Because Life Happens
It’s happened to all of us. You’re out to dinner with friends or picking up formula for the baby and your debit card gets declined. When you have options like Overdraft Protection, Overdraft Privilege Standard Coverage and Extended Coverage, you can manage potentially uncomfortable situations with poise.
What is an Overdraft?
An overdraft occurs when you do not have enough money in your Riverfront account to cover a transaction, but we pay it anyway. In this situation that account is “overdrawn”.
We can cover your overdrafts in two different ways:
- Overdraft Protection that comes with your account
- Overdraft Privilege
- Standard Coverage – comes with all eligible accounts
- Extended Coverage – an option you can choose to add to your account
What is Overdraft Protection?
Overdraft Protection is a service that applies to all transactions. It may help prevent overdrafts by automatically transferring funds to your Riverfront checking account from another Riverfront deposit account for free, or from a Riverfront line of credit. Overdraft Protection lines of credit are subject to credit approval and finance charges.
What is Overdraft Privilege Standard Coverage?
Overdraft Privilege is like a safety net. It’s a simple and convenient way for your checking transactions to clear in the unlikely event your account balance runs low and your other sources of funds have been exhausted. As long as your account is eligible, this coverage comes with your checking account and is activated at account opening.
When all of your Overdraft Protection options have been exhausted, your account may overdraw into Overdraft Privilege. With Overdraft Privilege Standard Coverage you can overdraw your account up to a disclosed limit for a fee in order to pay a transaction. At our discretion, Riverfront may pay your items in anticipation that you will bring your account back to positive. Overdraft Privilege Standard Coverage adds a secondary layer of coverage on top of Overdraft Protection.
Which Transactions are Covered by Standard Overdraft Privilege?
We will authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
- Recurring debit card payments
Standard Coverage will not authorize and pay overdrafts for the following types of transactions:
- ATM transactions
- Everyday debit card transactions
We will charge you a one time fee each time we pay an overdraft. View Fee Schedule.
There is no limit per day on the total fees we can charge you for overdrawing your account.
Will Extended Coverage Pay My ATM and Everyday Debit Transactions?
Yes. We can’t just add this to your account though. You’ll need to let us know that you want to add Extended Coverage to your account.
Extended Coverage will authorize and pay:
- ATM transactions
- Everyday debit card transactions
- Recurring debit card payments
We will charge you a fee each time we pay an overdraft. View Fee Schedule.
There is no limit per day on the total fees we can charge you for overdrawing your account
How Do I Sign Up For Extended Coverage?
- Email us at MemberService@RiverfrontFCU.org
- Download the Overdraft Services Consent Form
- Visit a branch location
- Call us at 800-451-3477
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