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Important Information About Overdrafts

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. Overdrafts will be determined based on the available balance in your checking account at the time a check or item is presented. Your available balance may be lower than your actual balance due to funds held for debit card transactions you have authorized, pending ACH or direct deposits not yet available for withdrawal, and deposited checks held pursuant to our funds availability policy. We can cover your overdrafts as follows:

  1. We offer Overdraft Protection Plans that transfer funds from a savings, Visa or line of credit account , which may be less expensive than our standard overdraft practices. To learn more, ask us about these plans.
  2. We have standard overdraft practices (our Courtesy Pay program) that come with your account as long as you have selected an overdraft protection plan described above.

This notice explains our standard overdraft practices (Courtesy Pay and Debit Card Courtesy Pay programs).

What are the standard overdraft practices that come with my account?

1. Once you have established your overdraft protection plan, we do authorize and pay overdrafts for the following types of transactions (Courtesy Pay):

  • Checks and other transactions made using your checking account number.
  • Automatic bill payments.
  • Recurring debit card transactions.
  • Automated Clearing House (ACH) withdrawals - Like a gym membership that is automatically paid from your checking account.
  • Online Banking transactions and other electronically initiated transactions.

2. If you ask us to, we authorize and pay overdrafts for everyday debit card transactions as described below (Debit Card Courtesy Pay):

  • Everyday debit card purchases in which you do not enter your PIN (which are commonly used for restaurants, gas stations, large-ticket items, travel, movie rental kiosks and parking/Tri-Met payment stations).
  • Everyday debit card transactions in which you enter your PIN at checkout.
  • ATM withdrawals or transfers.

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 Rivermark pays my overdraft?

  • We will charge you a fee of $30 each time we pay an overdraft.
  • We limit the total overdraft fees we can charge you for overdrawing your account to no more than six (6) fees per day.

What if I want Rivermark to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want Rivermark to authorize and pay overdrafts for ATM and everyday debit card transactions, or to revoke your previous decision, update your account options in Online Banking by selecting More/Account Options/Debit Card Courtesy Pay or call us at 503.626.6600 or 800.452.8502, or by notifying us in writing at PO Box 4044, Beaverton, OR 97076-4044.