Access cash when and where you need it with more than 37,000 surcharge-free ATMs. You have access to one of the largest surcharge-free networks in the nation — MoneyPass®.
With digital banking you can bank on your own time schedule - no gas money needed. Transfer funds, pay a bill, set up account alerts and more - all from the comfort of your home.
Avoid overdraft fees and declined transactions with these great services.
Bounce ProtectionSM
Bounce ProtectionSM1 may remove the risk of a check bouncing, automatic bill payments not clearing, or debit card transactions being declined. It’s affordable checking account overdraft protection you can bank on.
Covers occasional and accidental overdrafts
Can save money by allowing funds to clear, which could prevent the additional fees charged for returned payments
Account must be in good standing
Available to eligible personal checking accounts
$33 is assessed for each overdrawn entry covered by Bounce ProtectionSM
Maximum daily limit of five Bounce Paid Item Fees charged
$700 bounce protection limit2
No annual fee
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).
Avoids overdraft charges
Automatically transfers when primary account balance falls below $0
Sweeps in increments of $100
Maintains a minimum balance of $10 in the secondary account(s)
$3 sweep transfer fee per transfer
All owners on the primary account must be owners on the secondary account(s).
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.
Prevents overdraft fees, declined transactions, and returned checks
Allows you to make small purchases or pay bills without a separate loan
Advances funds in $200 increments when account falls below zero
Available credit ranges from $200 to $10,000+ depending on credit history and approval
Only pay interest on money borrowed
$25 annual fee
18% APR3 on balances owed
Repay advance at any time
Payments are automatically deducted from your account on its statement cycle date
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!
bounce protection is a special service for customers in good standing to cover the occasional and accidental overdraft. bounce protection is only available on eligible checking accounts used primarily for personal and household purposes.
As long as you maintain your account in good standing, The Bank of Elk River may honor overdrafts up to the bounce protection limit on your account. That means we’ll waive the merchant return check fee typically required when a payment is returned.
This service has no annual fee, and no associated costs until it is used. When used, each overdrawn item is assessed a bounce paid item fee of $33.00. There is a maximum daily limit of five bounce paid item fees charged.
Each 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.
Your account is not overdrawn for more than one day.
Note: Bounce protection is a non-contractual courtesy, and we may refuse to pay an overdraft transaction at any time, even though we may have previously paid overdrafts for you.
You will receive a bounce protection notice detailing bounce paid item fees assessed for each paid item.
You should make every attempt to bring your checking account to a positive balance within 30 days. If you cannot do so, you will receive a letter from The Bank of Elk River informing you of the situation and your options. If, after a period of time, you have not brought your account to a positive balance, we may suspend your overdraft privilege limit and take other steps to recover funds.
Overdrafts above and beyond your established bounce protection limit may result in an item or items being returned to the payee. The normal overdraft paid item fee or overdraft returned item fee will be charged per item and assessed to your account. To avoid exceeding your limit if you use bounce protection, you should note that the amount of the overdraft plus our standard bounce paid item fee for each item will be deducted from your overdraft limit.
Your bounce protection limit is not included in the current balance provided by Digital Banking, Telephone Banking, or at the ATM.
At our discretion, we may pay transactions for items, including checks, ACH debits, represented items, in-person withdrawals, recurring debit card transactions (i.e., authorization provided to a merchant to withdraw funds according to a set schedule for recurring payments such as monthly installments or membership fees), and certain other electronic transactions, when your account lacks sufficient funds.
Note: Federal regulations prohibit us from authorizing and paying overdrafts on ATM and one-time debit card transactions using bounce protection unless you specifically opt into this service. If you do not opt in, these transactions will be declined, and you will not be charged a fee. If you opt in and we pay an ATM or one-time debit card transaction when the balance in your checking account is insufficient to cover the transaction, we will charge you a bounce paid item fee as disclosed in our Miscellaneous Fee Schedule.
Keep accurate records, track your balance, and always reconcile your records with your monthly bank statement to avoid mistakenly exceeding your limit and incurring fees. Digital banking tools can make it easier to keep track of deposits, written checks, withdrawals and service charges, and ATM and check card transactions.
You may never need to take advantage of our bounce protection service, but you may find it helpful in the event of an inadvertent overdraft. If you don’t want bounce protection, call The Bank of Elk River at 763.241.8522, send a message through digital banking, or visit any of our branch locations.
Once this service is removed, if an item is presented for payment and there are insufficient funds in your account, the item may be returned to the payee, and we will charge an overdraft paid item fee or overdraft returned item fee per item as disclosed in our Miscellaneous Fee Schedule. The Bank of Elk River offers other services to cover overdrafts. See your banker for details.
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. Bounce Protection is a non-contractual courtesy available to eligible accounts used for personal or household use in good standing.
The Bounce Protection logo is a registered trademark of Pinnacle Financial Strategies.
2Each 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.
3The 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%.
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