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Us Bank Checking Account Advance Fast Money

Reviewing: Us Bank Checking Account Advance  |  Rating:
demon_buttercup By demon_buttercup on
Badge: Publisher | Level: 7 | Finances Expertise:

I'm do most of my banking online and one day while I was checking my balance, I noticed a new clickable link "Request Checking Account Advance". Since I never heard of it before, I was curious and clicked. Turns out, if you have an established US Bank checking account in good standing and have had at least 2 direct deposit is over $100 in the past 6 months, you are eligible for a cash advance using the next possible direct deposit as collateral.

I read the terms of service and found out my credit limit was half of my last direct deposit, so it was $460. You could request an advance in increments of $20. The interest rate is a little steep - 10%, but still lower than most paycheck advance companies I had seen. I can always use a few extra bucks and figured I'd give it a try and see how simple and easy it really was. It was actually a quick 4 click process and presto, my checking account now had a magical extra $20 in it - ready for withdrawal immediately.

I learned the hard way however, that if you don't have a guaranteed direct deposit coming in any time soon, it probably isn't a good idea to take the advance. You have 35 days to pay off the advance and if you don't have any direct deposits come in that time frame, they withdraw the money from your account even if you don't have it in your account - they just complete the process as an overdraft.

While I think this is a great option in case of an emergency, such as an accidental overdraft and having the need to pull your checking account out of the negative, it is too much of a temptation for someone like me where money burns a hole in my pocket. I managed to max out my advance and soon owed $506 (460 for the advance and 46 for the interest) to my bank that I could not pay off. Guess where my stimulas check went, lol.