| Overdraft Coverage |
Link your checking account to your Montecito Bank & Trust savings account. |
Link your checking account to a line of credit that is specifically reserved for checking overdraft protection |
For overdraft protection coverage needs of $10,000 or more, our working capital line of credit, Business Maximizer, can serve as overdraft protection to your business checking account. To find out more about a Business Maximizer Line of Credit, just click here. |
| How does it work? |
If you accidentally overdraw your checking account, funds to cover your specific checking balance shortages will transfer from your savings account into your checking account, up to the available balance in your savings account. |
Upon credit approval, an established limit is approved for your Ready Cash Reserve. Credit limits range from $1,000 to $10,000. Should you overdraw your business checking account, funds in increments of $100.00 will transfer from your line of credit to your checking account to cover your checking overdrafts, up to your approved and available credit limit. |
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| Rates and Fees (other fees apply and are included in the agreements) |
There is a $10.00 transfer fee each time overdraft funding is needed. This fee will be assessed against your checking account. |
Fees apply. The fixed Annual Percentage Rate (APR) is 18%. Interest is charged when the line of credit is accessed creating an outstanding principal balance. Minimum monthly payments are 5.00% of the outstanding principal balance or $25, whichever is greater, plus all accrued Finance Charges. |
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