Overdraft Protection

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S.A.F.E.: Bounce Protection

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What is SAFE Bounce Protection?

SAFE Bounce Protection is a discretionary overdraft protection service available to qualifying accounts. It is designed to be a courtesy pay service of inadvertent overdrafts on your checking account. SAFE Bounce Protection helps you avoid the inconvenience of returned checks, merchant returned check charges, and collection calls due to oversights and mistakes in your checkbook. SAFE Bounce Protection pays overdrafts up to a pre-defined dollar limit.

SAFE Bounce Protection is not a line of credit. Millennium Bank is not obligated to pay any item presented for payment if your account does not contain sufficient funds. Any discretionary payment by Millennium Bank of an overdraft item does not obligate Millennium Bank to pay any other overdraft item, or to provide prior notice of its decision to pay such items.

What are the terms of SAFE Bounce Protection?

SAFE Bounce Protection is available on consumer checking accounts only. The pre-defined overdraft limit is currently $300. Any account fees and charges, including NSF paid-item fees, will be included when calculating overdraft balances under the SAFE Bounce Protection limit.

All overdrafts paid under SAFE Bounce Protection will be charged the regular NSF paid-item fee of $32 on a per-item basis, limited to 5 fees charged per day. Additionally, fees will not be assessed if the account is overdrawn by $25 or less after end of day processing on the day of presentment. Overdrafts may be created by check, in-person withdrawal, ATM withdrawal, or other electronic means. Fees will apply to ATM withdrawals and one-time debit card transactions when permitted by law, subject to opt-in requirements. NSF paid-item fees and paid overdrafts will be subtracted from the available overdraft protection limit. You must repay any overdrawn balance, including any fees charged, within 30 days from the date of the overdraft.

Please be aware that transactions will be processed on the day they are received by the bank which may be different from the order in which they occurred.

Whether an overdraft will be paid is discretionary, and we reserve the right not to pay. For example, overdrafts will typically not be paid if the account is not in good standing (overdrawn at the time of item presentment), regular deposits are not being made, the account has too many overdrafts, or the overdraft limit has been exceeded.

SAFE is a privilege, not a loan. We reserve the right to discontinue the privilege at our discretion based on frequency of overdrafts, dollar amount of overdrafts, non-payment of overdrawn balances within 30 days, or default upon any other obligation to us.

Qualifying for SAFE Bounce Protection may require account review or a credit check and credit approval. Other overdraft protection services, including overdraft lines of credit and automatic transfers from another Millennium Bank deposit account may be available. You may decline SAFE Bounce Protection at any time by contacting a Millennium Bank branch representative.

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