Ready Reserve is a special benefit offered with your checking account. It is your personal and automatic line of credit used as an "overdraft protection" or may be used to "write your own loan" up to your personal credit line limit. You may also transfer funds between your Ready Reserve credit line and your checking or savings accounts with Internet Banking.
When you write a check on your account which either accidentally or purposely exceeds your account balance (overdraft), your Ready Reserve is triggered and a deposit to the nearest $100, up to your maximum credit line, is made into your account to cover the overdrawn check(s). When a loan from your Ready Reserve is deposited into your checking account a fee is assessed for that business day's transfer and you are notified by mail of the Ready Reserve deposit.
Please Note - A deposit into your checking account does not repay the Ready Reserve loan. To make repayment, simply write a check to Ready Reserve when your account balance will cover the check, instruct a teller to direct some funds (check or cash) toward repayment of your Ready Reserve loan or you may also make payments online with Internet Banking.
Interest is charged from the first day of the loan at a rate of 1.5% monthly (18% A.P.R.) which equates to $1.50 per month per $100 used from your credit line. If repayment of at least 10% of your Ready Reserve loan balance is not made before your next checking statement, $10 or 10% of the loan balance (whichever is greater) and interest will be automatically deducted from your checking account and will be reflected on your statement as a payment to your Ready Reserve account. If no repayment is initiated by you, the $10 or 10% automatic repayment will be deducted from your account each month until the loan is repaid.
Your Ready Reserve is a reflection of special credit worthiness and is simply a convenience loan when you need it from your prearranged credit line. If you have any questions concerning this feature, call or stop by one of our Locations.