Credit Limit Information
Please refer to the Product Overview section of the Checking Account Advance Agreement" or see "Your Deposit Account agreement" (page 50) for more information
How is the checking account advance credit limit calculated?
Your credit limit for the next statement cycle is determined by the amount of your direct deposits from the previous statement cycle and is calculated as follows:
- The credit limit is the lesser of $500 or 50% of the total direct deposits of $100 or more listed on the most recent associated checking account statement, and that total will be rounded up to the next $20.
Example: James is paid automatically twice a month for a total of $800 ($500 is paid to James on the 1st of the month and $300 is paid on the 15th of the month). James' limit would be $400 or half the amount of his total direct deposits.
How will I know what my limit is?
Once a customer selects a checking account advance transaction at any of our banking channels (phone, branch or U.S. Bank Internet Banking), the limit is displayed before the customer enters their advance request amount. Customers can also call 800-US BANKS (800-872-2657) and ask a customer service representative for the amount of their limit.
How much can I advance?
If you're eligible, you may advance up to your credit limit less any previous unpaid advances. Advances must be taken in $20 increments.
Example: Bob has a credit limit of $400 and has recently advanced $100 which has not yet been paid. Bob could advance up to $300 ($400 - $100 = $300). Once Bob gets his next direct deposit and his balance is paid off, he could again advance up to $400.
Is there a minimum advance amount?
There's a $20 minimum advance. However, if your checking account is overdrawn, your minimum advance must bring your account to at least a $0 balance.
Can the credit limit on the checking account advance change?
Yes. The limit is based on the total of the direct deposits of $100 or more so if the direct deposit amounts change, so can your checking account advance limit change.
Can I make multiple advances?
Yes. You can take as many advances as you like up to your available credit limit. Please remember: checking account advance is designed for short-term credit needs. If you decide to borrow, borrow only as much as you can afford to pay back with your next direct deposit.
Is there any way I can have my limit increased?
No. The limit is a guide set by the state government.
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The Checking Account Advance Guide
The Checking Account Advance Agreement
