Extra Money When You Want It
With a personal line of credit, you can write your own loan, up to a pre-approved loan limit, simply by writing a check — regardless of your checking account balance.
A Personal Line of Credit also protects against embarrassing overdrafts and expensive overdraft fees by automatically transferring cash to your checking account when checks written exceed your balance (up to the amount of your pre-approved limit).
When you write a check on your checking account and your balance is less than the amount of the check, funds will automatically be transferred to your checking account in increments of $100, up to the amount of your pre-approved reserve limit.
Repaying your personal line of credit is easy. A monthly payment — $25 or 5% of the balance, whichever is greater — will be deducted automatically from your account balance 24 days after your checking account statement is prepared. The payment amount includes payment of principal and interest. Subtract this amount from your checking account balance.
Additional payments may be made by making a deposit to your checking account and indicating that it is a payment to be applied to your personal line of credit balance. Detailed interest and payment information is disclosed on the application.