Regions Ready Advance™ FAQs

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 to your qualified checking account. You can make multiple advances, up to your limit, so you borrow only what you need.

There is a Cash Advance fee of $1 for each $10 that you advance². For example, if you borrow $100, the Cash Advance fee would be $10. The Cash Advance fee does not reduce either the amount of your advance or your available credit limit. All Cash Advance fees are collected at the time of repayment.

Repaying the Ready Advance is seamless and convenient. Subject to your authorization, any outstanding balance is automatically repaid on the day the bank receives your next direct deposit of at least $100. If a direct deposit is not made to your qualifying checking account within 35 days of your advance to repay it, the outstanding balance will simply be withdrawn from the checking account.

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.

Yes. Transfers from other financial institutions into a Regions checking account are considered as 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 as a direct deposit.

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.

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.

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 nine months, receive a qualified direct deposit(s), reside within the Regions footprint and be in "good standing". For more information on these and other requirements, see the Ready Advance Account Agreement and Disclosures. Other exclusions and eligibility criteria apply.

There is generally no application process. 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 or would like to apply for Ready Advance, you may call (800) 766-1205 to request an application.

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

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

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.

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

All you need to do is call customer service at 1-800-REGIONS, or visit your local branch and request to be opted-out of Ready Advance.

Once you activate Ready Advance through Online Banking, you will be asked to review and accept the Account Agreement and Disclosures—this is quick and easy to do. Once the Account Agreement and Disclosures (Terms and Conditions) have been accepted and an initial advance is taken, Ready Advance is immediately activated. All advances are transferred to the qualified checking account. You can access Ready Advance via Online Banking, by visiting your local Regions branch, or by calling Customer Service at (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.

The Cash Advance fee is $1 for each $10 that is advanced¹. For example, if an advance is made for $100 into your checking account, 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.

Ready Advance does not have an annual fee, membership fee, late fee or overlimit fee typically associated with other line of credit products.

Should you elect to make your payments in monthly installments, the Cash Advance fee of $1 per every $10 borrowed¹ will apply, in addition, a 21 percent annual percentage rate (APR) will be charged on the unpaid balance. The minimum monthly payment amount will be either $100 or the amount of unpaid balance of your account, whichever is less. See the Ready Advance Account Agreement and Disclosures for details.

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.

Note: If the eligible checking account has a negative balance when an advance is taken, the amount advanced will first satisfy the negative balance. Any remaining funds will bring the available balance in the checking account positive. For example, if your eligible checking account currently has a negative balance of $100 and you transfer $60 to your eligible checking account, your checking account will still be overdrawn by $40 ($100 negative overdrawn balance - $60 advance = $40 negative balance). If you then borrow another $100, your eligible checking account balance would then be a positive $60 ($40 overdrawn balance - $100 advance = $60 positive balance).

Yes. The available limit is based on your combined monthly qualified direct deposits from the previous statement cycle. If the total amount 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 periodic statement.

Yes. You can take as many advances as needed, up to your available credit limit. However, if you reach your 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.

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

Subject to your authorization, payments for your Ready Advance balance are automated, so there are no checks to write or mail. Payments will be drafted anywhere from one to 35 days after your initial advance depending on the arrival of your next qualified direct deposit(s) of $25. Once your direct deposit is detected, we will automatically draft your payment from the eligible checking account.

Direct Deposits are applied to all incoming debit transactions based on the dollar amounts 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 payment is not made. If so, we will continue to look for other direct deposits until your payment due date.

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 $500 advance on June 1. With the Cash Advance fee, you would owe a total of $550. You receive a qualified direct deposit(s) of $300 on June 10, we will use that deposit to repay the $50 cash advance fee and $250 of the advance amount. You will still owe $250, which is the outstanding balance. If you do not receive another qualified direct deposit(s) within the 35-day repayment period, Regions will withdraw $250 from the eligible checking account on July 6. This could potentially cause an overdraft to the checking account.

Yes, payments can be made to an outstanding balance up to one business day 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.

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.

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

For example, let's assume on July 1 you have a credit limit of $400 and your current balance is $220. On July 3, you take an additional $150. With your $15 fee, this will make your total balance $385 ($220+$150+$15). On July 10 you have a direct deposit arrive of $400, we will use that deposit to repay your $385 balance.

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.

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.

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.

While Regions does not pull a bureau report to qualify customers for Ready Advance, once the line of credit 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.   

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/