Eastern Bank offers a Cash Reserve Line of Credit of up to $15,000 for the rare instances when you overdraw your account. While the best way to minimize the possibility of an overdraft is to actively monitor your Eastern Bank account to ensure you have sufficient funds, this convenient line of credit can help provide the protection you need.1 What’s more, the Annual Fee and Cash Advance Fee are waived if your Cash Reserve Line of Credit is linked to an Eastern Premier Checking account or Select Checking account.
Features & Benefits of a Cash Reserve Line of Credit from Eastern Bank
With a Cash Reserve Line of Credit, you'll enjoy these benefits:
- Protection from unintended overdrafts
- Flexibility to apply for a line of credit from $1,000 to $15,000
- The option to have your payments automatically deducted from your checking account
(1) For the transaction to be covered and to avoid an overdraft or insufficient funds fee, the Cash Reserve Line of Credit from Eastern Bank must have a sufficient balance to cover the overdrawn amount.
Eastern Cash Reserve Line of Credit
Parameters & Fees:
- Minimum loan amount: $1,000
- Maximum loan amount: $15,000
- The annual fee of $25 is assessed on December 1st
- There is a Cash Advance Fee of $10 for each Overdraft Advance greater than $5, subject to a maximum daily limit of $10; $10 Cash Advance Fee are waived for Eastern Premier Checking customers
- The $25 annual fee is waived for Eastern Premier Checking or Eastern Select Checking customers
- Late fee: $10 or 10% of the Principal balance (whichever is less)
- Must have open consumer checking account; all account owners must apply
- Accounts for minors do not qualify (UTMA and 18/65)
The annual percentage rate (APR) is what credit costs a borrower each year, expressed as a percentage of the loan amount.
The Cash Advance Fee is assessed on the day an advance is taken; billing occurs at the end of the statement cycle for all advances made during the cycle
Consumer loan rates effective 9/1/20
How to Apply for a Cash Reserve Line of Credit from Eastern Bank
Applying for a Cash Reserve Line of Credit from Eastern Bank is easy: