Eligibility
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 do I qualify for a Checking Account Advance?
Checking account advance is a feature of your U.S. Bank Checking account so there is no application process. The associated checking account must meet the direct deposit eligibility classification requirements referenced below. Please note that this service is not available with Electronic Transfer Checking (ETA), Limited Checking and Asset Management Checking. Other exclusions and eligibility criteria apply.
What is the eligibility classification for direct deposit?
Customers must have a deposit account open with U.S. Bank for at least six months and the associated checking account must have received at least one direct deposit made to your associated checking account in the amount of $100 or more in each of two consecutive statement cycles, one of which must have been received by us within the past 35 calendar days.
Your eligibility classification is evaluated each statement cycle. We will disclose your eligibility classification on your monthly statement.
Once an account is eligible, it must also be in good standing. Advances from the Checking Account Advance may be restricted if the account:
- Has a negative balance that exceeds the maximum checking account advance amount
- Is continuously overdrawn for five (5) consecutive business days (no advances until checking has positive balance).
- Has more then 20 overdrafts in the past two (2) statement cycles (no advances until checking has less then 20 overdrafts in past two (2) statement cycles)
- If an advance is not paid in full by the 35th day and U.S. Bank withdrawals the payment from the checking account which creates an overdraft in the checking account (no advances for 30 days).
- Has used a Checking Account Advance in each of the past nine (9) statement cycles (no advances for 90 days).
How do I set up direct deposit to my checking account?
It's simple. To automatically deposit your payroll check, contact your employer and request a direct deposit form. Complete and return the form to your employer for processing. For government or Social Security checks, contact the Social Security Administration at 800-772-1213 or login to http://www.ssa.gov/deposit/ to submit the information online.
If I'm a new customer, when will I be able to use the checking account advance?
New customers -- who have not had another deposit account open with U.S. Bank for at least six months -- must wait six months after the open date of their checking account. The account must also be in good standing to use checking account advance.
What is a direct deposit and do all direct deposits qualify for checking account advance?
direct deposit is a one-time or recurring electronic deposit of funds that occurs without visiting a branch. Examples of regularly scheduled direct deposits could include payroll deposits, Social Security deposits, interest income, etc. direct deposits can also be any one-time electronic deposit such as tax returns, funds transfers from another bank, etc.
Could I be eligible for checking account advance if I have overdraft protection on my checking account?
Yes, if you meet all other eligibility criteria. You can have overdraft protection and be eligible for the checking account advance service. Please remember, checking account advance is a high-cost loan product and most forms of overdraft protection are less expensive. Consider using less expensive credit products before taking a checking account advance.
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The Checking Account Advance Guide
The Checking Account Advance Agreement
