Checking Reserve
Checking Reserve is a line of credit approved for qualified checking account
customers to automatically cover overdrafts up to the approved credit limit.
Funds are deposited into the customer's account in increments of $100 (as
needed), up to the credit limit.
-
Customer must be at least 18 years of age to apply.
-
Customer must have a checking account with our bank for at least six months
prior to application (account must be handled in satisfactory manner), or a
credit report may be pulled to qualify before the six month minimum.
-
Credit lines range from $300 to $2,000
-
Interest rate is 18% APR (Annual Percentage Rate) - charged only on funds used
-
Funds are disbursed from Checking Reserve when balance in the account
falls below $0
-
Payments are debited from customer's checking account on the statement cycle
date. If payment is made in person, the automatic payment will still be made
if there is a balance owed.
-
Available credit for unexpected needs.
-
Customer receives notice of advance(s), which are also reflected on
the monthly statement.
-
Account activation fee of $25.00, assessed at account opening.
-
To get started, you may fill out our
online
loan application. Or Call 218-333-4320 for more details.
Payment Schedule is as follows:
|
If
your
balance is: |
Your
payment is |
|
$ .01
to $25 |
Balance of
Account |
|
$25.01
to $600 |
$25 |
$600.01 to
$1200 |
$50 |
|
$1200.01
to $1800 |
$75 |
|
$1800.01
to $2000 |
$100 |
|
