Advance and Payments
Please refer to the Product Overview section of the "Checking Account Advance Agreement" or see "Your Deposit Account Agreement" (page 50-51) for more information.
How can I access the checking account advance service?
If you're eligible, you can take an advance, check your balance and even make a payment through any of these channels:
- Call U.S. Bank 24-Hour Banking at 800-US BANKS (800-872-2657)
- Visit any U.S. Bank branch location
- Login to usbank.com and use U.S. Bank Internet Banking.
When will the funds from a checking account advance be available to me?
Immediately after a successfully advance request, the funds will be transferred directly to your checking account. If your checking account has a negative balance, the advance must be enough to bring your balance positive.
Example: Wade walks up to teller in a U.S. Bank branch because he needs $200. Wade is told that he only has $40 in his checking account and decides to take a checking account advance in the amount of $200. Wade now has $240 in his checking account. Wade can now take a $200 withdrawal from the checking account. He decides to leave $40 in his account just in case.
When do I make a payment?
The checking account advance feature is set up with automatic payments, so payments will be taken when the next direct deposit1 of at least $100 is received. The payment amount will be the lesser of the full deposit amount or the checking account advance balance plus fees. Any payment to your checking account advance reduces the amount available to you in your checking account for other bills and expenses. There can be situations where the automatic payments may not pay off the outstanding balance so we urge all customers to monitor their account to be sure each advance is paid off prior to the 35th day. If an advance is not paid by the 35th day, the bank will withdraw the outstanding balance from the checking account, even if this overdraws the account, to pay the checking account advance.
Generally speaking, checking accounts in good standing would see that direct deposits are sufficient to payoff each checking account advance by their due date. A few examples of when a checking account may NOT be considered in good standing are if they become overdrawn, continue to be overdrawn, have deposited items returned, or if they discontinue receiving the direct deposit. These are just a few examples of where a customer should consider making a manual payment to their checking account advance to avoid an advance exceeding more than 35 days.
Example 2: Ella has her payroll check automatically deposited into her checking account on the 1st and 15th of the month. Ella had car trouble on the 12th of one month and needed $150 to fix her car. Ella took a $160 checking account advance that day. On the 15th of the month, Ella's payroll check was deposited into her checking account and the bank automatically made the checking account advance payment that same day. The bank withdrew $176 ($160 for the advance and $16 fee) from Ella's checking account and paid off the checking account advance balance. Ella reviewed her checking account the next day to be sure the deposit was made and that the checking account advance was paid off.
Can I payoff an advance early?
Yes. However there's no financial advantage to paying the outstanding balance off early as the fees (or cost of the advance) will remain the same. Making a manual payment is not necessary unless you believe an advance may be outstanding more then 35 days.
If a payment must be made from my checking account on the 35th day after I take the advance and my checking account balance becomes negative, will I be charged an overdraft fee?
No. An overdraft fee will not be assessed on the checking account advance payment transaction, however if other items post to your account, overdraft fees may be assessed on those items. Customers should also know that if this situation does occur, your ability to take another checking account advance will be suspended for a period of 30 days.
BACK TO ALL FAQ TOPICS
The Checking Account Advance Guide
The Checking Account Advance Agreement