Ready Reserve

What is the Ready Reserve Line of Credit?

Ready Reserve is a revolving line of credit attached to a ProGrowth Bank checking account. It offers the security of overdraft protection and the convenience of a personal line of credit when you need it. You may apply for credit up to $5,000. Write yourself a loan anytime with your personal line of credit!

Benefits include:

  • Overdraft protection when writing a check or using your ProGrowth Check Card.
  • Automatic advances into your checking account in increments of $100 when the balance falls below zero*
  • Low monthly payments - $25 or 5% of the unpaid Ready Reserve balance
  • $32 Annual Participation Fee – Prevents overdraft fees and checks being returned
  • Access your Ready Reserve by writing a check, using your ProGrowth Check Card or making a transfer at an ATM, ONLINE Banking or at one of our locations.

*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 compounded at the daily periodic rate of 0.0493% (equivalent Annual Percentage Rate [APR] of 18%) The amount will show up on your monthly bank statement.

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

How Do I Apply For Ready Reserve?

How Do I Use Ready Reserve?

How Do I Repay It?

How Do I Payoff My Entire Ready Reserve Balance ONLINE?

 

How Do I Apply For Ready Reserve?

Just stop in one of our locations and fill out an application. ProGrowth Bank will determine the amount you qualify for. You can pay the $32 annual fee by simply having it deducted from your ProGrowth Checking account.

How Do I Use Ready Reserve?

Once your application has been approved, your Ready Reserve Line of Credit is available for you to use. Here’s few ways you can access your Ready Reserve Line of Credit:

  • Funds will advance from your Ready Reserve to your checking account in increments of $100 whenever your balance falls below zero. Funds will advance each time your account falls below zero up to the amount of your available approved credit.
  • Call or visit ProGrowth Bank and request funds to be transferred to your checking account
  • Transfer funds from your Ready Reserve to your checking account using ProGrowth ONLINE Banking or ProGrowth 24Hour TeleBank.

Each time your Ready Reserve funds are advanced, you will receive a notice by mail. Simply record the advanced amount in your check register as a deposit.

How Do I Repay It?

There are several ways to make payments or payoff your Ready Reserve balance:

  • Monthly repayments are automatically deducted from your checking account each month. Record your automatic payment in your check register as you would a check or withdrawal.
  • Call or visit ProGrowth Bank and request funds to be transferred from your checking or savings account to your Ready Reserve.
  • Transfer funds from your checking or savings account to your Ready Reserve using ProGrowth ONLINE Banking or ProGrowth 24Hour TeleBank.

How Do I Pay Off My Entire Ready Reserve Balance ONLINE?

Access your ONLINE account as you normally would.

To find out payoff amount:
  • Hover over "ACCOUNTS" and select Ready Reserve
    • Account Balances – look at the “Estimated Net Payoff” to get the payoff amount
To make a payment:
  • Click on the “EXPRESS TRANSFERS” menu
    • Choose Transfers
      • "Transer From" – select account you want to make the payment from
      • "Transer to Loans" – select READY RESERVE
        • Payment Type – Choose Regular Payment
        • Current Principal – does not include the interest. ALWAYS CHECK THE ACCOUNT BALANCE (USING STEP LISTED ABOVE) FOR TRUE PAYOFF/BALLANCE
        • Transfer Amount – enter the payoff amount
        • Click Submit

NOTE: You cannot repay your Ready Reserve Line of Credit simply by making a deposit to your account. For payments other than the automatic repayment, you must specify the amount you want to repay from your deposit to your Ready Reserve Line of Credit.

You will receive a monthly statement showing your credit limit, the amount of funds you have used, the interest due and the amount of available credit remaining.