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Overdraft Protection Review

Authored by Marine Bank

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Professional Development

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Overdraft Protection Review
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The bank can only charge a maximum of 4 overdraft fees per day for personal accounts.

True

False

Answer explanation

We can only charge 4 fees per a day for a total of $120.00 on personal accounts.


Business accounts DO NOT have a limit on the number of fees we can charge per a day

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which transactions are not covered under Standard Coverage?

ACH Payments

Teller transactions

Debit Card transactions

Personal checks

Answer explanation

Exended Coverage is "extending" AOD coverage to a debit card transaction, which means everyday debit card transactions will go through and the customer could be charged AOD fees.


The default is Standard Coverage, the customer much choose Extended.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A customer must bring their account to a positive balance before you can process an overdraft fee refund.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A customer with a Fresh Start account is allowed to have a debit card.

True

False

Answer explanation

If a customer is granted a Fresh Start they are allowed to continue to use their checking account but they are not allowed a debit card.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the annual fee for a Check Protection Account?

$50

$25

$35

$15

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Automatic Transfers are in increments of:

$10

$5

$15

$20

Answer explanation

ATS happens in $10 increments with $5 fee for each transfer.


If a customer overdraws their account $75 ATS will transfer $80 for one $5 fee.

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What things do we need to look at on a customer's account before we refund Overdraft (AOD) Fees?

Does the customer keep a register or any type of account tracking?

What is the customer's overdraft history

The account must be positive before we can refund fees

Has the customer had overdraft fees refunded before?

Answer explanation

All of those things need to be looked at in deciding if you are going to process a refund.


Always discuss with your manager and/or assistant manager when refunding.


Remember you have a limit as to how much you can refund.

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