The following describes the rules pertaining to the Refer a Friend program (the “Program”) offered by Richwood Bank, which gives bonuses to existing customers who refer new customers to us and to new customers who were referred to Richwood Bank by existing customers and opened new checking accounts with us.

As used below:

“You” and “your” mean the referring customer and the referred customer participating in the Program.

“We,” “us,” and “our” mean Richwood Bank.

“Referring customer” means the existing customer of Richwood Bank who refers a new customer to us.

“Referred customer” means a new customer referred to Richwood Bank by an existing customer.

$50 Referral Bonus. To receive the $50 referral bonus, the referring customer must have an existing Richwood account with a minimum balance of $0.01. If the referring customer does not have a qualified account with Richwood Bank, one must be opened to receive the bonus. The reward will be deposited into the referrer’s account within 120 days after the new customer completes the necessary account opening requirements. Reward subject to tax reporting. Maximum of $250 in referral rewards in a calendar year. Offer valid for referred accounts opened between 5/31/23 and 12/31/23. Reward not available to Richwood employees.

$100 New Account Bonus. To receive the $100 checking bonus for opening a new checking account, new customers must meet the following requirements:

  • Have one or more direct deposit(s) with a minimum of $500 made into a new checking account within 60 days of account opening.
  • Maintain a positive balance in the account for at least 90 days.

Direct deposit(s) must be an electronic deposit of a paycheck, pension or government benefits (i.e., Social Security) from your employer or government. The $100 bonus will be deposited into the new Richwood Bank checking account within 120 days of account opening. There is a minimum balance of $0.01 required to obtain the bonus. The Annual Percentage Yield (APY) will range from 0.00% – 0.35% depending on the account type that is opened. Rate may change after account opening. Fees could reduce earnings. APY is accurate as of May 19, 2023. Bonus subject to tax reporting. Offer valid for accounts opened between 5/31/23 and 12/31/23. Limit one $100 bonus per unique Social Security Number.

The $100 checking account bonus for opening a new checking account is not available to existing customers with a Richwood Checking and/or Savings account, those who have had a Richwood Bank checking or savings account in the last 12 months, or to Richwood Bank employees. Offer not available to those with fiduciary accounts or those whose accounts have been closed within 90 days with a negative balance. Limited time offer; program subject to change without notice.

This offer cannot be combined with any other offer. Not available to those whose accounts have been closed with a negative balance within the last 2 years.

The new account must be opened with funds not currently on deposit with Richwood Bank and account holder must not have been a signer on a checking account with Richwood Bank during the past 90 days.

Account openings are subject to normal approvals.

Privacy.  By participating in the Refer a Friend program, you recognize that whomever you refer or whoever referred you will have knowledge that you have an account with Richwood Bank. Due to the privacy of the account holder, we cannot disclose any information regarding the qualifications of the referee’s accounts. Bonus payments will only be paid to accounts that are in good standing with Richwood Bank at the time of payout. An account cannot have a balance of zero at the time of bonus payout or have had a negative balance at any time since account opening.

Disqualification and Discontinuation. We reserve the right to disqualify any referrals and/or account openings where we reasonably believe they were not sent to us or opened in good faith of maintaining a banking relationship with us. This offer may be discontinued or changed at any time.