Q:

Does Union bank offer a line of credit for checking account holders?

A:

Quick Answer

A Cash Reserve Account is a line of credit that Union bank provides for checking account holders. The account is used to automatically advance funds to a customer's linked checking account in order to cover overdrafts. In some cases, fees may apply.

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Full Answer

The Cash Reserve Account provided by Union bank is a revolving line of credit subject to credit approval. The account allows users to make authorized automatic advances to cover transfers between checking, money market and savings accounts for purchases and payments against insufficient funds in an eligible linked checking account. Any advance from the account made by the bank or the account holder can be made up to the available Cash Reserve Account limit. Repayment calculations for the account are determined using the Cash Reserve Account Agreement and Disclosure Statement.

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