As a RiverFall Credit Union member, you have the option to protect yourself against overdraft charges. On this page, you can learn more about the overdraft protection options available to you.
Overdraft Protection Transfer
Overdraft Protection Transfer may help you avoid returned checks and accompanying fees.
By completing an overdraft protection request, you can identify other accounts as sources of payment for overdrafts. In other words, you can authorize RiverFall to treat any check(s) or other debit(s) that exceed your account's available balance as a request for overdraft protection transfer from the accounts you list, and in the priority order you choose.
Overdraft protection transfers are limited. Remember, Federal Reserve Regulation D states that no more than six (6) automatic or preauthorized transfers are allowed from savings accounts per calendar month.
Overdraft protection accounts of another member must be authorized by that member via a Cross-Account Access Authorization form. Without the completed request and/or authorization, items that overdraw your account for a fee of $30/item.
For Overdraft Protection Account Transfer, complete the following form(s) and fax them to 205.758.3696, Attention: Member Service.
For eligible account holders who have Overdraft Privilege, we will pay overdraft items up to a limit of $500. Instead of having the item returned (resulting in additional fees and returned item charges from merchants) or simply declined at the point of sale, RiverFall will honor those items up to $500.
Overdraft Privilege may eliminate the embarrassment that accompanies having your items returned or declined in the event of an error or a temporary shortfall. And, if you don't use Overdraft Privilege, it won't cost you anything — there is no fee for enrollment in this added layer of protection. When an item is honored with Overdraft Privilege, the fee is $30.
Unless otherwise designated by the account holder, Overdraft Privilege will be used to cover your overdrafts after other Overdraft Protection options have been exhausted. In other words, Overdraft Protection Transfers which have been authorized and Overdraft Protection Loan Advances up to the approved limit will be applied first, before any item is honored with Overdraft Privilege.
Overdraft Privilege does not extend automatically to all types of transactions. Contact us to make sure you are fully protected with Overdraft Privilege.
Whether overdrafts will be paid with Overdraft Privilege is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if an account is not in good standing, if the member is not making deposits, or if they have too many overdrafts.
Each item presented will be assessed our $30 overdraft fee, whether it is paid or returned. You must bring your account back to a positive balance within 30 days. Overdraft Privilege is available for all checks written, in-person withdrawals, ACH preauthorized transactions, and other electronic transactions including ATM and debit card/POS.
Overdraft Protection Loan
With an Overdraft Protection Loan, advances automatically transfer to cover any checking account deficiency.
It's a pre-approved line of credit tied to your checking account. There’s no fee to use it but when you do, you only pay interest on the number of days you use the loan. You can make monthly payments or make a lump-sum payoff to keep the loan ready for you, whenever you need it.
To apply, download the PDF application, fill it out, and drop it off at any branch near you.
Rates and terms subject to credit evaluation and qualification. Actual rates and terms may vary.