Reserve Line of Credit Info
U.S. Bank offers this line of credit to its customers as a hedge against overdrafts, to prevent a payment from remaining outstanding because you don't have enough money in your checking account. You will not have to pay any annual fee to take advantage of this service.
By contracting the Reserve line of credit, any charge that arrives to your account and exceeds the available balance will be paid thanks to the automatic credit transfer from the balance of the line of credit. Thus, you will not be left in the red and your bills will continue to be paid normally.
The interest rate applied for this product is fixed at 21.9% APR, although an Overdraft Protection Fee will also be charged if an automatic charge is made on the line of credit.
In order to avoid this automatic transfer fee, you can make a manual credit transfer yourself, so that this charge will not be applied, although you will continue to pay interest until you finish repaying the line of credit drawn down.
These manual transfers can be made from an ATM of the bank, going to a U.S. Bank branch or through the internet, using the bank's website or mobile app.
With US Bank you can also access the Personal line of credit and other financing products such as the Simple loan.
Español: Línea de crédito Reserve de U.S. Bank