Checking / Deposits
More than banking services, River Valley Bank sells trust, professionalism, and caring for our customers best interests. We view our “product” as the relationship that we provide, striving for customer loyalty.
Business checking accounts tailored to meet your unique level of business activity.
| Uncomplicated Options – One Will be Right for Your Business | ||||
|---|---|---|---|---|
| Business Checking Option/Feature |
Small Business Checking | Business Checking |
Commercial Checking | Non-Profit/Sole Proprietor Checking |
| Average collected balance to offset maintainence fee |
$1,000 | $25,000 | Earnings Credit | $750 |
| Monthly maintainence fee | $7 | $8 | $10 | $8 |
| Average collected balance to offset other fees |
$10,000 | $25,000 | Earnings Credit | $750 |
| Fee debits per statement cycle |
50* | 100* | N/A | 100* |
| Free deposited items per statement cycle | 100* (unlimited on-us items) |
250* (unlimited on-us items) |
N/A | 250* |
| Debit item fee | $0.25 per item over 50** | $0.25 per item over 100** | $0.18 per item | $0.25 per item over 100* |
| Deposit/Credit fee | N/A | $0.30 | N/A | |
| Deposited item fee (unencoded) |
$0.10 per item over 100** | $0.10 per item over 250** | On-us: $0.05 Local: $0.07 Other Transit: $0.09 |
$0.10** |
| Earnings credit*** | No | Yes | No | |
| Interest Available | No | Yes | ||
| Sweeps | $5 per sweep | $15 per month | $5 per sweep | |
*If maintain stated average collected balance within statement cycle
**Fee will be charged if average collected balance falls below stated minimum within statement cycle
***Earnings credit is a non-cash credit to the commercial business checking account that may offset service charges. It is applied only to non-interest bearing accounts. It is calculated based on the actual number of days in the statement cycle. Earnings credit rate is set by the bank and is calculated monthly. The rate is calculated on the average collected balance less 10% mandatory reserve requirement.
To be Eligible for Electronic Recovery, a Returned Check Must:
- Be a personal check to a business (not business-to-business)
- Be under $2,500
- Be less than 180 days old from date of transaction
- Cannot have been already submitted twice, either electronically or by paper draft
What Happens to Ineligible Checks?
Returned items that are less than $2,500 and ineligible for electronic re-presentment are re-submitted to the check writer's account as a paper draft, subject to eligibility requirements. Items greater than $2,500, are returned to the business.
River Valley Bank is here to help you with all of your business needs, including one of your biggest headaches—returned checks.
River Valley Bank's electronic check recovery service, Re$ubmitIt® significantly reduces the burden of collecting funds from NSF checks, while potentially doubling your recovery rate. You collect more returned checks and get 100% of the face value of all checks that are collected electronically!
How Does Re$ubmitIt® Work?
The Re$ubmitIt® electronic check recovery service handles the collection process electronically from beginning to end, via the Automated Clearing House (ACH) network for re-presentment directly to the check writer's bank account.
- Returned checks are sent from River Valley Bank to Re$ubmitIt®, where eligible checks are converted into electronic items for re-presentment to the check writer's bank account for collection.
- The electronic check file is processed and strategically timed for re-presentation. Presenting checks at proven "smart dates" improves the chance of collection.
- If the item is not recovered on the first electronic re-presentment, it is re-cued for a second electronic re-presentment (third total). If this third presentment fails, the check can be sent to Re$ubmitIt's FREE secondary collections, or the check can be sent back to you.
- Upon settlement, 100% of the face value of the check is reimbursed to you automatically. The check writer's account is charged a state-regulated collection fee to cover the cost of collection.
If you have questions about the Re$ubmitIt® electronic check recovery service, please email them at support@resubmitit.com
