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. |
