Business Overdraft Line of Credit
Eligibility. All applicants must have an ESL Business Classic Checking, Business Premier Checking, or Business Analyzed Checking Account.
Application and Approval. Approval of your application is required to obtain a Business Overdraft Line of Credit. Your credit history will be reviewed during the application process.
Automatic Advances. Funds will be automatically advanced at the end of day to the associated ESL business checking account when the account is overdrawn. Advances are in $100 increments.
Direct Access. You can request funds be transferred from your Business Overdraft Line of Credit – quickly and easily – to the associated ESL business checking account in $100 increments. This can be done through Business Online Banking and chat banking. You can also call 585.336.1000 or visit any ESL branch.
Calculating Your Monthly Payment. The monthly payment is 2.7778% of the principal loan balance outstanding at the end of the last monthly statement period, plus the finance charge and any late charges that are due.
Minimum Monthly Payment. The minimum monthly payment is $20 for accounts with a balance or the entire outstanding balance if it is less than $20. If there is no balance, no payment is due.
Payment Due Date. The minimum monthly payment is automatically debited from the associated ESL business checking account on the 15th of the month.
Late Charges. A late fee of 5% of the required amount due, with a $25 minimum, is charged if the payment is not received 10 days after the due date.
Payment options. You can repay your account balance at any ESL branch or through Business Online Banking. You can also make payments through chat banking, calling us, TEL-E$L, or with automatic AutoSweep transfers.
Prepayment. There are no prepayment penalties with our Business Overdraft Line of Credit.
Eligibility. To take advantage of our CheckOK service, you need an ESL Business Classic Checking, Business Premier Checking, or Business Analyzed Checking Account and a linked ESL business savings account. There is no minimum age requirement.
- Checking accounts may be connected to our CheckOK service OR a Business Overdraft Line of Credit, but not both.
- Guardianship, Conservator, Custodian, Representative Payee, and Federal Fiduciary Accounts may not have this service.
Automatic Advances. CheckOK automatically uses advances from your linked ESL savings account to cover withdrawals when there are insufficient funds in your checking account.
- Advances are made in the exact amount required to cover a withdrawal.
- Withdrawals covered by CheckOK can be made by check, at an ATM or point of sale, or through Automated Clearing House (ACH) transactions.
One Fee per Day Maximum. With CheckOK, you will pay only one fee per day when you use the service, regardless of how many advances are needed. (See Fee Schedule.)
For More Information: See the CheckOK section of our Frequently Asked Questions.
ESL Courtesy Pay
Eligibility. ESL Courtesy Pay is not a loan or other credit product and requires no application or credit approval. All new business checking accounts are automatically enrolled as soon as they meet the enrollment criteria.
- You must be a member in good standing;
- Your checking account must be open for a minimum of 60 days;
- All loans are current and in good standing;
- You cannot have any legal or administrative orders, including attachments, garnishments, or levies against your accounts; and
- You cannot have any pending bankruptcies or financial counseling arrangements.
Enrollment and Registration.
As long as you meet the above criteria, you will be enrolled automatically in ESL Courtesy Pay. If you do not want to take advantage of this service, you can opt out by signing on to online banking and completing the Decline Form.
Basic Coverage. ESL Courtesy Pay automatically covers checks, automatic ACH withdrawals, and ESL Bill Pay transactions. ESL Courtesy Pay limits are defined based on the business checking account type. If you have more than one business checking account, each account will be covered by a separate ESL Courtesy Pay limit. These limits include any fees charged for each item that overdraws your account. However, fees may take the account above the ESL Courtesy Pay limit.
- Business Classic Checking – $500
- Business Premier Checking – $1,000
- Business Analyzed Checking – $1,000
- Business Analyzed Checking Plus – $1,000
Fees. A simple, straightforward fee is charged for each ESL Courtesy Pay transaction.
Balance Requirements. To maintain your Courtesy Pay service, you must bring your account to a positive end-of-day available balance at least once every 20 days. Please remember that ESL will not pay overdrafts if you do not meet the eligibility requirements.
For More Information: See the Courtesy Pay section of our Frequently Asked Questions.