Your finances are personal. Not only because they are private but also because they are as individual as your family and their needs.
That's why at First National Bank of Georgia we take your banking personally. We've developed accounts and services that are flexible to meet your needs. Your Select Personal Line of Credit is one more way we are doing just that!
It's like a pre-approved loan which is available any time you need it.
Select Personal Line of Credit works like a revolving account meaning you can use it, pay it back, use it again, pay it back again and so on.
Once approved, you will be issued special checks. You can write one check or many checks (minimum $25). You can write these checks to anyone or deposit the check into your own account. These checks look identical to regular checking account checks, so no one but you will know the difference!
There is a minimum balance due, just like a credit card, based on the amount borrowed. This minimum is 3% of the unpaid balance or $50, whichever is greater.
Each transaction accrues interest from the date the transaction is posted. The rate is tied to the "Wall Street" prime rate plus 2.5%. Maximum APR is 18%. Minimum is 8%.
| Annual Percentage Rate (APR): |
Variable-rate 8.00% at 04/16/2003, which may vary. |
| Variable-Rate Information | The APR may vary and is based upon the U.S. Prime Rate as published in The Wall Street Journal plus 2.5 percentage points. Maximum APR 18%. Minimum APR 8% |
| Grace Period for Repayment of Balances | None, accrues interest from the date transaction is posted. |
| Method of Computing Balances |
Daily Balance |
| Annual Fees | None |
| Fees for Late Payment | Late payment: 5% of minimum payment due if not received within 10 days of the payment due date. Over-the-credit-limit fee: $15 |
