Member Privilege

Optional Overdraft Protection

Member Privilege logo


As you may be aware, regulatory requirements cover how overdrafts are handled by financial institutions for consumer accounts. Since these regulations may affect the way you manage your account, we want you to understand the choices that you will have with Roanoke Valley Community Credit Union.

As a benefit of your relationship with us, we may offer Member Privilege with your Valley Free Checking Account. With Member Privilege, if you inadvertently overdraw your account, we have the option to cover your overdrafts up to a certain amount, including fees and thereby saving you the embarrassment of a returned or declined item, as well as the fee normally charged to you by merchants for items returned to them.

Payment by us is a discretionary courtesy and not a right of the member or an obligation of RVCCU. Under our standard share draft (checking) and debit card practices, we will charge you a fee of $25.00 each time we pay an overdraft and there is no limit on the total fees we can charge you for overdrawing the account. You must bring your account balance to a positive balance within 30 calendar days. Your Member Privilege limit is $300. Overdrafts beyond this limit may result in checks or other items being returned to the payee. The returned item NSF fee of $25 will be charged per item and charged to your account. Transaction types that are eligible for Member Privilege include and are limited to ACH transactions, check drafts, and teller transactions. Member Privilege services can be made available for ATM or everyday debit card transactions only upon your request. RVCCU can cancel this protection and cease paying overdrafts at any time at our discretion without prior notice of reason or cause.

Due to regulatory requirements, Member Privilege will no longer cover checking (share draft) and debit card transactions unless you opt-in. With this in mind, RVCCU offers an Opt-In program that gives members the option to choose to use Member Privilege.

You will need complete and return the Member Privilege Authorization Form, either in a branch or by downloading it with this link (PDF).