No-bounce check protection. (a) Under the Premier Banking and Wise Banking services, the Bank will still process and clear a check drawn by a Customer ("no-bounce check protection") even though there are insufficient funds in the Customer's account from which the payment is to be made ("Protection") so long as the check does not exceed the amount from time to time determined by the Bank (the "Limit"). The Protection applies to an unlimited number of checks. The Protection will become available to the Customer at least one full calendar month after the approval of the Customer's application for such services.
(b) The Protection will apply to checks drawn from one checking account designated by the Customer and approved by the Bank. If the Customer has more than one checking accounts, the Customer shall designate one such account for this protection.
(c) The Protection is available if the Customer:
(i) has maintained a daily average combined balances with the Bank of the required minimum amount in the calendar month immediately preceding the date the Customer utilizes or seeks to utilize the Protection;
(ii) has, at the date the Customer utilizes or seeks to utilize the Protection, no temporary overdraft(s) with the Bank that has remained unpaid for more than 30 consecutive days, or such number of days as may be determined by the Bank;
(iii) has, at the date the Customer utilizes or seeks to utilize the Protection, no loan(s) with the Bank that has remained unpaid for more than 7 consecutive days, or such number of days as may be determined by the Bank; and
(iv) satisfies the Bank's credit analysis and reviews.
(d) The Customer shall forthwith upon utilizing the Protection repay the Bank such sum as may be required to reimburse the Bank for the cost of the Protection any loss or damage suffered by the Bank including interest and cost. Temporary overdraft interest as may be fixed by the Bank from time to time shall be charged in respect of the Protection.
