Ready Reserve

Select any of the following options to learn more about ProGrowth's Ready Reserve Line of Credit.

What is the Ready Reserve Line of Credit? 

Ready Reserve is a revolving line of credit available through your ProGrowth Bank checking account. It gives you the convenience of small loans on demand, in addition to the security of overdraft protection. You may apply for credit up to $5,000.

Top

How Do I Use It? 

Once your application has been approved for a Ready Reserve Line of Credit, you may call, write or visit your ProGrowth Bank and request funds to be transferred to your checking account (up to the amount of your available approved credit). Or you may simply write a check that exceeds the current balance in your account. Money will automatically be transferred.

When you write a check to transfer funds from your Ready Reserve Line of Credit to your checking account, you will receive a "Notice of Loan Advance." Simply record the amount advanced in your check register as a deposit.

Top

How Do I Repay It? 

ProGrowth Bank offer a convenient line of credit with an easy repayment schedule.

Automatic Repayments Monthly repayments are automatically deducted from your checking account balance. Record your automatic repayment in your check register as you would a check.

You will receive a monthly statement showing the amount of your credit line, the amount of funds you have used, the finance charge, and the amount of your Ready Reserve Line of Credit remaining. Your finance charge will only be calculated for the amount of funds you advanced and the number of days you used the funds. The finance charge* is computed at the daily periodic rate of 0.0493% (equivalent Annual Percentage Rate [APR] of 18.00%). At the end of the year, ProGrowth sends you a statement of total finance charges.

You can keep your finance charge costs down by repaying any or all of your Ready Reserve Line of Credit. The more you pay, the more available credit you have for the next opportunity or emergency.

Paying Back More…Or All To pay back more than the monthly automatic payment, simply write or send a check to the bank with instructions to apply it to your Ready Reserve Line of Credit balance. Or simply call your bank and transfer funds from checking to your Ready Reserve Line of Credit balance.

NOTE: You cannot repay your Ready Reserve Line of Credit simply by making a deposit to your account, or through an automated teller machine (ATM). For anything other than the automatic repayment, you must specify the amount you want to repay from your deposit on your Ready Reserve Line of Credit.

*Finance charge is computed by applying the daily periodic rate to the balance of the account at the end of each day. Those daily charges are then added up to determine the monthly finance charge.

How Do I Repay It ONLINE? 

You can also conveniently pay off your Ready Reserve ONLINE.

  • First access your ONLINE account as you normally would.

  • Choose your Ready Reserve account.

  • To the right, under Select Activity, click on "Transactions".

  • Once you are on that screen click on "More Details" on the bottom right of the page.

  • This screen will show you the payoff amount.

  • Go back to the main screen that shows your accounts and choose "Transfer."

  • Pick the account you would like the money transferred from to pay off your Ready Reserve. (checking or savings) Transfer the payoff balance from your checking or saving account to your Ready Reserve account.

It won't look like it's paid off immediately. The Ready Reserve balance will include the interest paid amount. You will have to wait for end of day processing to see that it's paid off.

Top