The Bank of Elk River serves the financial needs of individuals and businesses in Elk River, Otsego, and Zimmerman Minnesota.
Business Ready Reserve
Business Ready Reserve is a revolving line of credit that is tied to a business checking account to serve as overdraft protection.
FEATURES AND BENEFITS:
- Advances are automatically made in $200 increments when the checking balance falls below zero.
- Allows businesses to make small purchases without coming to the bank for a separate loan.
- Can prevent overdraft fees and checks from being returned NSF.
- Available to any business who has been in business more than two years.
- Credit limits can range between $1,000 and $10,000 depending on the business' credit history.
- Monthly payments are 5.0% of the outstanding balance or $25, whichever is greater. Payments are deducted automatically from the checking account on the statement cycle date.
COST OF SERVICE:
- No interest charge unless the Business Ready Reserve is used.
- Business pays 18.0% interest on the unpaid balance.
- $50.00 Annual Fee