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Locations & ATMs
Overdraft Protection Services
Avoid overdraft fees and declined transactions with these great add- on services.
Bounce Protection
Bounce Protection1 removes the risk of a check bouncing, automatic bill payments not clearing, or debit card transactions being declined. It’s affordable checking account overdraft2 protection you can bank on.
Sweep Transfers
Automatically transfer funds from your secondary account (like a savings account) to cover insufficient funds in your primary account (such as a checking account).
Ready Reserve
A revolving line of credit that provides financial freedom and overdraft protection for personal and business checking accounts. Available to use by simply writing a check for purchases.
Ready to Add a Service?
Stop by one of our branches, send us a message through digital banking, or give us a call to add one of these services to your account today!
FAQs
Bounce Protection FAQs
Disclosures:
1 Bounce Protection is a non-contractual courtesy available to individually/jointly owned accounts in good standing for personal or household use. Trust and business checking accounts are not eligible for this service. It is not a line of credit, a right, or an obligation guaranteed to you and is a discretionary service. The Bank of Elk River reserves the right to limit participation to one account per household and discontinue this service without prior notice. The terms and conditions of the agreements and disclosures for each of your deposit accounts, including but not limited to the Account Agreement, continue to apply notwithstanding anything contrary in this Disclosure. In the event of a conflict between this Disclosure and any other agreement governing your deposit account, this Disclosure will control Bounce Protection and the matters herein.
The Bounce Protection logo is a registered trademark of Pinnacle Financial Strategies.
2An overdraft fee could result in several ways, such as (1) the payment of checks, electronic fund transfers, ATM, or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the bank's Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds. However, if you maintain your checking account in good standing, we may approve your reasonable overdrafts as a non-contractual courtesy. You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. To avoid exceeding your limit, you should note that the amount of the overdraft plus the bank's bounce paid item fee will be deducted from the overdraft limit. We may refuse to pay an overdraft for you at any time, even though we may have previously paid overdrafts for you. You will be notified of any overdraft items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our Overdraft/Returned item fee that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, shall be jointly and severally liable for such overdraft plus our overdraft fees. Please note that your Bounce Protection limit will not be reflected in your current balance provided at the ATM, through Digital Banking or Telephone Banking.
3Each qualifying account will automatically receive a $700 Bounce Protection limit 60 days after account opening if the following criteria are met during that period: you have at least $1,500 in aggregate deposits, and the account cannot be overdrawn for more than one day.
4The finance charge is determined by the amount advanced and number of days you use the funds. The finance charge is computed at the daily periodic rate of .04931%, which is equivalent to an annual percentage rate of 18%.