Consumer Client
Explain how the Bounce Protection service works with the client’s Reg. E Opt In election for everyday debit card purchases and ATM transactions.
Consumer and business clients placed in regular checking and money market products – 45-day waiting period
Consumer clients in a limited checking product – 365-day waiting period
DeleteBusiness Client
Business accounts are not subject to Reg. E ATM/Debit Card transaction limitations or Opt In requirements.
DeleteExclusions
Consumer Account
- Class codes A, B, F, L, M, O, Q, S, T, Y – including estate, fiduciary and any business accounts placed in a consumer product in error
- Insider codes D, X – including bank directors and executive officers
Business Account
- Class Codes E, F, H, R, T, W, and X Y, Z – including fiduciary, public funds, state/political/government, financial /depository institutions and campaign/PAC accounts
- Insider codes D, X – including bank directors and executive officers
Qualification Criteria - INTERNAL ONLY
Note: For internal use only – Do not share the qualification criteria with clients.
Consumer Regular Checking and Money Market Product Criteria
- At least one deposit
- Total deposits must be greater than or equal to 1½ times the BP limit assigned to the product type
Consumer Limited Checking Product Criteria
- At least 12 deposits
- Average ledger balance greater or equal to BP limit assigned to the product type
- Number of days overdrawn during the first 365 days must be less than or equal to 8
Business Checking and Money Market Product Criteria
- At least 2 deposits
- Total deposits must be greater than or equal to 2 times the BP limit assigned to the product type
- Average collected balance at least 1 times the BP limit assigned to the product type
If the client does not meet the qualification criteria immediately after the waiting period, the system reviews the account daily to determine if the criteria have been met. Once the criteria have been met, the Bank sends a welcome letter for both consumers and businesses with a BP brochure.
DeleteNote: Bounce protection is automatically suspended once an account has been in the negative for 30 days. Once the account is positive for 1 business day (24 hours), bounce is reinstated.