We know that unanticipated expenses or unforeseen problems can leave customers with too little cash in their checking account. Having an item returned or denied due to insufficient funds (NSF) can be costly, inconvenient, and potentially embarrassing. We want to save our customers from the additional fees and possible damage to their credit history because of a returned item.
River Valley offers the following services to help protect your account:
Sweeps offer the ability to automatically move money from another River Valley account that is linked to a checking account. The amount transferred will be based on the balance the linked account is overdrawn.
The Sweep is authorized in increments of $50.00 (if available) on a daily basis to cover overdrafts in the identified checking account. There will be a fee associated with this transfer which is typically less than the fee associated with an overdraft. Customers have the ability to view Sweep transactions on-line.
Redi – Credit
Redi-Credit is a loan that transfers funds from a predetermined line of credit to a checking account to cover overdrafts. In addition to the interest on the balance of the loan, there is also a transfer fee and an annual fee for access to the plan.
Bounce Protection Privilege
Bounce Protection Privilege is a service that is automatically assigned to a checking account to pay overdrafts and fee’s up to a pre-set limit. This service can be discontinued at any time by the customer. As long as the account is in good standing an overdraft fee will be assessed for each item under your limit. While we may automatically cover your checks and recurring debit charges with this service, you must give us your permission, or opt-in, to cover your ATM and everyday debit card transactions.
Click here to see a side by side comparison of our overdraft protection products.
Click here to read information about Managing Your Checking Account.