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Valued Services

 

Q. What is Overdraft Privilege?
 

A. Overdraft privilege is a product that helps protect our members from having their checks returned in the event of an unintentional overdraft of their account.

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Q. Who is eligible?
 

A. Riverfront offers the product to certain members and sets a privilege limit based on the age of
the member, the length of time the member has an opened checking account, and the amount
deposited into their account on a monthly basis.

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Q. What are the age limits for Overdraft Privilege?
 

A. The member can not be a minor.

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Q. What are the overdraft privilege limits?
 

A. The limits are $300, $500, and $750.

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Q. Who gets what limit?
 

A. Members whose accounts are in good standing would receive:
$300 for checking accounts open between 60-180 days and regular deposits of $300 per month
$500 for checking accounts open greater than 180 days and regular deposits of $500 per month
$750 for checking accounts open greater than 60 days & the account has direct deposits of at least $750 per month

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Q. What do you mean by good standing for Overdraft Privilege?
 

A. Member accounts would be excluded from the Overdraft Privilege if:
• Accounts contained restrictions: inactive, bad address, or collection
• The account holder has a charge off outstanding with Riverfront
• Accounts with past due loans
• Share account does not have the required $50 for additional services
• The account has not been brought back to a positive balance after 30 days from utilizing the available Overdraft Privilege

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Q. How does the overdraft privilege work?
 

A. Should members with overdraft privilege overdraw their checking accounts for any reason, Riverfront may elect to cover their overdrafts up to their limit. As long as members keep their account in good standing, make regular deposits into their account, and bring their account to a zero or positive balance every 30 days, they will continue to receive the Overdraft Privilege.

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Q. What if I currently have overdraft protection?
 

A. If a member currently has overdraft protection, the overdraft protection would take priority over overdraft privilege. Overdraft privilege would apply only after the overdraft protection scheme has been exhausted. Therefore, if a member has overdraft protection to pull from their share account in case of an overdrawn check, Riverfront would still pull from the share account to cover the check. If however, the share account did not have the available funds to cover the overdrawn check, then Riverfront would cover the check via the overdraft privilege limit.

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Q. What if I want Riverfront to use the Overdraft Privilege limit before the Overdraft Protection?
 

A. Simply notify Riverfront to change the way your overdrawn checks are covered.

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Q. Is there a fee for Overdraft Privilege?
 

A. Yes. Members will be charged the normal overdraft fee of $20 for each paid item presented
against non-sufficient funds up to their limit. This is the same fee we charge for NSF items
that are returned to the payee. What members save is the fee from the merchant for an NSF
item, the possibility of reducing their credit score, and the embarrassment of bouncing a
check.

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Q. Why will you charge me a fee if you are going to put the check through?
 

A. The charge is in place because you did not have the funds available at the time the check was
presented. Riverfront is providing a service by covering the check for you, and the charge is
the same fee that Riverfront charges for checks drawn against insufficient funds and returned
to the payee.

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Q. If members do not write NSF checks will they be charged any additional fees just for having this service?
 

A. No. Members only incur a charge when they use the privilege.

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Q. Will I be notified that overdraft privilege is being added to my account?
 

A. Yes. Riverfront will mail each member a letter outlining the service and the privilege
amount.

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Q. Do I have to fill out an application to receive the privilege?
 

A. No. The overdraft privilege is neither a loan nor a contract between the Riverfront and the
member.

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Q. What if I don’t want the Overdraft Privilege?
 

A. Members are allowed to opt out of the privilege if they so desire. Simply let a Riverfront
representative know that you do not wish to be included in the privilege.

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Q. What if I choose to have it removed now but would like to have the access again sometime in the future?
 

A. If a member previously requested to have the overdraft privilege removed they may elect at any time to have access to the Privilege again subject to the overdraft privilege criteria.

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Q. Can this Overdraft Privilege limit be revoked?
 

A. Yes. If the member does not keep their account in good standing, or if the member does not bring the account to a zero or positive balance within 30 days of using the privilege.

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Q. If the Overdraft Privilege is revoked, can I get it back if I bring my account back into good standing?
 

A. Yes, it is possible. Instances like these will be reviewed on a case by case basis.

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Q. How will the Overdraft Privilege limit be applied? Can I use it with:

A. An ATM No. At this time the feature is not available through an ATM withdrawal
Debit Card No.
Phone No.
Online No.
ACH Yes.
By Check Yes.
With a Teller Yes.

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Q. If I have an overdraft privilege limit of $500 and overdraw my account by $500, then make a deposit of $150, is the remaining overdraft privilege limit available to me?
 

A. You would have access to the remaining overdraft privilege amount less the normal NSF fees.

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Q. What if I need more than 30 days to pay my Overdraft Privilege limit back?

A. Instances like these will be reviewed on a case by case basis. If the need arises, we encourage our members to call us so a representative from Riverfront can work with them.

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Q. What if I put a deposit at the ATM machine?
 

A. Deposits at the ATM machine, in regard to Overdraft Privilege, will be viewed the same as a deposit at the teller window or a check being deposited.

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Q. Can I decrease my Overdraft Privilege limit if I’m afraid it is too high?
 

A. No. The computer system is set with certain criteria that cannot accommodate varying limit requests from all our members. It is Riverfront’s belief that making the funds available to the member is not a source for member abuse but a benefit in case the member needs the funds at any point in the unforeseen future.

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Q. What is Overdraft Protection?
 

A. Overdraft Protection is a free service offered to all members who have balances over $50 in your savings account. Funds from your savings account are used to cover checks written on your Riverfront checking account.

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Q. What is the difference between Overdraft Protection and Overdraft Privilege?
 

A. Overdraft Protection is offered to all members who have savings accounts with balances over $50 while Overdraft Privilege is a privilege offered to select members based on the criteria mentioned above. Overdraft Privilege is used when there are no funds in either your savings or line of credit to cover NSF checks.

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Q. Can I send funds to Riverfront through Payroll Deduction? Direct Deposit?

A. Check with the company you work for. If the company is a Select Employee Group with Riverfront, chances are they have a Payroll Deduction program set up for you. If not, you should be able to use Direct Deposit.

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