Second Chance Checking

Assuming that you have qualified for $500 of ODP and you have a current balance of $100, you use $200 of ODP to pay your $300 electric bill. If your next deposit is $500, your new balance will be $275 (deposit of $500 less the $200 of ODP less the $25 ODP fee). Your electric bill can be paid, and no one would know that you used the ODP other than you and the bank. No embarrassing denials or applying for payday loans!!

Assuming that you have qualified for $300 in ODP and you visit an ATM which has a surcharge fee of $1.50 (ATM surcharge fees may vary. Surcharge fees are set by the owner of the ATM), you find yourself running low on cash. Your current balance is $50, but you really need $100 in cash. By making a trip to the ATM, you are able to withdraw the $100. Your account now has a balance of negative $77.50 (balance of $50, less the $100 ATM withdrawal, less the $25 ODP fee, less the $1 Peoples ATM withdrawal fee and less the ATM owners set surcharge fee of $1.50). ATM withdrawal fees and ODP fees are always deducted from your available ODP balance.

For a $500 payday loan, the lender will typically charge you a fee of $10-$15 per $100 borrowed. You will typically pay around $50 in fees, resulting in a pay back of $550. With our ODP program, if you have direct deposit linked to your account and have previously qualified for ODP, you may withdraw up to $475 for a one-time fee of $25. When your next deposit posts to your account, you will pay back $500. That amounts to a $25 savings, and you can do it anytime as long as you have ODP available, without the trouble of going through the process required to get a payday loan.

Typically you can get a payday loan one of two ways:

First : You can visit a store location and request a short-term payday loan. The process for this is quite lengthy and time consuming. You first have to physically enter a store location with your most recent bank statement and utility bill for the approval process. Second, after being approved you will have to write a check for the desired amount plus their fee. In return, they hold your check and give you the cash minus the fee. Then, on your next payday you have to return to that same location and pay back what you borrowed plus their fee. At this time, they will return your check to you. During this process, you can typically expect time to be spent for transportation to the location and time spent waiting in line.

Second : You can apply for one online. This is more convenient than visiting a physical store location, because you can handle the same process from home at your leisure. Typically, the same fees apply when processed online as they do when visiting a physical store. A standard waiting period of 24 hours is to be expected with this program, to allow for time for the funds to hit your bank account.

This is the fastest, most convenient way to get emergency cash. When you are in need of emergency cash, use the ODP on your account instead of applying for a payday loan. Take advantage of this feature 24 hours a day, 7 days a week, without ever leaving the comfort of your home/work to visit a store, fill out applications, wait for approval, or wait for the funds to post to your account. This is also the most discreet way to take out a loan. No one will ever know, other than you and the bank. Our ODP program can help you avoid embarrassing confrontations and late fees with vendors, avoid late rent payments, and avoid utilities being turned off, pay for auto repairs, or simply take care of yourself and your family in the event of an emergency. ODP is available with your account at all times, unless you have opted out or abused the program. Peoples ODP program is with you wherever you go and available when you need it!