Personal Banking > Personal Loans > Overdraft Protection
Overdraft Protection
FREQUENTLY ASKED QUESTIONS
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What is the difference between a Credit Reserve Line and
a personal line of credit?
A Credit Reserve Line is connected to your personal checking account to
help prevent over-drawing your checking account.
A personal line of credit is not connected to your personal checking account.
A personal line of credit is ideal when you are not sure how much you need
or when you will need it. With a personal line of credit, you borrow only
the funds you need at the time you need them without having to reapply during
the term of the line of credit.
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How much can I borrow?
Your Credit Reserve Line limit is determined based on your income and ability
to repay. The minimum line amount is $500 and the maximum line amount is
$10,000.
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If I have more than one checking account, how many Credit
Reserve Lines may I have?
You may have up to two (2) Credit Reserve Lines. The combined credit limit
is determined based on your income and ability to repay. The combined credit
limit can not exceed $10,000.
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What are the payment terms available?
Payments will generally be automatically deducted from your checking account.
Your payment will be 2.78% of your outstanding principal balance at time
of billing plus accrued interest and other charges.
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Is there an annual fee?
No.
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What happens if I decide to close my checking account?
If a Credit Reserve Line is connected to the checking account, you will
be required to repay the outstanding principal balance plus interest and
fees in full at the same time you close your checking account. At National
Bank of Arizona’s option (subject to credit approval), you may be
able to repay the outstanding principal balance in monthly installments
not to exceed 36 months.
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