Ready Reserve

Use a First Merchants line of credit as an automatic backup to your checking account. Just pay interest on the amount you borrow! Subject to credit approval.

How it works:

If your account is overdrawn, we will transfer funds from your credit line to cover the negative balance.

Example:

Three items totaling $325 are presented against your account with a balance of $45. We would transfer $280 from your Ready Reserve credit line and approve the items, leaving you with a balance of $0 in your account. 

Fees:

  • We will begin charging interest on the amount you borrow the day that funds are deposited into your account.
  • Normal overdraft practices apply after credit limit is exceeded.
  • Variable interest rates, annual fee $50 - please ask for details.