Overdraft Practices

What You Need to Know About Overdraft Practices and 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:

  1. We have standard overdraft practices that may come with your account.
  2. We also offer overdraft protection plans, such as a link to another account, which may be less expensive than our standard overdraft privileges. To learn more, ask us about these plans.

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 without your consent:

  • 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 not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Richwood Bank pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of $28 each time we pay an overdraft.
  • We do not charge an overdraft fee if your balance is overdrawn by $10.00 or less at the end of each business day.
  • There is no limit per day on the total fees we can charge you for overdrawing your account.

What if I want Richwood Bank to authorize and pay 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 (888) 943-2317, visit our website at http://www.RichwoodBank.com, send us an email at odp@RichwoodBank.com, complete the form below and present it at a branch, or mail it to: 28 N Franklin Street, Richwood, OH 43344.You can revoke your authorization for The Richwood Banking Company to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.

In Person: Stop by your local branch and a personal banker will be happy to help you.

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