Business Overdraft Protection Options

ESL offers several helpful ways to manage and avoid overdrawing your business checking account.

Each overdraft protection service we offer will give you peace of mind and help to: 

  • Avoid bouncing checks
  • Avoid merchant late fees and returned item fees
  • Eliminate the embarrassment of returned checks
  • Eliminate the need to make alternate payment arrangements
  • Protect your good credit rating
  • Features & Benefits

    Business Overdraft Line of Credit

    • Lines from $500 to $25,000.
    • Lines advance in $100 increments.
    • No per-transfer fee (see fees tab).
    • Advance your line at any time in any increment through Business Online Banking, TEL-E$L, or by visiting your local branch.
    • Payments automatically deducted from your ESL business checking account.

    CheckOK

    Overdraft protection that automatically advances funds from a linked business checking or savings account. 

    • Transfers are advanced in exact increments to cover your overdraft.
    • Only one fee per day, regardless of how many advances (see fees tab).

    ESL Courtesy Pay1

    ESL Courtesy Pay works in the absence of other overdraft options or when you have reached your limit. It provides comprehensive protection for eligible business checking account holders. 

    • If you overdraw your account, ESL pays each item up to your Courtesy Pay limit. This avoids payments being returned.
    • ESL charges you a fee up to $37.00 for each overdraft transaction.
    • The total overdraft amounts plus fees may exceed your Courtesy Pay limit.
    • Courtesy Pay covers checks, automatic ACH withdrawals, Bill Pay transactions, and ESL Visa® Business Check Card transactions.
    • Business checking accounts that meet qualifying criteria are automatically enrolled in Courtesy Pay. If you do not wish to take advantage of this service, you can opt out at any time.
     
  • Specifics

    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.

    CheckOK

    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.

    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.

     
  • Fees

    Overdraft Protection Fees

    Fee Type
    Description
    Fee
    Fee TypeCheckOK Fees
    DescriptionOverdraft protection paid from a linked account — Coverage of insufficient or uncollectable funds (from your checks, automatic withdrawals via ACH, and ESL Bill Pay transactions) are paid by a linked account (e.g., business savings account). The maximum overdraft is based on the amount available in the linked account.

    - Monitor account activity with ESL Business Online Banking.
    - Set up email alerts to let you know when your balance falls below a certain amount.
    - Transfer funds from another ESL account via an ESL ATM, online or mobile banking, TEL-E$L, chat or telephone banking, or at an ESL branch.

    View Business Online Banking
    Fee$5.00 each day an overdraft occurs. No fee when not used.
    Fee TypeCourtesy Pay Overdraft Fees
    DescriptionOverdraft Protection for checks, Bill Pay, and automatic ACH payments — Coverage of insufficient or uncollectable funds (from your checks, automatic withdrawals via ACH, and ESL Bill Pay transactions) are paid by ESL up to the maximum overdraft. Each overdraft is charged a fee based on the value of the item. The monthly maximum overdraft is $500 for Business Classic Checking and $1,000 for Business Premier or Business Analyzed Checking.
    Ways to avoid fees

    - Monitor account activity with ESL Business Online Banking.
    - Set up email alerts to let you know when your balance falls below a certain amount.
    - Transfer funds from another ESL account via an ESL ATM, online or mobile banking, TEL-E$L, chat or telephone banking, or at an ESL branch.

    View Business Online Banking
    Fee$37.00
    Fee TypeCourtesy Pay POS Overdraft Fee
    DescriptionOverdraft Protection for Point of Sale Transactions — Coverage of insufficient or uncollectable funds (from your debit card purchases) are paid by ESL up to the maximum overdraft. Each overdraft is charged a fee based on the value of the item. The monthly maximum overdraft is $500 for Business Classic Checking and $1,000 for Business Premier or Business Analyzed Checking.
    Ways to avoid fees

    - Monitor account activity with ESL Business Online Banking.
    - Set up email alerts to let you know when your balance falls below a certain amount.
    - Transfer funds from another ESL account via an ESL ATM, online or mobile banking, TEL-E$L, chat or telephone banking, or at an ESL branch.

    View Business Online Banking
    Fee$0.01-$5.00: Free

    Greater than $5.00: $37.00 Fee

    Fees may change. 

     

    Business Overdraft Line of Credit Fees

    Fee Type
    Description
    Fee
    Fee TypeAnnual Fee
    DescriptionAnnual fee to have a Business Overdraft Line of Credit
    FeeNone
    Fee TypeLate Fee
    DescriptionIf your payment is overdue for more than ten days, you will be charged a late fee
    Ways to avoid fees

    - Monitor account activity with Business Online Banking.
    - Transfer funds from another ESL account via an ESL ATM, Business Online Banking, TEL-E$L, chat or telephone banking, or at an ESL Branch.

    View Business Online Banking
    Fee5% of the principal payment due with a $25 minimum

    Fees may change. 

     

     
  • How to Apply

    It’s easy to request Business Overdraft Protection.

    The easiest is to talk with an ESL representative: