Versatile checking account line of credit with Anderson Brothers Bank
A Versatile Checking1 line of credit provides overdraft protection you may need to make bounced checks a thing of the past. If approved, you can also use this revolving line of credit whenever you need quick access to cash. Protect yourself from unexpected overdrafts and those fees associated with them.
Overdraft fees can add up over time. Our Versatile Checking Overdraft Line of Credit can help safeguard you against those overdrafts or insufficient fund fees on your checking account. Once you are approved, we will lend you the funds, up to the approved credit limit2, to cover the overdrafts from checks, ACH, recurring debit card, ATM and everyday debit card transactions.
Versatile Checking will automatically advance3 funds from your available line of credit to your checking account to cover your overdraft and avoid an overdraft privilege or insufficient fee. If there is an outstanding balance on your Versatile Checking account, the minimum payment is automatically deducted each month from your linked checking account. It’s that easy.
How it works:
- You overdraw your account
- We lend you funds from the Versatile Checking Overdraft Line of Credit to cover the shortage in your checking account up to the approved limit.
- Amount transferred is rounded up to the nearest $100
- Payment is 5.00% of outstanding balance or $20.00 whichever is more and your account is automatically debited each month.
No annual fee and No interest until you access your line of credit. You will receive a periodic statement if you have an outstanding balance that will reflect account activity including credit advances, interest charges, other fees and charges, payments, previous account balance, new account balance, minimum payment due and payment date.
1 Versatile Checking rate is 18% APR for all transactions. You will be charged interest from the transaction date. No Annual or transaction Fees. Late fee is 5% of the payment (maximum $18.50; minimum $7.40)
2Credit Limit is based on credit approval and subject to terms & conditions
3Advances by drawing your linked checking account below $0.00, advances are in increments of $100 rounded to the nearest $100