Frequently Asked Questions About
The Richwood Banking Company

Following are some of our most Frequently Asked Questions, along with the brief answers you may be searching for. If you have additional questions, or need more information, please don’t hesitate to ask one of our friendly banking professionals at any of our branch locations. Just call during regular business hours and you’ll speak with an actual person (not a machine!) who will be happy to get you the information you need.

Banking Basics • Banking FAQ's • Online Banking FAQ's • Security FAQ's • Check 21 FAQ's

Banking Basics

Q: What is a “community bank”? 
A: It’s a bank that’s owned and operated by people in your community. Our bank works hard and invests a lot of time and effort into making sure community, schools, non-profit organizations, and residents profit and have a better way of life.

Q: How quickly can I access deposits with ATM or online banking services?
A: If your deposit is made before 2:30 p.m. on a business day, you can access it with our Online Banking service after 11:00 p.m.; or by ATM after 10:00 p.m.

Q: What are your hours of operation?
A: LaRue branch: Mon. & Tues. 8:00 a.m. to 2:30 p.m., Weds. & Sat. 8:00 a.m. to 12:00 p.m., Thurs. & Fri. 8:00 a.m. to 6:00 p.m.
Richwood branch: Mon. & Tues. 8:30 a.m. to 5:00 p.m., Weds. & Sat. 8:30 a.m. to 12:00 p.m., Thurs. & Fri. 8:30 a.m. to 6:00 p.m. (the Drive-Thru open Weds. until 5:00 p.m.)
Marysville branch : DT 8:00 a.m. /Lobby 9:00 a.m. everyday, Mon., Tues., Weds. until 5:00 p.m., Thurs. & Fri. till 6:00 p.m., Saturday till 12:00 p.m.
Plain City branch: Mon. & Tues. 8:30 a.m. to 5:00 p.m., Weds. & Sat. 8:30 a.m. to 12:00 p.m., Thurs. & Fri. 8:30 a.m. to 6:00 p.m. (the Drive Thru open Weds. until 5:00 p.m.).

Q: How soon can I expect to have a decision on a loan application?
A: For installment loans, officers can contact customers in the same day. For mortgages and business loans, most loans go before our loan committee, which meets twice a week. Typically within three or four days customers have their answers. 

Q: Does your bank offer Merchant Services for business accounts?
A: Yes, please contact one of our branch offices for details on our business services and our competitive rates.

Q: Why can’t I fill out a loan application on line?
A: We believe that the “one on one” aspect is very important to the credit application process. Our loan officers are happy to meet with you in-person at a convenient time for you.

Q: Why do NSF checks appear on statement a day after they are actually presented for payment?
A: Once a decision is made to pay or return a check, the actual posting process takes place the next day.

Q: Why can’t I go back to look at my statements any further than when I originally signed up for Internet banking?
A: Because of size and security restrictions we can’t send your entire customer history to our Online Banking service. Currently we begin your online banking history from the day the user signs up.

Q: Can I get a copy of a check if I need it?
A: Of course! You can obtain copies of any of your checks (as long as they are not ACH transactions).

Q: Can I change my PIN?
A: Yes, your Personal Identification Number (or PIN) can be changed by calling one our banking offices.  You will need to provide some personal information to verify your identity.

Q: Do you have notary services?
A: Yes, each branch office has at least two notaries on hand each day. The service is free to customers and $2 for non-customers.  

Q: Can I have other people do my banking for me?
A: As long as we have written authorization, you can have someone else do your banking. We encourage you to add the person(s) as a signer to your account.

Q: Do I need an appointment to meet with loan officers?
A: You do not need appointments, but you may have to wait if you arrive on a busy day. If time is a concern for you, it doesn’t hurt to call ahead or schedule an appointment.

Q: Can I call to get my account balance?
A: All staff members are able to give balances over the phone after they’ve verified the identity of the customer. Customers are also encouraged to use our Online Banking service, where they can view their balances and transactions at any time safely and securely.

Q: Do you offer Travel Money Cards or Gift Cards?
A: Yes, our Travel Money Cards can be used at ATM's and anywhere VISA is accepted. The cards are reloadable, and there’s an activation fee of $10. Our Gift Cards can be used anywhere VISA is accepted; the activation fee is $3. 

Q: How do Individual Retirement Accounts (IRAs) work?
A: Terms and interest earned on IRAs can vary substantially. For more details, please give Deb, our IRA specialist at the Richwood Office, a call at 1-740-943-2317.

Q: Where can I find out about Online Banking services and how to use electronic bill pay?
A: You can get answers to your Online Banking and bill-pay questions on at the FundsXpress web site (www.fundsxpress.com). There is a very thorough FAQ page.

Q: What are the interest rates on your credit cards?
A: Rates can vary substantially; please contact us at 1-740-943-2317 for the most up-to-date rates and information.. 

Q: What holidays are you closed for?
A: New Year’s Day, Martin Luther King Jr. Day, President’s Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving, Christmas Eve (1/2 day), Christmas Day, and New Year’s Eve (1/2 day).

Q: Can my payments to you be automatically deducted from my account?
A: Yes, just let us know that you would like to do this.  If you sign up for automatic payments at loan closing, you’ll receive ¼-percent discount on the loan. *This only applies to installment based loans.*

Q: Can you pick up a store’s deposit and/or have a change order ready?
A: Yes, speak with one of our friendly branch managers for details on all of our business services.

Q: Do your loans have prepayment penalties?         
A: None of the loans from The Richwood Banking Company have prepayment penalties. *Excluding Home Equity Lines of Credit.*

Q: What is the advantage of amortizing over a longer term?  
A:  If you amortize over a longer term, then that’s your required payment in good and bad months. You can always budget to pay more, and since there are no prepayment penalties, you will pay off your loan sooner and save on interest charges.

Q: What are the advantages of having an automatic debit to my account for my loan payment? 
A:  First, you save ¼-percent on an installment loan, plus you save the price of a check and the cost of mailing. And you have the convenience of knowing that even if you’re on vacation, or if the weather’s bad, your loan payment will automatically come out of your account on the correct date.

Q: How do I set up Direct Deposit?
A: You must first discover if the person paying you has Direct Deposit capabilities. Next they need your routing number and account number to send the deposit. Please call one of our offices for more details on Direct Deposit. 

Q: Do you offer “Health Savings” accounts?
A: Yes, please contact one of our offices for our competitive accounts.

Q: What do I need to open an account?
A: You need $50 to open an account ($10 for minors). Bring your valid driver’s license with you when you wish to open the account (or any other form of photo ID). 

Banking FAQs

Q: Are Richwood Banking Company accounts FDIC insured?
A: Yes. Each individual customer at The Richwood Banking Company is insured by the FDIC to at least $100,000.

Q: How do I set up Direct Deposit of my payroll check?
A: After your The Richwood Banking Company checking application has been approved, you will receive The Richwood Banking Company's routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company; direct deposit usually begins within 30 days.

Q: How do I set up Direct Deposit of my Social Security check?
A: After your The Richwood Banking Company checking application has been approved, you will receive The Richwood Banking Company's routing and transit number and your account number. Simply contact us, and have your Social Security number and account information available and we can help set up your direct deposit right over the phone.

Q: Can I get information about my account by phone?
A: Account information is available from our Customer Service Representatives during business hours at any of our offices. After business hours, please use our Online Banking 24 hours a day. 

Q: What products can I apply for online?
A: Check out The Richwood Banking Company's products and services page to see which accounts you can apply for online. Check the Featured Product page for special online products.

Q: Can businesses have online accounts at The Richwood Banking Company?
A: Yes! Click "sign up" in the top-left area of this window to get started. You can always contact a staff member and we will be happy to assist you in person or over the telephone.

Q: Does The Richwood Banking Company offer IRAs online?
A: Currently, The Richwood Banking Company does not offer IRAs online; however, we continually update our products and services section so check back with us soon!

Q: Is interest paid on The Richwood Banking Company checking accounts?
A: Yes, many of our checking accounts are interest-bearing when minimum balances are maintained.

Q: Can I open an account if I don't live in the United States? What if I live in the United States but am not a citizen yet?
A: At this time we only accept applications from persons residing within the United States with valid U.S. tax identification numbers (Social Security numbers). If you have questions, contact us and we’ll do our best to answer them for you.

Q: Can I do all of my personal banking with The Richwood Banking Company?
A: Yes! Thanks to the convenience of Direct Deposit and ATMs, every day banking activities can be performed from the comfort of home.

Q: Can I look at all of my transactions at any time?
A: With our Online Banking, you have access to your account 24 hours a day, 7 days a week.

Q: How frequently is my financial information updated?
A: The Richwood Banking Company updates all customer information nightly. Whether you access our Online Banking site or visit our customer service department, your account information is updated
every day to reflect all account activity.

Q: Are wire transfers possible to and from my personal checking account?
A: Yes, funds can be transferred to and from The Richwood Banking Company accounts by wire transfer or via ACH (Automated Clearing House) debits or credits.

Q: How do I make a deposit to my account from a remote location?
A: You can do most of your banking by using direct deposit, ATM's, or ACH (Automated Clearing House) transactions. The Richwood Banking Company also offers a bank-by-mail service that allows you to mail non-recurring deposits.

Online Banking FAQs

Q: How do I access Online Banking?
A: After your The Richwood Banking Company checking application has been approved, simply click on the words Online Banking on any of our pages at www.richwoodbankcom. When using Online Banking for the first time, click on the button “Click here to create or change your pin number” to set up your PIN.

Q: How frequently is my banking information updated?
A: The Richwood Banking Company updates all customer information nightly. Whether you access Online Banking or contact us directly, your account information is updated nightly to reflect all account activity.

Q: After I’ve signed up online for electronic bill payment, how long does it take for my ‘User Kit’ to arrive in the mail?
A: Once you’ve completed the sign-up form at the web site, your ‘User Kit’ will arrive in your e-mail within three (3) days.

Q: How long does it take to set up a new payee in the bill payment system?
A: Once you have entered a new payee into our electronic bill payment system, it takes two business days to set up the payee to receive payments.

Q: Even though it takes two business days to set up a new payee, can I still enter a bill payment to the new payee during those two business days?
A: Yes. You may enter a payment to your new payee immediately; however, the payment will not actually be made until the payee is set up. Any payments made to the payee before the payee is added to the system will be delayed in reaching the payee by approximately two business days.

Q: After I make a bill payment, how long does it take for the money to be debited from my account?
A: The money will be debited electronically from your account within one to three business days, starting on the business day following the payment date. If you make a payment on Monday, you can expect the money to be debited from your account by Wednesday or Thursday of the same week.

Q: How long does it take for a payment to reach the payee?
A: A payment that generates an ACH payment will credit the payee's account within one to three business days; whereas, a paper check can take up to 10 days.

Q: How do I actually use your electronic bill payment system?
A: Step-by-step instructions can be accessed by pressing the help button within Online Banking.

Security FAQs

Q: I'm still hesitant about banking online. Can other people see my account information?
A: Your account information is just as secure as it is at your physical brick-and-mortar bank. We've taken every step possible to be sure our system meets the latest security standards, including using the latest security encryption methods and software.

Q What about filling applications out online? How secure is that?
A: Filling out applications online is as secure as our Online Banking system. Your entire session, from beginning to end, is encrypted. Our system supports 128-bit encryption, so you can also use the latest browser from Netscape or Microsoft that supports this security level. In fact, the highest encryption Netscape and Microsoft browsers support is 128-bit, so you will be using the highest bit encryption currently available if you use a 128-bit encryption capable browser.

Q: I keep hearing a lot about encryption. What exactly is it, and why does it make everything more secure?
A: Encryption is basically a way to rewrite something in a code which can then be decoded later with the right key. The encryption we use employs a mathematical process for the key which is made up of a certain number of bits (hence, 128-bit encryption). The higher the number of bits, the better the encryption. While using our Online Banking System, all communication from you to the system and from the system to you is encrypted using a maximum of 128 bits. In other words, when you send information to the system, your browser encrypts it using a 128-bit key, then send it to the system. The system then decodes the information you sent it using the key (which is predetermined when your Online Banking session is started) and processes it.

Q: What about information that is stored? Is it encrypted as well?
A: Information stored on our system is also encrypted using at least 128 bits.

Q: I'd like to know more about the security methods you’ve implemented. Where can I read more?
A: For a detailed description of the security features in our Online Banking System, please see our Online Banking System Security Overview.

 

Check 21 FAQs

Q:  What happened to my checks?
A:  New legislation aimed at improving the efficiency of our country’s payment system allows checks to be “truncated”. This means the original paper check is removed from the check collection or return process and an electronic image of the item is created in lieu of the original item. The bank that truncates can then pass on a substitute check, which is a paper copy that is the legal equivalent of the original, or can pass on the image, if the next institution in the chain agrees to accept an image.

Q: What if I need a copy of my check?
A: You will be able to receive a special kind of copy of the check called a “substitute check.”  The substitute check will be treated the same as the original check under state and federal law. The new Check 21 Act says: “A substitute check shall be the legal equivalent of the original check for all purpose," if certain conditions are met.

Q: Will the substitute check look like the original?
A: It will be the same dimensions as the check you originally wrote, but it will have additional information on it, including the identifying number of the bank that truncated the item, the identifying number of the bank that created the paper substitute check, and a second MICR line at the bottom, for starters. It will be presented on two sides, just as your original is, and should show the endorsements that have been applied as the check has gone through the clearing system. You will be able to use a substitute check to prove that the check was written and cleared through the system.  I should bear the following language:  “This is a legal copy of your check.  You can use it the same way you would use the original check.”

Q: What will happen to my original check?
A:  Not all checks will be truncated, so if you have been accustomed to getting your original checks back, you may still get some of them back (although it appears that a majority of institutions will be using purely imaged statements, rather than hassling with creating statements that contain a mixture of original checks and substitute checks.  The institution that converts your check to an image may destroy the original check.  That is why some of your original checks will not show up along with your statement.  If you are accustomed to only receiving the originals, you will instead receive some substitute checks (paper reproductions of the originals).

Q: What happens if there is an error when a check is truncated and converted to an image (or subsequently to a substitute check)?
A: If there is an error related to a substitute check (a paper reproduction of the original made from an image) that relates to the actual substitute, there is a process by which a consumer customer can make a claim for expedited recredit.  There is a time deadline for the claim to be made (40 days after the customer receives the statement or substitute check) and the bank has a deadline for dealing with the claim if it is properly made. By the end of the 10th business day following the business day the claim is made, the bank must turn down the claim, approve the claim, or at least provisionally recredit the account the lesser of $2,500.00 or the amount of check, pending further investigation.  The final investigation and final decision must be concluded by the end of 45 calendar days from the date the claim is made. Once the investigation is finished, either the provisional credit becomes final, or a further refund is made (over $2,500.00, if the amount of the substitute check was over $2,500.00), or the bank will reverse the provisional credit if it determines the claim is not valid. NOTE: The expedited recrediting procedure does not apply if the customer receives the original check or an image or a mere copy of an image (rather than a substitute check, which is a paper reproduction that is the legal equivalent of the original). The consumer recredit rights are explained in a notice which must be provided to all customers who will receive substitute checks.

Q: Will I be charged extra for my check to be converted into an image?
A: No. At this time, there will be no additional charges for the image processing of your check. In fact, the process will allow checks to clear more quickly, reducing fraud.

Q: If the check clears more quickly, will I get my money faster?
A: No. The legislation does not affect the hold times placed on deposited items. But, it does mean that the actual funds will make there way through the system more quickly and I reduces the time that you’ll wait for checks to clear if one of your checks is truncated.

Q: What happens if I deposit a check into my account to cover checks that I’ve written?
A: Deposits should be made before checks are written. With checks clearing more quickly, you’ll need to make sure that you have a high enough balance in your account to cover checks you write. Depositing funds to cover already-written checks may result in overdraft charges if the deposited funds are not available before your checks clear.

Q: What about fees for substitute checks?
A: There may be a fee to produce a copy of a substitute check, just as there may be a fee to order past copies of your monthly statements.

Q: When does the law take effect?
A: One year from the date the legislation is signed into law-– October 28, 2004.

We're here to keep your banking quick and simple. If you still
have questions, just give one of our friendly bankers at call at
1-740-943-2317 or click here to e-mail us.

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