The Federal Reserve Board recently passed new regulations requiring all financial institutions to obtain an opt-in form from account holders to provide Overdraft Services on ATM and one-time debit card transactions clearing your account.
riverset is giving members the opportunity to opt-in to this feature, which will go into effect on July 1, 2010. For more information and to access the opt-in form, click here.
At riverset credit union, we are always looking to find new and better ways to serve you our member. Starting June 6, 2006, we began providing our members with a special overdraft program called "Overdraft Advance" for your personal share draft account. Overdraft Advance will provide you a cushion that may permit you to overdraft your account up to a specified limit assigned by us. By covering your overdraft, this will eliminate the extra expense and embarrassment of having a share draft returned.
Overdraft Advance is a non-contractual program that requires no action on your part. You do not have to sign any agreements or other paperwork. This program will be extended to you as long as you are able to keep your share accounts in good standing, which is outlined by making regular deposits and returning your share draft account to a positive balance at least once every thirty(30) days. You will be assigned an overdraft limit by riverset credit union, and your overdrafts, which include share draft and ACH transactions, will be covered up to that limit. Each transaction that we honor, will be applied the normal insufficient fund fee. riverset credit union will send you notification each time your account is overdrawn, and you will also receive periodic reminders if your account in not returned to good standing. Your Overdraft Advance limit will not be available to you at the ATM.
