Even the best budgeters make the occasional mistake. That is why Rebound, Amplify’s overdraft protection program, is designed to keep our members from missing an important payment even when there are insufficient funds in their account. In this article, we’ll explain how our overdraft programs work to help eligible members avoid missed payments.
- Rebound is Amplify’s overdraft protection programs.
- When a transaction would bring your account into a negative balance, Amplify’s overdraft prevention program and Rebound will work together to complete your payment.
- If our overdraft prevention program cannot apply funds from another account, Rebound will cover the balance of the payment for qualified members up to a certain amount.
- Call our Contact Center at (512) 836-5901 or chat with our team online to learn more.
How does Rebound work?
Our overdraft protection program guards against two types of overdrafts: bank transactions and debit card transactions.
Bank Transaction Overdrafts
A bank transaction is a transaction that moves money directly from your account. Bank transactions can include check deposits, online payments, or peer-to-peer payments through platforms like Venmo or PayPal. Here what happens when a bank transaction would bring your account into a negative balance:
Our overdraft prevention program will attempt to draw necessary funds from a savings account or line of credit associated with your membership. If eligible funds are available, the balance will be paid from the related account to avoid an overdraft.
If no funds are available, our overdraft protection program will allow the overdraft and cover the difference up to a preapproved amount. You will have 14 days to bring your account back to a positive balance.
Debit Card Overdrafts
A debit card transaction is any transaction that involves your Amplify debit card. Here is what happens when a debit card transaction would bring your account into a negative balance:
Our overdraft protection program will cover the difference up to a preapproved amount. You will have 14 days to bring your account back to a positive balance.
We know that is a lot of information, so please visit an Amplify branch or call our Contact Center at (512) 836-5901 if you have additional questions.
What transactions are eligible for Rebound?
The goal of our overdraft protection program 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
- ACH transactions
- Debit card payments
Are there fees for Rebound?
Since February 2022, Amplify has charged our members $0.00 in overdraft penalties as part of our fee-free banking initiative. You will not be charged an overdraft fee no matter how much you spend.
How do I qualify for Rebound?
Rebound, Amplify’s overdraft protection program, is a unique program that ensures you have money to cover your expenses. To allow each member to have 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 Rebound limit reinstated?
Continued enrollment in our overdraft protection program 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.
What is the difference between our overdraft prevention and protection programs?
In addition to Rebound, our overdraft protection program, we also offer an overdraft prevention program that will attempt to draw on funds from other Amplify accounts to avoid an overdraft. In most cases, our overdraft prevention program will prevent members from needing to utilize Rebound.
- Overdraft Prevention: When a payment would bring your account into a negative balance, Amplify will automatically pull funds from your primary savings account or personal line of credit (if applicable) to avoid an overdraft. If no funds are available, this transaction will be declined.
- Overdraft Protection: When a payment would bring your account into a negative balance, Amplify will cover the difference up to a certain amount. You will then have 14 days to bring your account back into a positive balance. Please note that members must qualify for Rebound and charges are covered at the discretion of the Amplify team.
For more information on overdraft protection limits and conditions, please visit the How Our Overdraft Prevention Program Works article in Ask Amplify.