Will Bounce Proof Security Benefit Me?
Bounce Proof Security will save you the embarrassment of a returned check or denied electronic transaction* when you make an honest mistake in your checkbook or forget to make a deposit. Instead of returning checks unpaid, or denying electronic transactions, we will automatically pay them for you, up to your Bounce Proof Security limit.
How Does Bounce Proof Security Differ From Other Overdraft Security Services?
There is no monthly or annual fee for the service, and you do not have to provide another account to cover the overdraft. However, when you overdraw your account, our standard overdraft fee of $35 will apply for the first six overdraft items on any one business day. No fee will be assessed on overdraft items after the first six. No fee will be assessed if the account is overdrawn $5 or less.
How Does Bounce Proof Security Work?
When we receive an item for payment, we pay it up to your Bounce Proof Security limit, including the overdraft charge. So, you have no additional returned check charges from retailers or vendors and avoid the embarrassment of a returned check or a denied electronic transaction.*
Is Bounce Proof Security A Loan?
No. The Bank is allowing you to overdraw your account up to your Bounce Proof Security limit as a non-contractual courtesy. The Bank reserves the right to limit overdrafts on accounts depending upon circumstances and may suspend this courtesy on accounts without notice.
Do I Have To Apply For This Service?
No. Bounce Proof Security is automatically added to your account when your account meets certain requirements and is a discretionary, courtesy service.
How Do I use Bounce Proof Security?
This is automatic, too. Overdrafts are approved on your account for checks, ATM withdrawals, purchases made with your VISA® Debit Card, or other electronic debits.*
How Do I Add Bounce Proof Security For ATM and Debit Card Transactions?
ATM withdrawals and VISA® Debit Card purchases which would overdraw your account will be approved only if you have elected to participate in the Bounce Proof Plus component. Business accounts are automatically covered with Bounce Proof Plus. Personal accounts may enroll by calling 800-274-4482.
How Will I Know When I'm Overdrawn?
We will mail you a notice each time your account is overdrawn. Periodically, we will send you reminder letters advising you of your overdraft until you bring your account to a positive balance.
What If I Go Over My Bounce Proof Security Limit?
When you exceed your assigned Bounce Proof Security limit, items will be returned or denied when presented for payment.
Is There a Charge For Bounce Proof Security?
There is no monthly or annual fee for Bounce Proof Security. However, if you overdraw your account, our standard overdraft fee of $35 will apply for the first six overdraft items paid on any one business day. No fee will be assessed on overdraft items after the first six. No fee will be assessed if the account is overdrawn $5 or less.
How Long Do I Have To Bring My Account To A Positive Balance?
We encourage you to bring your account to a positive balance as soon as possible. Your account MUST be brought to a positive balance within 30 days or less. Depending on the situation, the Bank can ask for repayment at any time. Also, any deposits you make will first be applied to any overdrawn balance.
What Happens If I Can't Bring My Account To A Positive Balance?
With Bounce Proof Security, you may be allowed 30 days to bring your account to a positive balance. If at that time you still have a negative balance, your Bounce Proof Security privileges will be suspended or revoked until the account returns to good standing.
Will This Affect My Credit Rating?
There is no effect on your credit rating if you clear up the overdraft in a timely manner. If you do not pay your overdrafts as agreed and bring your account to a positive balance in a timely manner (within 30 days or less), credit agencies may be notified as part of our collection efforts.
Are There Other Options Available To Help Protect My Account?
Yes. We offer Safety Link, which automatically transfers funds from a Savings, Checking or Money Market account to another deposit account in order to avoid being assessed overdraft charges, which are currently $35 per item. Safety Link transfers the amount needed to cover an overdraft, leaving at least $1 in the account receiving the funds transfer. The fee for Safety Link is $10 per transfer.
Can I Decline Bounce Proof Security?
You may decline Bounce Proof Security and personal accounts may decline Bounce Proof Plus for ATM and debit card transactions by calling us at 800-274-4482 or by mailing a letter to Bank of the Ozarks, Attention Bounce Proof Security, P.O. Box 196, Ozark, AR 72949, or emailing BounceProof@bankozarks.com.
* ATM withdrawals and VISA® Debit Card purchases which would overdraw your account will be approved only if you have elected to participate in the Bounce Proof Plus component. Business accounts are automatically covered with Bounce Proof Plus.