An overdraft occurs when you do not have enough money in your account to cover a transaction. As a service, we can cover your overdrafts in two different ways:
- We have Overdraft Advance courtesy pay that comes with your account.
- We also offer overdraft protection plans, such as a link to a share account, which may be less expensive than Overdraft Advance. In most cases, this is already active on your account. Available funds in a share account will be accessed before the Overdraft Advance is activated. To learn more, ask us about these options.
What are the procedures for Overdraft Advance if my account is overdrawn?
We do pay overdrafts for the following types of transactions up to your $400.00 Overdraft Advance Limit:
- 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
Overdraft Advance coverage will be available at our discretion, which means we do not guarantee that we will always authorize or pay any type of transactions.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if I overdraft my account?
If we pay the transaction with Overdraft Advance you will be charged $35.00 per transaction.
If we do not pay the transaction with Overdraft Advance you will be charged $35.00 per transaction, plus you may then be subject to penalties from the merchant.
There is no limit to the number of total fees we can charge you for overdrawing your account.
Overdraft items will be posted in accordance with Riverside FCU’s existing checking account procedures.
What if I want Riverside FCU to handle my ATM and everyday debit card transactions by authorizing and paying overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions call (716) 875-1747 or complete the form below and present at one of our locations or mail to:
PO Box 4130
Kenmore, NY 14217
When you open a checking account at Riverside Federal Credit Union you are automatically covered with Courtesy Pay! You do not need to sign up for Courtesy Pay as this is a benefit members automatically receive when they open their checking account. For each Courtesy Pay transaction there is a $35.00 transaction fee and you won’t suffer the embarrassment of returned checks or merchant fees! We’ve got you covered!