A Personal Line of Credit is a loan that you use like a credit card account that you access without using a card. Instead, you write special checks or request a transfer to your checking account by phone or online. ...
Look at the APR, whether and how much the APR can change, any fees to access the line, annual fees, late payment fees, and fees for other events. Compare the costs with other types of credit that may be available ...
Most banks and credit unions that offer this product will set the credit limit based on your creditworthiness and income. Because there is no collateral, these lines usually require strong credit.
You may obtain credit up to your unused credit limit, and may re-borrow what you pay down. However, the bank or credit union generally reserves the right to suspend or terminate further credit at any time, without cause.
Your account may be suspended. The lender may also be able to take the money you owe directly from your checking account or any other account you have at that bank or credit union. This is called “setoff.” Setoff is ...
A money market account is a special type of savings account offered by banks and credit unions. Money market accounts are sometimes called money market deposit accounts or money market savings accounts. Like a regular savings account, a money market ...
A certificate of deposit (CD) is a special type of savings account offered by banks or credit unions. A CD is also called a “time deposit.” You generally must keep your funds in the CD for a specified period of ...
Yes. There are no restrictions on the number of checking and savings accounts you can open or the number of banks or credit unions with which you can have accounts.
You have many different options when choosing a CD that can affect the interest rate. Generally, you may be able to get a higher interest rate by selecting a later maturity date, which means you must leave your money in ...