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When you apply for an overdraft cash advance, you may be able to choose from several types of financing. One is called an Overdraft Cash Advance and is perfect for borrowers who need extra funds to cover emergency expenses. Borrowers can use these same overdraft cash advance programs at their place of business when they have a Business Credit Card and can choose the Overdraft Cash Advance option. This option lets you transfer excess funds between your Business Credit Card and your savings account or other lender approved accounts.
An Overdraft Cash Advance works the same way as a traditional check plus overdraft protection option. In order to get the maximum benefits, you will need to apply online with a participating company. After you submit your application, you will usually receive approval in about 2 minutes. You will have up to nine days to repay the funds, which will be transferred to your personal checking account through direct deposit.
These types of Overdraft Cash Advances are easy to find, because they are offered by most major banks and financial institutions. They are also easy to apply for online. They work just like any other credit card, so if you do not have a credit card, you can still qualify for an Overdraft Cash Advance with your regular checking account. There is no annual fee and there are no strings attached.
These type of overdraft cash advances are not available at all times, but there are times when they are available. If you plan on using them at your place of business, make sure you look into the terms and conditions of the bank or credit card service before you apply. Some overdraft services may charge a fee if you try to extend your overdraft protection beyond the ninety-day period that is typically available. Others may require a higher credit limit and a smaller percentage of your deposit to cover their overdraft fee.
If you need to transfer money to your paycheck or savings account, there are overdraft transfer options available with both retail banks and online financial institutions. Your bank can link your checking and savings accounts to allow for automatic transfers of your funds when they are available. Or you can use an online service to complete your transfer from checking to savings. This option can be less convenient than the linked account option but can be convenient. It takes a few extra minutes to complete the process but does not require a phone call or interaction with anyone else. If you don't have a linked checking account, it is probably the easiest way to complete your overdraft protection.
An overdraft protection agreement between you and the financial institution you are using will outline how the system works and what limitations apply. You will usually agree to limit the number of overdrafts that occur on each checking account. An overdraft protection fee may be required as well, though this varies by institution. You may also have the option of allowing for an automatic overdraft transfer at the end of your financial year. Allowing for an automatic overdraft protection transfer with your credit card allows you to manage your cash flow in a more efficient manner.