Business, Legal & Accounting Glossary
A service provided by most banks that gives the bank the option (but not the obligation) to cover transactions when a customer has insufficient funds in their account. The bank charges an overdraft fee for each check that would otherwise have bounced. The bank may also charge a daily fee for each day that the customer fails to pay off these overdraft balances and bring their account current. Unlike a formal overdraft protection plan, customers are automatically enrolled in bounce protection and must opt out if they do not wish to have this service.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Bounce Protection are sourced/syndicated and enhanced from:
This glossary post was last updated: 20th November, 2021 | 0 Views.