In 2022, Amplify Credit Union switched to a fee-free banking model for our members. This included an overdraft prevention program that prevents transactions that would otherwise bring your account into a negative balance. But to ensure members never miss an important payment, we also introduced Rebound, a new overdraft protection program that, if you qualify, will make sure transactions are completed regardless of your available account balances.
In this article, we detail the differences between overdraft prevention and overdraft protection. We will also show you how to qualify and enroll in both programs.
- Our basic overdraft prevention program uses the funds from another account to cover transactions that exceed your available checking account balance.
- Rebound, our new overdraft protection program, will ensure that transactions on eligible accounts are completed up to your approved overdraft limit.
- Members can change their Rebound enrollment status at any time by calling our team at (512) 836-5901.
What is the difference between overdraft protection and overdraft prevention?
Whether a member qualifies for overdraft prevention or overdraft protection depends on two factors:
- The status of the member’s deposits.
- The repayment history for members who have overdrawn their accounts.
If you are a new member with no history of deposits, you are automatically eligible for overdraft prevention. This program will designate another account – such as a line of credit or savings account – as a backup to your checking account to cover overages. Should no backup be available, overdraft prevention will automatically reject any transactions that would bring your account into a negative balance.
If you are an established member, you may qualify for Rebound, Amplify’s overdraft protection service. Rebound allows you to overdraw your account to pay transactions for which you do not have available funds, up to a certain approved limit determined by Amplify. There is no fee for us paying the transaction, but you must bring your account to a positive status within 14 days.
What transactions are eligible for overdraft protection?
The goal of Rebound is to ensure that eligible members never miss an important payment. When you qualify for overdraft protection, you will receive overdraft protection for the following transactions:
- Checks (checks written off the account);
- Automatic bill payments;
- Recurring debit card payments; and,
- ACH transactions.
Qualified members can also opt into debit card and ATM overdraft protection. To learn more about overdraft protection or to see if you qualify, please visit an Amplify branch or call our Contact Center at (512) 836-5901.
Are business banking account eligible for Amplify overdraft programs?
Business members will automatically be enrolled in our overdraft protection program. Please note that continued participation in Rebound will be dependent on meeting the monthly eligibility criteria.
How do I qualify for overdraft prevention?
When you open a checking account with Amplify, you have the option of enrolling in our overdraft prevention program. You will be able to designate an additional savings account or line of credit to serve as a back-up for overdraft charges that impact your checking account. Should an attempted charge exceed both your checking account and your back-up account, and you have not signed up for Rebound, then this charge will automatically be denied by Amplify.
How do I qualify for overdraft protection?
Rebound is a unique program offered by Amplify that ensures you have money to cover your expenses. To ensure that each member has overdraft protection that best fits their banking activities, we have broken Rebound out into several tiers, each of which is dependent upon the amounts deposited to that specific account.
The basic Rebound tier will authorize a member to overdraft their account provided that they have at least $1,000.00 in monthly deposits (direct or otherwise). Rebound allows you to overdraw your account to pay transactions for which you do not have available funds, up to a certain approved limit determined by Amplify. There is no fee for us paying the transaction, but you must bring your account to a positive status within 14 days.
While our team works hard to provide overdraft protection for all qualified members, please note that there are cases where an overdraft charge may be denied by Amplify.
How do I get my limit reinstated?
Continued enrollment in overdraft protection is dependent on your account transactions and activity. If you have had your limit removed due to an issue with an overdraft or loan repayment, you can re-qualify for overdraft protection by ensuring your account balances and deposits meet the overdraft criteria going forward.
How do I enroll in Rebound or debit card and ATM overdraft protection?
If you would like to review your Rebound settings or enroll in Debit Card and ATM Overdraft Protection with Rebound, please contact our help center at (512) 836-5901.