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Regions Ready Advance® FAQs

Regions Ready Advance® provides eligible Regions consumer checking account customers to take an advance on their next qualified direct deposit without the trouble of taking out a loan.

General Information:
Product Eligibility Terms:

Activation & Advances:

Repayments:
Other Information:

What is Regions Ready Advance®?

Regions Ready Advance® is a short-term, small-dollar line of credit available to qualified checking account customers. There is generally no initial application, credit check or loan closing; your ability to qualify is based on your checking account relationship with the bank (see the Product Eligibility section below for more information). Ready Advance allows you to activate the line of credit and immediately transfer advances, for a fee, to your qualified checking account. You can make multiple advances, up to your limit, so you borrow only what you need.

Ready Advance has two phases,You are considered a Phase One customer upon activation of your Ready Advance account. After 12 statement cycles, if your account is in not in default, your account will automatically transition into Phase Two. The key differences for each phase are your Cash Advance fee, maximum credit limit and the timing in which your Ready Advance balance is repaid. Where applicable, specifics regarding these differences are outlined in the questions below.

Note: Ready Advance is an expensive form of credit compared to some alternatives. Please contact a Regions Bank associate to discuss other credit opportunities for which you may qualify. Ready Advance not available for deposit accounts originated in North Carolina.

 

For what purposes could I use Regions Ready Advance?

At Regions, we understand that some expenses are not planned. Ready Advance is designed for customers who may need immediate cash on a short-term basis or can't immediately access funds in other accounts. As those needs arise, Ready Advance could be a reliable resource. Qualifying for Ready Advance does not require a credit check or an application (for eligible customers) and provides immediate accessibility to funds.

For example, let's say your car breaks down on a Saturday and you need $250 for immediate repairs. The bank may be closed or you may not be able to obtain a credit through traditional means.  Having Ready Advance will allow you to borrow funds immediately to pay for repairs.

Because Ready Advance is an expensive form of credit, you should not rely on it for long-term credit needs. Please contact Regions to discuss whether Ready Advance or another Regions product may be the best solution for you.

What are the benefits of using Ready Advance?
Ready Advance is designed to assist in unexpected expense situations. Ready Advance provides eligible customers with added financial control: you decide if you need funds, when to borrow funds and how much you need.

Are there other Regions products that are available that could meet my financial needs?

Like any Regions product, Ready Advance is not right for everyone. There are other credit products, including lower-cost options, which provide similar sources of funds to our customers. Please contact Regions Loan-by-Phone at (888) 462-7627 to discuss if another Regions product may be right for you. You may also refer to our website to find the right Regions product for you.

How do I know if I am eligible for Ready Advance?

Ready Advance is available to qualifying customers who have a consumer checking account. However, not every account is eligible for Ready Advance. To be eligible the checking account must have been open for at least six months, receive a qualified direct deposit(s), reside within the Regions service area and not be in default. Ready Advance not available for deposit accounts originated in North Carolina. For more information on these and other requirements, see the Ready Advance Account Agreement and Disclosures. Other exclusions and eligibility criteria apply.

 

What is a qualified direct deposit?

Any direct deposit(s) in the amount of at least $25 or greater is considered a qualified direct deposit.

 

How do I apply for Ready Advance?

Generally, there is no application for eligible customers. Checking accounts are screened for eligibility each night. Customers can verify their eligibility by accessing Online Banking. A Ready Advance banner will display on the Account Summary screen for eligible customers. Ineligible customers will not see the Ready Advance banner. If you do not see the Ready Advance banner, but still think you might qualify, you may call 1-800-766-1205 to obtain an application.

 

What is a direct deposit?

A direct deposit describes any funds deposited into your account from a third party through electronic means. Types of direct deposits include payroll deposits, government benefit payments, retirement account disbursements, investment income transfers, pension payments and merchant refunds, just to name a few.

Note: A manual deposit made in a branch or ATM is not considered a direct deposit.

 

Are electronic transfers made from other financial institutions into a Regions checking account considered a direct deposit?

Yes. Electronic transfers from other financial institutions into a Regions checking account are considered direct deposits and will be used to pay back any balances owed. Internal transfers or in house transfers made from one Regions account to another Regions account are not considered a direct deposit.

How are my direct deposit(s) used to qualify for Ready Advance?

Your direct deposit(s) must be at least $25 per deposit and total $100 per monthly statement cycle. Also, direct deposit(s) must have been received in at least two of your three most recent checking account statement cycles.

Accounts that do not have qualified direct deposit(s) are not eligible for Ready Advance.

What do I do if I currently do not receive qualified direct deposits?

Setting up direct deposit(s) is simple. Contact the Regions Online Concierge at 1-800-240-7887 or visit your local branch for assistance in setting up this feature.

If I am a new customer, when will I be able to access Ready Advance?

Regions requires that your checking account be open at least six months before Ready Advance may be made available to you.

What if I am eligible for Ready Advance, but I am not interested in the product. How do I exclude myself from product?

To discontinue receiving the Ready Advance offer, contact Regions Customer Service at 1-800-REGIONS (734-4667) or visit your local branch and request to be opted-out of Ready Advance.

How can I activate Ready Advance?

Ready Advance is activated via Regions Online Banking only.  If a Ready Advance banner is displayed on the Account Summary screen, activation is just a few clicks away. Eligible customers must first review and accept the Account Agreement and Disclosure. Once the Account Agreement and Disclosures (Terms and Conditions) have been accepted and an initial advance is taken, Ready Advance is deemed activated. All advances are transferred to the qualified checking account.  Future advances can be made via Online Banking, by visiting your local Regions branch, or by calling Customer Service at 1-800-231-7493. In addition, your monthly statement will contain a Loan Request Draft that you can present at any Regions Branch.

Note: Any individual who has access to your Online Banking credentials may activate Ready Advance and take advances through Online Banking. Please see your Online Banking Service Agreement for more details.

Is Online Banking the only way to activate Ready Advance?

Yes. Ready Advance is activated via Regions' Online Banking only. Using Online Banking provides a safe, secure and convenient environment for you to transfer funds when you need them.

Once my Ready Advance is activated, where are funds transferred?

All funds from your Ready Advance are transferred into your eligible checking account.

Note: If the eligible checking account has a negative balance when an advance is taken, the amount advanced will first satisfy any negative balances. For example, if your eligible checking account currently has a negative balance of $100 and you make a $150 advance. $100 of the advance will be used to satisfy the overdrawn amount, making  your new checking account balance equal $50 – assuming there are no additional debits to the checking account.

Is there a Cash Advance fee for using Regions Ready Advance?1

Yes. A Cash Advance fee is applicable for any advance taken on your account. The amount of the Cash Advance fee differs for Phase One and Phase Two.

Phase One: The Cash Advance fee is $1 for each $10 advanced. For example, if an advance is made for $100, the Cash Advance fee would total $10, for a total balance due of $110. When the next qualified direct deposit(s) is posted, Regions will debit the checking account for $110 to satisfy the total outstanding balance.

Phase Two: After you have been a Ready Advance customer for at least 12 statement cycles, and if your account is in not in default, the Cash Advance fee will decrease to $0.70 for each $10 advanced

Note: A Periodic Interest Rate will apply to accounts not automatically repaid by direct deposit(s). See the Ready Advance Account Agreement and Disclosures for more details.

Are there any other fees or interest associated with Ready Advance?1

The copy fee for an account history report is $5.00. The fee for statement reprint is $5.00. However, Ready Advance does not have an annual fee, membership fee, late fee or over-limit fee typically associated with other line of credit products.

Should you elect to make your payments in monthly installments, in addition to the Cash Advance fee, interest at a rate equal to 21 percent APR (Annual Percentage Rate) per year will be charged on the unpaid balance. If your Ready Advance payments are made by automatic debit to your checking account, interest will also be charged if balances are not  paid in full in a timely manner according to the automatic debit terms. However, if your Ready Advance balances are repaid  in accordance with the automatic debit terms, then interest will not be charged on outstanding balances. See the Ready Advance Account Agreement and Disclosures for details.

Note: A checking account may have service charges unrelated to Ready Advance, such as monthly maintenance fees, minimum balance fees, overdraft fees, etc. These fees are charged based on checking account activity and are not associated with Ready Advance.

How is the Ready Advance line amount calculated?

Ready Advance credit limits vary based on which phase your account is in.  

  • Phase One: Credit limits range from a minimum of $50 to a maximum of $500
  • Phase Two: Credit limits range from a minimum of $50 to a maximum of $1,000
Your credit limit is based on 50 percent of your total qualified monthly direct deposit(s). For example, if you have qualified direct deposit(s) that total $800, and you are a Phase One customer, your maximum credit limit would be $400.  

How will I know what my credit limit is?
Once Ready Advance is activated via Online Banking, the credit limit will be displayed before you finalize the activation process. Once Ready Advance is activated, you can get account information by calling Customer Service at 1-800- 231-7493, visiting a Regions branch, or through Regions Online Banking. Customers will also receive a monthly loan statement that provides transaction details and account information related to the Ready Advance product.

How much can I advance?

If your account is eligible, you may borrow up to your available limit, minus any previous unpaid balances. Advances must be taken in $10 increments.

Can the available limit of my Ready Advance change?

Yes. The available limit is based on your combined monthly qualified direct deposits from the previous checking account statement cycle. If the total amounts of your direct deposits change, the available limit for your Ready Advance will change. Your available limit will be noted in your Online Banking account and your monthly billing statement.

Is there any way I can have my limit increased?

No. The Ready Advance limit is calculated systematically and is based on your combined monthly direct deposit activity.

Can I make multiple advances?

Yes. You can take as many advances as needed, up to your available credit limit. However, if you reach your maximum credit limit for six consecutive months your Ready Advance account will be forced into a "cool off" period for one billing cycle. During this time, you will not have access to your line of credit.

Please remember, Ready Advance is designed for short-term credit needs and may be an expensive form of credit. If you decide to use Ready Advance, borrow only as much as you can afford to repay.

Are there cut-off times associated with the deposit of the advance into my checking account?

Yes.  Advances initiated before 8:00 P.M. CT will cover all transactions processed the same business day.  Advances initiated after 8:00 P.M. CT will cover transactions processed the following business day.

If I am repaying my balance by automatic debits to my checking account, when are payments made?

Phase One:  During the first 12 monthly statement cycles of your account, we will debit your outstanding balance automatically from your qualified checking account with Regions each time a direct deposit is made to your checking account and, in any event, within 35 days after the oldest outstanding cash advance was made.

For example, you are a Phase One customer and you take a $300 advance on June 1. With the Cash Advance fee, you would owe a total of $330. You receive a qualified direct deposit of $350 on June 10. We will use this deposit to repay the $330 balance. It’s important to note that  your next qualified direct deposit could be received as early as the next day!

Phase Two: After you have been a Ready Advance customer for 12 statement cycles, each month your entire outstanding Ready Advance balance will be automatically debited from your qualified Regions checking account  on your monthly Payment Due Date, instead of upon receipt of your next direct deposit(s). In most cases, this allows a longer period to repay outstanding balances on your account; however, this will depend on when you take advances in relation to your monthly Payment Due Date.   

How is my direct deposit used to pay my Ready Advance payment in Phase One?

Direct Deposits are applied to all incoming checking account debit transactions based on the dollar amount in a "high to low" order. The amounts of the debit transactions will determine if any, or all, portions of the direct deposit are applied to your Ready Advance payment.

For example, let's assume your direct deposit is $500 and your Ready Advance payment due is $200. Any additional items presented for payment greater than $200 will be paid prior to your Ready Advance payment. That means there may be circumstances where your entire Ready Advance balance is not paid. If so, we will continue to look for other direct deposits until your balance is paid in full.

What if I am a Phase One customer and my next direct deposit doesn't pay my entire balance due?

There may be situations where the automatic payment does not satisfy the entire outstanding balance and fees. We will continue to monitor your checking account for additional qualified deposits and will continue to apply those direct deposits to the Ready Advance balance until the balance is paid in full. If an advance and any fees are not repaid by the 35th day after the advance is made, Regions will withdraw the remaining outstanding balance and fees from the qualified checking account balance.

For example, let's assume you take a $200 advance on June 1. With the Cash Advance fee, you would owe a total of $220. On June 10, you receive a qualified direct deposit of $100. This deposit will satisfy $100 of your outstanding balance, leaving a balance due of $120. If you do not receive another qualified direct deposit within the 35-day repayment period, Regions will withdraw $120 from the eligible checking account on July 6. This withdrawal could potentially cause an overdraft to the checking account.

If a payment must be taken from my checking account on the 35th day after I take the advance and this causes my checking account balance to become negative, will I be assessed an overdraft fee?
No. An overdraft fee will not be assessed on the Ready Advance payment; however, additional overdraft fees may apply if other debit items post at that time or thereafter while the checking account remains in a negative balance.

Can I make additional payments?

Yes, payments can be made to an outstanding balance up to five business days prior to the automated payment date. Payments can be made via Online Banking or by visiting your local branch.

Note: Repaying any advance in this manner does not change the amount of advance fees owed.

Do I have the option to repay my advance in installments?

Yes. If you do not wish to use the automated repayment feature described above, you may elect to repay your balance in installments, subject to the Ready Advance Account Agreement and Disclosures. Electing to repay your balance in installments does not change your account type. Your account type will remain as a line of credit. Your monthly statement will display the minimum payment due. Balances repaid in installments are subject to a monthly periodic rate of 1.75 percent  of 21 percent APR). If you elect to repay your Ready Advance in installments, you must notify Regions BEFORE you activate your loan. Without notification, there may be a delay in converting your balances to installments and could result in additional interest charges.

If I enroll in the Installment Option, how much will my monthly payment be?

If you elect to enroll in the Installment Option and your election to do so has become effective, your minimum monthly payment will be 50 percent of your outstanding monthly balance or $100, whichever is greater.

For example, if you have a $400 balance on October 1 your minimum monthly payment will be $200. After this payment is applied (and assuming there are no additional advances), your November billing statement will show a new minimum payment of $100. This process will continue until the balance is paid in full.

Note: the minimum monthly payment is $100.

Once I've repaid my balance and take a new advance, do I need to alert you again to change my payment plan to Installments?

No. Once you've elected to change you payment plan, it will remain as such until you request to change it back or close out the line of credit.

Does my advance have to be completely repaid before taking another advance?

No, you may take multiple advances up to your maximum credit limit – even if you have an outstanding balance.  

Can I choose which Phase I wish to participate in?

Remember, your Ready Advance account will transition into Phase Two automatically after 12 statement cycles. If you wish to remain in Phase One, you must notify us by calling 1-800-231-7493 or by visiting your local Regions branch.

By remaining in Phase One, you will not receive the lower Cash Advance Fee or the potential increase in the maximum credit limit. If you elect to remain in Phase One, and later wish to transition to Phase Two, you may call us at 1-800-231-7493 or by visiting your local Regions branch.

Will using of Ready Advance impact my ability to access other Regions credit products?

Each Regions product contains its own set of eligibility requirements, and you would be evaluated accordingly should you apply. We believe that Ready Advance provides a valued source of credit to many of our existing checking account customers, but traditional credit products should be considered prior to accessing Ready Advance.

Will my line of credit be reported to the credit bureau?

While Regions does not pull a bureau report to qualify customers for Ready Advance, once the account is activated, account activity will be reported to the bureau each month for the Ready Advance account owner. When used correctly, Ready Advance is a great opportunity to help build or strengthen credit. However, failure to repay advances as agreed may result in the reporting of adverse credit information.

Who might I contact for more information regarding financial education?

Non-profit credit counseling agencies may be able to help you restructure and consolidate your debts and work with creditors on your behalf. The National Foundation for Credit Counseling (NFCC) is the most respected credit counseling agency network. You can reach the NFCC by visiting http://www.nfcc.org, or calling (800) 388-2227 (English) or (800) 682-9832 (Spanish).

You may also visit the following sites to learn more about managing debt and credit wisely:

http://www.fdic.gov/consumers/education/
http://www.mymoney.gov/
http://www.fdic.gov/consumers/loans/

 

  1. Other fees and charges may apply as described in the Ready Advance Account Agreement and Disclosures.
  2. This Frequently Asked Questions document is not an offer or contract for any product or service at Regions and it does not replace the legal terms and conditions of the Regions Ready Advance product. Questions and Answers within this document are subject to change. All Regions Ready Advance loans are subject to the Ready Advance Account Agreement and Disclosures.

 

Call 1-800-REGIONS