No Bounce Saving Overdraft Protection
If you overdraw your personal checking account, you can use your savings account to provide Overdraft Protection. Following are the important points to remember when setting up a No Bounce Savings option:
- Your personal checking account can be linked to a Regular Savings, Money Market Savings or Super Money Market Savings if you are a signer on both accounts. (Buck-A-Moo Kids Club and IRA Savings are excluded).
- It is recommended that you request a combined statement with your primary checking account for record keeping purposes.
- A $10 Overdraft (O/D) Protection Transfer Fee will be assessed every time First PREMIER Bank automatically transfers the available funds from your savings account to cover an overdraft in your checking. This fee does not apply to any manual transfer from your savings to a checking account (online, in person, VRU or calling Deposit Services).
- Automatic transfers will be the exact amount needed to cover the overdraft, plus the $10 Overdraft Protection Transfer Fee. The fee will show as a debit to your checking account and will say O/D Protection Transfer Fee. Once the transfer is made, if there are insufficient funds in the savings account to cover the overdraft and the $10 fee, an NSF fee may be assessed to your checking account.
- Savings withdrawals are generally limited to six (6) per month. You may make an unlimited number of withdrawals when made in person, by mail or at an automated teller machine (ATM). If the monthly withdrawal limit is exceeded, a fee of $1 for each excess withdrawal will be assessed. Fees can reduce earnings on the account.