As a benefit of your relationship with us, you may have Overdraft Privilege on your Checking Account in the amount of $500.00. With Overdraft Privilege, if you inadvertently overdraw your account, we have the option to cover your overdrafts up to $500.00, including fee(s) and thereby saving you the embarrassment and inconvenience of a returned or declined item, as well as the fee normally charged to you by merchants for items returned to them. The amount of the Overdraft Privilege is not shown in your available balance, but may be available to you for ATM cash withdrawals, checks, telephone and Internet Banking, ACH transactions, and when you use your debit card for purchases at retail merchants.

 

The Overdraft Privilege service you may currently have for ATM and everyday debit card transactions will only continue if you notify us that you wish to continue to receive the service for those transactions.  If you have not already opted in and want Overdraft Privilege to continue to apply to your ATM and everyday debit card transactions, you can contact us by:

Overdraft Privilege will continue to be available for checks, ACH, and automatic bill payments unless you elect to opt out of the Overdraft Privilege service in its entirety by contacting our Checking Department at 401.751.7440 x553. 

 

Overdraft Privilege is a service provided to help you, should an overdraft occur. Your account will still be charged the standard NSF fee of $30 for handling each item, which is the same fee that Rhode Island Credit Union charges for items drawn against insufficient funds and returned to the payee. If multiple items are presented against your account on the same day, each item will be assessed the appropriate returned item fee of $30 or Overdraft fee. 

 

Please be aware Overdraft Privilege is not a line of credit and this notice does not constitute either a written agreement of an obligation or a prearranged agreement to pay your overdraft, and we may withdraw this privilege at any time. Click here to review the Discretionary Overdraft Privilege Policy.

 

We appreciate your business, and want to make sure you have the information you need to make the right decision for you. If you have any questions regarding Overdraft Privilege, simply visit the branch nearest you, or contact our Checking Department at 401.751.7440 x553.