Cash Reserve Loan ^top

Don't want to chance not having enough in your checking account to pay your checks? Play it safe with an ESL Cash Reserve Account. There's no need to worry because your Cash Reserve will cover the amount you may accidentally overdraw from your ESL checking account.

  • Cash Reserve is available with either ESL Free Checking or Premier Checking accounts.
  • You get Cash Reserve lines from $500 to $5,000.
  • Obtain advances at any ESL branch, through the Internet, or by calling TEL-E$L.
  • If your Cash Reserve is used, the payments will automatically deduct from your ESL checking account each month.
  • Get back some of the interest you pay with our unique Owners' Dividend*.

Apply online now for an instant Cash Reserve Account approval. Or stop by any ESL branch. To apply by phone, call 585.336.1000 or 800.848.2265.

CheckOK Gives Peace of Mind ^top

The overdrawn checking account is a thing of the past with CheckOK. It's the new ESL service that automatically advances funds from your designated ESL savings or Money Maker account to your ESL checking account to cover checking overdrafts. Even with the $5.00 fee for each transfer, CheckOKsm can cost considerably less than an insufficient fund fees. Even if you overdraw infrequently, CheckOKsm is the safe way to keep from damaging your credit by bouncing a check.

  • CheckOKsm is available with either ESL Free Checking or Premier Checking accounts
  • It can link directly to your Daily Dividend, Money Maker account or Premier Money Maker account, but you must be the primary owner of that account too1.
  • Daily check clearing may require only one transfer and one fee.
  • Until the funds are actually transferred to cover an overdraft, you continue to have full access to them and they will continue to earn dividends.

Apply now by logging into Internet Banking and clicking on the Forms tab. Or stop by any ESL branch office. To apply by phone, call 585.336.1000 or 800.848.2265.

Still have questions? Read the CheckOKsm Frequently Asked Questions below.

[Disclosures]

CheckOK Frequently Asked Questions ^top

What is CheckOKsm?

CheckOKsm is overdraft protection using your savings account to guard your checking account against checks that bounce due to insufficient funds.

How do I sign up for CheckOKsm?

You can sign up for CheckOKsm by logging into Internet Banking and clicking on the Additional Services button. The first link on the left in the light blue bar will take you to the CheckOKsm form. You can also sign up by calling 800.848.2265 or visit a branch.

How do I cancel CheckOKsm?

You can cancel CheckOKsm by logging into Internet Banking and clicking on the Additional Services button. The first link on the left in the light blue bar will take you to the CheckOKsm form. You can also sign up by calling 800.848.2265 or visit a branch.

Who can use CheckOKsm?

Anyone with a Free Checking account or a Premier Checking account can use CheckOKsm by designating a savings account or money maker account to cover overdrafts.

What is the Fee for CheckOKsm?

There is a charge of $5 per transfer from savings to checking to cover insufficient funds in your checking account. There are no monthly fees associated with this service. See the Fee Schedule for details.

What if I don't have enough money in my savings account?

If you do not have enough funds in your checking account and the savings account which is associated with your to cover a check, the check will be returned for insufficient funds.

How much money will be advanced from my savings account?

CheckOKsm automatically advances the exact amount needed to cover any shortfall in your checking account up to the available savings account balance.

Can I sign up for CheckOKsm if I already have a Cash Reserve account?

Yes. You must first bring your cash reserve balance down to zero. Then we will close your cash reserve and open the CheckOKsm service.

What happens to my Cash Reserve account if I sign up for CheckOKsm?

Your cash reserve account must be closed in order to use CheckOKsm.

Can I have both a cash reserve loan and CheckOKsm to cover my checking account?

No. You must choose one service or the other.

Why did I get one transfer to cover multiple checks, but one transfer for each POS transaction?

All your checks clear daily at the same time so we are able to batch the transfer to cover them. POS transactions come in any time during the day, so we are not able to batch the transfer from the savings account.

How can I change the savings account that this service draws on?

Use Live Member Service, call us at 800.848.2265 or visit a branch.

A check was returned for NSF and I have CheckOKsm, why didn't the transfer happen to cover the check?

This can be due to either not enough funds available in the savings or the savings account hit the Regulation D limit for the month.

What happens if my savings account does not have enough for the $5 fee?

We will overdraw your savings account for the fee.

Can I close my cash reserve with a balance and keep making payments on it?

No. You need to bring your cash reserve down to zero first. Once you do that, we can close out your cash reserve and start CheckOKsm for you.

Why did you send me a notice saying your disconnected CheckOKsm from my checking?

You changed the ownership of either your checking or savings account you had associated with CheckOKsm. For your safety, the two accounts linked must have the same owners.

I closed my cash reserve last month when I signed up for CheckOKsm, but I really want cash reserve protection. What do I do?

No problem, you simply need to apply for another cash reserve loan and cancel CheckOKsm using the form inside Internet Banking under the Forms tab.

When I do a check card purchase (pre-authorization), will it look to my savings account if I have?

Yes, CheckOKsm will work for ATM withdrawals, check card purchases, ACH, and checks.