Money in Reserve
Characteristics
Money in Reserve is the quickest and most convenient way to have additional funds at your disposal in case you need them. With the Money in Reserve service you can exceed the funds on your account up to a pre-set amount. This allows you, if need be, to continue spending, even after your own funds have run out.
Whenever you receive funds on your account your liability will be repaid if you have used a sum from Money in Reserve.
The granted sum can be utilized and repaid multiple times. It is important to know that the service becomes activated only after your own funds have run out, i.e. it is an option which you are not obligated to use but which is good to have available.
Whenever you receive funds on your account your liability will be repaid if you have used a sum from Money in Reserve.
Money in Reserve
What is it and how does it work?
Purpose
You need Money in Reserve in cases when you need funds but you don’t have enough in your account, for example:
Unexpected trips or auto-repairs, and other expenses that cannot be avoided
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When your salary has been delayed and you have to pay your current liabilities, like utility bills, rent or an installment under a loan
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Just in case – Money in Reserve are always good to have
Requirements
In order to get Money in Reserve you need to meet following conditions:
- You need to receive your salary on an account held with UniCredit Bulbank
- You need to have at least 6 months of employment on a permanent employment contract with your current employer.
- You need to regularly repay your credit liabilities.
Additional Information:
Frequently asked questions
In case you use up the whole limit of the Money in Reserve service and for a while you have difficulties in repaying it, we offer you a couple of practical tips which would be of help to you.
Before you begin, check the current balance of your own funds, the amount of the sum in Money in Reserve and how much it would cost if you were to use them. Contact us or check your last statement in order to see how much you owe and what are the interests and fees that you have to pay each month.
Set a goal - put aside amount of money from your monthly income that will remain in your account and which can repay part of the sum which you have used from the Money in Reserve. If you decide that the limit is too high, you can ask the bank to lower it every month in accordance with the sum which you have put aside. In this way you will not be tempted by or get carried away with the additionally granted funds again.
The limit which you can use is set according to your own preferences and needs. Experience shows that a limit in the amount of 1 or 1½ of the salary is the easiest for clients to manage.
If you decide that the spent sum in Money in Reserve is beyond your means, you can lower it at a convenient for you branch of UniCredit Bulbank.
There is no additional fee for the change, you only need to specify how much you would like to lower the amount of the money in reserve.
The money in Money in Reserve are funds for short-term goals and situations with a period for use of one year and can be automatically renewed. Fee for an overdraft application review/prolongation of an overdraft's term review is collected and provided in the Bank’s Tariff applicable for Individuals upon submission for a loan application/ /one/ month prior to the expiry of the repayment deadline under the agreement for money in reserve.
Repayment is easy and convenient. You don’t need to memorize maturity dates and the amount of the repayment installment, because each time you receive funds a sum from your reserve is repaid if such a sum has been used.
An interest is paid if and only if you have used funds from Money in Reserve. The interest is set on a daily basis only on the used sum and is paid at the end of each month starting from the month in which you utilized your reserve, until it has been fully repaid. This happens automatically whenever there are funds on your account + the limit under Money in Reserve.
In this way none of your time will be taken up in depositing funds at a teller’s desk in a bank branch.
