Business Overdraft Protection
In today’s busy world, it’s more important than ever to ensure the checks you write are paid with overdraft protection services. Union Bank offers three different programs to meet your needs.
Bounce Protection • Retail Customers Only
Bounce Protection helps you avoid the inconvenience and additional charges of having a check returned to a merchant. You will be charged a $31 overdraft fee per occurrence, but your check will be paid and not returned. This service is automatically provided—no enrollment needed—to checking accounts open at least 30 days and in good standing. Bounce Protection limits vary by the checking account product you are enrolled in:
- Bonus and Advantage Checking: $500 Bounce limits
- Simple and Flexible Checking: $300 Bounce limits
- If your account reaches these limits, any additional unpaid checks will be returned and charged the overdraft fee
Sweep from Savings • Retail & Business Customers
Customers with Sweep from Savings in place will have funds automatically pulled from their savings account if the checking account is overdrawn. If you’re a current holder of a UB savings account or wish to open a new one, all you have to do is ask for your checking account to be directly tied to savings.
- Accounts may sweep up to six times in a statement cycle
- Transfers pull in increments of $50
- $5 fee for each sweep occurrence—far below a $31 overdraft fee
- Ensures checks are paid
ODP Line of Credit • Retail & Business Customers
An ODP line of credit is available for both UB’s retail and business customers, allowing for a checking account to be tied to a pre-approved line of credit.
- Credit lines as low as $500
- Advances from the line to your checking account in increments of $100
- Annual fee of $25; no fee per occurrence
- Monthly statements for any outstanding balance on the line of credit based on current interest rates
- Minimum monthly payment is $25
- Additional fee of $15 if payments are not made on a timely basis
- Customers must meet all credit standards to be approved for a line of credit
*Note: If your account is enrolled for Sweep and/or a Line of Credit, the Bounce Protection program will only be used as the last resort. Sweep will always be used in full before the Line of Credit is drawn from.
If you’re interested in or need help with any of these services, please call or stop by your favorite Union Bank branch today, or fill out our Contact Form.