Overdrawing your account can be expensive due to multiple overdraft fees and there may be cheaper alternatives. Bounce Protection implements a $30 fee for each item presented against insufficient funds. Bank of Clevelandís Bounce Protection Service is not designed to be used as a line of credit or a regular source of funds, but rather as a convenience to cover inadvertent overdrafts and as a safety net to help in emergencies.
The best way to avoid overdrafts and bounced check fees is to manage your account so it is not overdrawn. However, if a mistake occurs, Bank of Cleveland offers other ways to cover overdrafts in addition to Bounce Protection:
Methods to Cover Overdrafts Associated Fees
Good Account Management $0
Automatic Transfers Linked To Another Account* $3 per transfer
You may track your Bounce Protection fees for the month and year on your monthly checking account statement. Bank of Clevelandís Internet Banking, Telephone Banking and Mobile Banking can assist you in keeping up with your account balance and activity.
You may opt-out of the Bounce Protection service at any time, and you can still choose to opt-out of ATM and one-time debit card overdrafts at any time even if you have chosen to opt-in to the payment of ATM and one-time debit card overdrafts for a fee.
*Automatic and preauthorized electronic transfers from a savings or money market account are limited to six per month by federal law.
With Bounce Protection you will be charged $30 for each item paid or if the account is accessed when the balance is not sufficient for the amount of the transaction. Overdraft protection and the fees may be imposed on transactions such as in-person withdrawals, by check, automated teller machine (ATM) withdrawals, debit card transactions, or other electronic means. You should repay your overdraft protection balance and bring your account to a positive balance within thirty days. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts.
Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams
Identity theft continues to be one of the fastest growing crimes in the United States, and has ranked as one of the top consumer concerns for the past several years. The Federal Deposit Insurance Corporation (FDIC) has produced a multimedia presentation to help consumers protect themselves from identity theft. The presentation provides information on steps consumers should take to secure their computer and protect themselves from identity theft, as well as actions consumers should take if they become a victim of identity theft. Financial institutions are encouraged to make the link available to their customers from their websites. This presentation is hosted by Vodium.
Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams.
(FDIC YouTube Channel)
PROTECTING YOUR IDENTITY
Identity theft continues to increase every year. Bank of Cleveland has implemented stringent privacy policies to protect your personal and financial information. Here are ways you can help deter identity theft.
CONSUMER TIPS TO AVOID IDENTITY THEFT
- Donít give your Social Security number or other personal credit information about yourself to anyone who contacts you.
- Tear up receipts, bank statements and unused credit card offers before throwing them away.
- Keep an eye out for any missing mail.
- Donít mail bills from your own mailbox with the flag up.
- Review your monthly accounts regularly for any unauthorized charges through the internet, phone or ATM statements.
- Order copies of your credit report once a year to ensure accuracy.
- Choose to do business with companies you know are reputable, particularly online.
- When conducting business online, make sure your browserís padlock or key icon is active, indicating a secure transaction.
- Never give out personal financial information in an email or over the phone.
- When using social networking sites, never include personal contact information including telephone numbers, Social Security number, birth date, email addresses, physical address, motherís maiden name or other information that could provide sensitive information to fraudsters or hints to passwords.
- Donít open email from unknown sources and use virus detection software.
- Protect your PINs (donít carry them in your wallet!) and passwords; use a combination of letters and numbers for your passwords and change them periodically.
- Report any suspected fraud to your bank and the fraud units of the three credit reporting agencies immediately.
CONSUMER TIPS FOR VICTIMS:
If you suspect your identity has been stolen, call your bank and credit card issuers immediately so they can start working on closing your accounts and clearing your name.
- File a police report and call the fraud unit of three credit-reporting companies (see phone numbers below).
- Consider placing a victim statement in your credit report.
- Make sure to maintain a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
For more advice, contact the FTCís ID Theft Consumer Response Center at 1-877-ID THEFT or http://www.ftc.gov/bcp/edu/microsites/idtheft/.
The fraud unit numbers are:
TransUnion (800) 680-7289
Experian (888) 397-3742
Equifax (800) 525-6285