Sometimes, a small miscalculation can cause your account to go below zero, and it’s something that can happen to anyone.
The good news is that many eligible checking accounts come with standard overdraft protection, which provides basic coverage for certain types of transactions.
This protection can work on its own or alongside other options, such as a linked savings account or line of credit, giving you additional support to help get your account back in the black. While we always encourage our clients to avoid overdrafts, we understand that unexpected situations can lead to insufficient funds. Our goal is to help you stay on track financially and avoid the inconvenience of declined or unpaid transactions, so you can continue working toward your financial goals.
We recommend speaking with one of our financial experts to find the overdraft coverage solution that best fits your needs. We offer a range of options, and we're here to help guide you in choosing the right one for your financial journey.
Is Overdraft Protection Right for You?
Deciding whether to opt-in to overdraft services for your everyday debit and ATM transactions is an important decision. We encourage you to consider your lifestyle, spending habits and record-keeping processes and how frequently you use your ATM and debit cards before you choose which option is best for you.
On this page, we offer some additional tools to guide you through the decision-making process.
What are overdraft services? View the Explanation of Overdraft Services below for an overview of these types of services that are offered at Riverview Bank.
- Overdraft Transfer Services
With our Overdraft Protection, we can set up account transfers from a savings, money market or separate checking account, and funds may be transferred to cover the transaction that would overdraw your checking account. A transfer fee of $10 will be charged for each transfer made from an eligible linked account. Refer to your Overdraft Protection Transfer Authorization Agreement. - Overdraft Line of Credit
Unsecured line attached to the client's Riverview checking account. - Riverview Overdraft Coverage (see details below)
- Standard Overdraft
- Enhanced Overdraft
What does it mean to opt-in?
If you “Opt In” to enhanced coverage, this means you are authorizing us to strive to pay these items. Our standard insufficient funds/overdraft fees would apply. Click here to read the full opt-in disclosure.
Riverview Standard Overdraft Coverage
Riverview’s standard practice is to provide all eligible checking accounts with standard overdraft coverage. This means that if you don’t have enough funds in your account to cover a transaction, at our discretion we may pay for the transaction on your behalf. We may charge you our standard insufficient funds/overdraft fee of $35 per item (up to 5 per business day).
If we decline to pay an eligible transaction, the transaction will be returned or declined, and we may charge a $35 overdraft return item fee. Repayment of the overdraft amount is expected within 45 calendar days. You should make every effort to bring your account to a positive balance within 30 calendar days. At 30 calendar days, we will send you a letter informing you of the account status and your options. If after 45 calendar days, your account has not been brought to a positive balance, your account may be closed.
With standard overdraft coverage, Riverview strives to pay overdrafts for the following transactions (up to the account limit):
- Checks
- ACH transactions (including automatic bill payments and online bill pay transactions)
- Recurring debit card transactions (online subscriptions, gym memberships, etc.)
Riverview Enhanced Overdraft Coverage
As required by federal regulations, we need your permission before we can provide overdraft services for everyday debit card and ATM transactions.
By opting in for Riverview Bank Enhanced Overdraft Coverage, you authorize us to strive to pay the following types of transactions when you don’t have sufficient funds to cover the transaction(s):
- ATM transactions
- One-time debit card transactions
If you “Opt In” to enhanced coverage, this means you are authorizing us to strive to pay these items. Our standard insufficient funds/overdraft fees would apply.
If you “Opt Out” of enhanced coverage, this means when a transaction you are attempting is for more than the available balance in your account, your transaction will be declined, and no fee will be assessed.
Explanation of Overdraft Services
To comply with federal regulations, we need your permission to authorize any ATM or everyday debit card transactions that could cause your account to be overdrawn. Our standard overdraft fees would apply for each overdrawn item. In other words, you must give us permission to cover these types of transactions. If you don’t give us that consent by “opting-in”, we will be obligated to decline your card when you do not have enough money in your account.
There is no fee for opting-in to the protection this service offers. You will only incur the fees if we actually cover the overdraft for you.
We encourage you to consider your lifestyle, spending habits and record-keeping processes and how frequently you use your ATM and debit cards before you make this important decision.
What does this news mean to you?
- You DO want us to try to cover your ATM and everyday debit card transactions regardless of the funds that exist in your account.
- You are willing to incur the fees that we’ve outlined for this service. You’ll only incur the fees if we actually cover the overdraft for you. There’s no fee to opt-in to the protection.
- If we cover your overdraft, you will be saved the frustration and embarrassment of having your card declined.
If you decide NOT to opt-in, you are telling us that:
- You do NOT want us to cover your everyday debit card and ATM transactions when there are insufficient funds in your account.
- We will not charge you any overdraft fees for everyday debit card and ATM transactions. Your transaction will be declined if insufficient funds exist.
What does it mean to opt-in?
If you “Opt In” to enhanced coverage, this means you are authorizing us to strive to pay these items. Our standard insufficient funds/overdraft fees would apply.
To opt out of Riverview Overdraft Coverage
You can opt out of the Enhanced Overdraft Coverage for ATM and one-time debit card transaction services at any time by contacting us. At that time, you can also decline the Standard Overdraft Coverage that comes with your account.
You may opt out at any time by visiting your branch or calling us at 800-822-2076. You may also send a written request, including your name, address, date of request, and account number to us at Riverview Bank, PO Box 872290, Vancouver, WA 98687.
Riverview is providing this information so you can make an informed decision regarding options available to you for overdraft and to provide you with a means to notify us of your choice.
Below is a copy of our Overdraft Disclosure (A9) statement. This also will be viewable on the page where you will be making your selection about opting-in to overdraft protection.
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer other overdraft protection plans such as a link to a savings account, which may be less expensive than our standard overdraft practices. To learn more, ask us about these services.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- Everyday debit card transactions
- We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
- If we do authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Riverview Bank pays my overdraft? Under our standard overdraft practices:
- We will charge you a fee of up to $35 each time we pay an overdraft.
- Also, if your account is overdrawn for 5 or more consecutive business days, we will charge an additional $5 per day.
- There is no limit on the total fees we can charge you for overdrawing your account.
What if I want Riverview Bank to authorize and pay overdrafts on my ATM and everyday debit card transactions?
- If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, please click the button below.