Each month in your Hometown Checking, NOW, Senior Checking or Money Market account statement, we will include a statement detailing the activity, if any, of your Checking Reserve. This includes your current payment due, any finance charges, and the remaining credit available in your account. You may pay all or part of the unpaid principal balance at any time to reduce interest costs. Each month a payment will be automatically deducted from your Hometown Checking, NOW, Senior Checking or Money Market account in an amount equal to the lesser of the outstanding balance or $50.00, plus the accrued interest as of the billing date.
This is not a change to the calculation of your monthly payment; it is a clarification of the legal loan contract agreement. This is the same method of repayment our loan calculation system has been generating since the origination of your Checking Reserve line of credit.
Annual Percentage Rate – You will be charged 15.00% interest beginning on the transaction date.
You have the right to withdraw from this loan contract if you do not wish to continue with the terms of this clarification. If you choose this option, contact us for payoff information. If you have any questions, please contact your local branch at our toll-free number 1-800-287-0752.