Overdraft Services
Park Avenue Bank has several options available to our consumer customers to protect their account from inadvertent overdrafts and the third-party fees and credit damage that result from these mistakes. The following is a description of available services.
Bounce Protection...
Bounce Protection is an economical, easy way to cover an overdrawn account, avoiding costly fees and returned checks. You can set up bounce protection from any other account you have to your checking account. A transfer from the secondary account will be made if the assigned checking account is overdrawn. A $2.00 transfer fee will be charged to the secondary account, as well as the amount needed to cover the overdraft. The transfer amount is in increments of $25.00
Ready Reserve...
Ready Reserve is a line of credit that must be approved by a loan officer. If approved, a dollar limit will be established and will be used to transfer money to a designatd account if that account becomes overdrawn. Tranfers are in increments of $50.00. Interest is charged on the outstanding balance and payments are automatically debited from your checking account monthly. If you are interested in this service, please see a representative for further details.
Overdraft Privilege...
Overdraft Privilege (ODP) is an option whereby a certain limit may be placed on your checking account to cover inadvertent overdrafts. A paid item fee of $35.00 will be charged per each insufficient item, however the check will not be returned to a third party. The paid item fee(s) will also go towards your available limit. This service is not available at the time of account opening and is generally added to an account in good standing after 90 days. We cannot promise to pay every overdraft, but if you maintain your account in good standing, rather than automatically returning any non-sufficient funds items that you may have, we will consider payment of your reasonable overdrafts. Your account can be overdrawn by checks you write, ATM or Point of Sale transactions you make, or drafts you have coming out of your account. Because this service is automatically added to an account in good standing ninety days after the account is opened, we also give you the opportunity to opt-out of this service. If you opt-out of this service, it will not be added to your account. For further information regarding this service, please ask a customer service representative for details.
