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Insta-Cash provides overdraft protection for your SSB checking account. Consider it a revolving line of credit that's activated by writing a check. Repay funds in monthly installments, and build up your reserve for use as needed.
How It Works
Insta-Cash is a personal line of credit that you can draw upon whenever you need extra funds. Similar to a loan, customers apply and are approved for Insta-Cash and the amount of available line of credit. Approval and line of credit amount is based on your credit history, credit score, income, debt and your overall financial picture. Accessing funds is convenient and automatic. If your balance falls below zero, your Insta-Cash will automatically be activated and deposit funds in increments of $100 into your checking account up to your available limit. You repay the used balance in monthly installments. As you repay, your unused Insta-Cash reserve is rebuilt and may be used as you need it. There is no limit on the number of times you can use your Insta-Cash during a month.
Suppose your checking account balance is $230 and you want to make a purchase for $395. If you have an Insta-Cash line of credit, you can pay for the purchase in full, either by writing a check, using your debit card or withdrawing cash from the ATM.
This will automatically activate your Insta-Cash line and the funds will be transferred into your checking account.
Purchase Total......................................... $395
Checking Account Balance..................... $230
Insta-Cash credit to your account...........$200
Checking Account Balance after Insta-Cash and Purchase: $35
It is free to establish an Insta-Cash line of credit. You pay only when you elect to activate your line of credit. The finance charge is $0.05 per $100 per day (18% Annual Percentage Rate) on the unpaid balance. The finance charge is charged only on the unpaid balance, not the total line of credit. In some cases, this interest rate will cost less than the interest charged by traditional credit cards on outstanding balances.
Insta Cash Activity
The last page of your monthly statement for your checking account will provide a summary of your Insta-Cash activity. The summary includes:
- Outstanding Balance
- Finance Charges
- Available Balance
- Payment Due Date
- Payment Amount
Repayment is simple and easy. Payments are automatically deducted from your checking account once a month, 10 days after your statement day. The amount deducted will be 5% of your outstanding balance or $25, whichever is greater. If the unpaid balance is less than $25.00, the payment shall be in the amount of the unpaid balance. To make a payment greater than the minimum you can do so by making a transfer using online banking. Insta-Cash can be added to your online and mobile banking by request or at one of the branches. A deposit into your checking account is not considered a payment.