FAQs

Find the answers to our most frequently asked banking questions here. If you would rather speak to a person about your question, please call any of our branch locations during regular business hours and speak with one of our banking professionals.

Richwood Bank Basics

What is a "community bank"?

It’s a bank that’s owned and operated by people in the community. Our bank works hard and invests a lot of time and effort into making sure community schools, non-profit organizations, and residents profit and have a better way of life.

What are your hours of operation?

You can see all of our branch locations and the hours they’re open on our Find Us page.

What holidays are you closed for?

We are closed for New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, Christmas Eve (½ day), Christmas Day, and New Year’s Eve (½ day).

Do you have notary services?

Yes, each branch office has at least two notaries on hand each day. The service is free to customers and $2 for non-customers.

Do you offer Travel Money Cards or gift cards?

Yes, our Travel Money Cards can be used at ATMs and anywhere Visa® is accepted. The cards are reloadable for a fee of $2.50, and there’s an activation fee of $8. Our gift cards can be used anywhere Visa is accepted; the activation fee is $5. Stop by or contact us to place an order.

How frequently is my financial information updated?

We update all customer information nightly. Whether you access our online banking site or visit our customer service department, your account information is updated every day to reflect all account activity.

How do I make a deposit to my account from a remote location?

You can do most of your banking by using direct deposit or ACH (Automated Clearing House) transactions. We also offer a bank-by-mail service that allows you to mail non-recurring deposits. Businesses can deposit checks remotely via electronic Remote Capture.

How quickly can I access deposits with ATM or online banking services?

Your deposits are available by both ATM and online banking immediately after being deposited, unless a hold has been placed on the funds (you will be alerted at the time of deposit if a hold is being placed).

What are the interest rates on your credit cards?

Rates can vary substantially; please contact us for the most up-to-date rates and information.

Personal Accounts

Can I have other people do my banking for me?

As long as we have written authorization, you can have someone else do your banking. We encourage you to add the person(s) as a signer to your account.

Can I get a copy of a check if I need it?

Of course! You can obtain copies of any of your checks (as long as they are not ACH transactions).

Can I change my PIN?

Yes, your Personal Identification Number (or PIN) can be changed by calling one of our banking offices. You will need to provide some personal information to verify your identity.

Can I call to get my account balance?

All staff members are able to give balances over the phone after they’ve verified the identity of the customer. Customers are also encouraged to use our online banking service, where they can view their balances and transactions at any time safely and securely.

How do I set up direct deposit?

You must first find out if the person paying you has direct deposit capabilities. Next, they need your routing number and account number to send the deposit. Please call one of our offices for more details on direct deposit.

What do I need to open an account?

You need $50 to open an account ($10 for minors). Bring your valid driver’s license with you when you wish to open the account (or any other form of photo ID).

Are Richwood Banking Company accounts FDIC insured?

Yes. Each individual customer at Richwood Bank is insured by the FDIC to at least $250,000. You can learn more by visiting the FDIC website here.

How do I set up direct deposit of my payroll check?

After your checking application has been approved, you will receive Richwood’s routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company; direct deposit usually begins within 30 days.

How do I set up direct deposit of my Social Security check?

After your checking application has been approved, you will receive Richwood’s routing and transit number and your account number. Then you can call us with your Social Security number and account information available, and we can help set up your direct deposit right over the phone.

Can I get information about my account by phone?

Account information is available from our Customer Service Representatives during business hours at any of our offices. After business hours, please use our online banking 24 hours a day.

Is interest paid on Richwood Bank checking accounts?

Yes, many of our checking accounts are interest bearing. Take a look at the product details on our checking accounts to learn more.

What are the interest rates on your credit cards?

Rates can vary substantially; please contact us for the most up-to-date rates and information.

Can I do all of my personal banking with Richwood Bank?

Yes! Your everyday banking activities can be performed with the convenience of direct deposit, online banking, and ATMs.

Can I look at all of my transactions at any time?

With online banking, you have access to your account 24 hours a day, 7 days a week.

Are wire transfers possible to and from my personal checking account?

Yes, funds can be transferred to and from your Richwood accounts by wire transfer or via ACH (Automated Clearing House) debits or credits.

How do individual retirement accounts (IRAs) work?

Terms and interest earned on IRAs can vary substantially. For more details, please contact us or call Deb, our IRA specialist at the Richwood Office, at 740-943-2317.

Why do NSF checks appear on my statement a day after they are actually presented for payment?

Once a decision is made to pay or return a check, the actual posting process takes place the next day.

Can I open an account if I don't live in the United States? What if I live in the United States but I'm not a citizen yet?

At this time we only accept applications from persons residing within the United States with a valid U.S. tax identification number (Social Security number). If you have questions, please contact us and we’ll do our best to answer them for you.

Loans

How soon can I expect to have a decision on a loan application?

For installment loans, officers can contact customers the same day. Most mortgages and business loans go before our loan committee (which meets twice a week). Typically you’ll have an answer on these types of loans within three or four days.

Why can't I fill out a loan application online?

We believe that the “one on one” aspect is very important to the credit application process. Our loan officers are happy to meet with you in person at a convenient time for you. Contact us or email loans@richwoodbank.com to set up an appointment.

Do I need an appointment to meet with a loan officer?

You don’t need an appointment, but you may have to wait if you arrive on a busy day. If time is a concern for you, it doesn’t hurt to call ahead or schedule an appointment.

Can my payments to you be automatically deducted from my account?

Yes, just let us know that you would like to do this. If you sign up for automatic payments at loan closing, you’ll receive ¼% discount on the loan. (NOTE: This only applies to installment-based loans.)

Do your loans have prepayment penalties?

None of the loans from Richwood Bank have prepayment penalties. (NOTE: This excludes Home Equity Lines of Credit.)

What is the advantage of amortizing over a longer term?

If you amortize over a longer term, your required payment will be lower. You can always budget to pay more, and since there are no prepayment penalties, you will pay off your loan sooner and save on interest charges.

What are the advantages of having an automatic debit to my account for my loan payment?

You save ¼% on an installment loan plus the price of a check and the cost of mailing. You also have the convenience of knowing that even if you’re on vacation or the weather’s bad, your loan payment will automatically come out of your account on the correct date.

Online Banking

Where can I find out about online banking services and how to use electronic bill pay?

You’ll find answers to many of your online banking and bill-pay questions in the ‎Online Banking section of our website. Just call your local branch for further details and to get set up.

Does Richwood Bank offer IRAs online?

Currently, Richwood Bank does not offer IRAs online; however, we continually update our products and services section so check back with us soon.

Why can't I go back to look at my statements any further than when I originally signed up for online banking?

Because of size and security restrictions, we can’t send your entire customer history to our online banking service. Currently we begin your online banking history from the day you sign up.

Business Accounts

Can you pick up a store's deposit and/or have a change order ready?

Yes, speak with one of our friendly branch managers for details on all of our business services.

Can businesses have online accounts at Richwood Bank?

Yes. Check out our Business Online Banking page to find out more. Of course, you can always call us or stop by, and we’ll be happy to assist you in person or over the telephone.

Don’t see the answer to your question? Call any of our branch locations and we’ll be happy to help you.