Self-service tools: overdraft protection, courtesy pay, and stop payments

To get a good understanding of your financial situation and make progress with your personal finances, it’s important to know what’s going on. That’s where REV digital banking can help. Here are four features that make it easier for you:

Take Control of Your Finances

Spending analytics gives you a visual breakdown of your biggest expenses broken down by category. By visualizing your spending habits in this way, you can easily spot areas where you can potentially make improvements to your budget. When you have a clear understanding of where your money is going and identify areas where you can redirect some funds, you can better anticipate expenses and budget your money accordingly. This feature gathers transactions from all your linked accounts over the past year and automatically categorizes them. With REV’s digital banking, you also have the flexibility to customize the spending categories so it better aligns with your personal preferences. Modify categorization and edit transaction descriptions by accessing the Financial Wellness tab in digital banking.

Stop Payment

A stop payment gives you the ability to prevent a check or ACH debiti payment from going through on your checking account. You may want to stop a payment for a number of reasons including error, suspected fraud, or a dispute with the payment. To place a stop payment through digital banking, click Tools, select Check Services from the drop-down meu and select New Stop Pay Request. Payments that are pending or completed cannot be stopped. A fee of $35 will be assessed for each stop payment.

Overdraft Protection (ODP) and Courtesy Pay

Life happens and sometimes we need to make a payment but don’t have the funds in our account. It’s good to know that the purpose of both ODP and Courtesy Pay is to help you avoid any disruptions in life. The difference between the two lies in how the payment is covered.

Courtesy Pay

Courtesy Pay allows transactions to go through even if there are not sufficient funds available in your account – up to a certain limit. This means that if you make a payment, such as with a check or your debit card, REV will let the transaction go through even if you don’t have enough funds in your account, allowing your account to temporarily go into the negative. This helps you avoid declined transactions and bounced checks. You can later deposit money into your account to cover the transaction and relevant fees. This protection is optional and available in two tiers.

Plan 1
Enhanced Overdraft Privilege

This service may be used to cover checks and recurring ACH transactions. A fee of $35.00 will be assessed per transaction covered.

Plan 2
Enhanced Debit Card Privilege

This service may be used to authorize ATM withdrawals and debit card transactions that overdraw your account. A fee of $35.00 will be assessed per transaction covered. To enroll in Courtesy Pay, select the Tools tab in digital banking and choose Courtesy Pay in the drop-down menu.

Overdraft Protection

Overdraft protection works in a slightly different way and requires having available funds in another linked REV account, like your Primary Savings or a line of credit. When your checking account doesn’t have enough funds, this protection automatically pulls money from the linked account to cover the transaction amount. As long as there are backup funds in your linked account, ODP keeps your transactions from being declined. A fee of $5.00 will be assessed per transaction covered. Add, edit, remove, or change prioritization of linked accounts by selecting Tools in digital banking and choosing Overdraft Protection in the drop-down menu.

Ready for smarter money management? Use the REV app today. Fees may apply and are subject to change. Please view our Rate & Fee Schedule for details.