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FlexLine Home Equity & Fixed Home Equity

Home Personal Borrowing Flexline Home Equity & Fixed Home Equity

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FlexLine Home Equity Line of Credit

FlexLine Home Equity Line of Credit allows you to use the equity in your home to establish a line of credit.  It’s the easy way to fund major expenses or consolidate your debt using the equity in your home.   FlexLine benefits include:

  • 0% APR for first 90 days, then variable rate of 7.65% or lower*
  • No payments for 3 billing cycles*
  • No closing costs*

How you use FlexLine is completely up to you.

  • Use the funds for a home improvement project, education, medical bills, vacation plans, a new vehicle, wedding expenses, or just about anything
  • Draw funds from your FlexLine when you need them simply by writing a check or making a transfer to your checking account
  • Only repay what you use
  • Interest may be tax deductible (consult your tax advisor)

Fixed Home Equity Loan

A fixed home equity loan uses your home’s equity to provide a lump sum of cash.  The benefits of home equity loans include:

  • A consistent monthly payment
  • You won’t be left with a large payment due at the end of your loan term
  • The interest you pay on your home equity loan may be tax deductible (consult your tax advisor)
  • Funds can be used for nearly any need you have

Are you wondering whether a home equity loan or a line of credit is right for you?  Peoples Bank lenders are here to help.  They will listen first and then explain the options available to you and the benefits they pose.

 

You may read  What You Should Know About Home Equity Lines of Credit (HELOC) from the Consumer Financial Protection Bureau, helping you understand your options when borrowing against the equity in your home.

 

*Introductory rate of 0% Annual Percentage Rate (APR) is fixed for the first 90 days. After 90 days, the following variable rates would apply: 6.7% APR for line limits of $100,000 or more; 7.20% APR for line limits of $50,000 to $99,999; and 7.65% APR for line limits of $25,000 to $49,999. The floor is 3.75% APR with a ceiling of 18% APR. The APR will vary based on the U.S. Prime Rate as published in the Wall Street Journal +/- a margin. The margin is based on your total line limit. As of November 8, 2024, the Prime Rate was 7.75%. The minimum line of credit to receive the introductory rate and qualify for no closing costs is $25,000. HELOC must be new money to the bank. For requests under $25,000, other HELOC options are available. Collateral cannot be classified as a manufactured or mobile home. Owner-occupied primary residence only. Homeowners insurance is required. Minimum payment may result in a balloon payment at maturity. Rates and APRs are subject to change without notice. Subject to credit approval. We reserve the right to discontinue this offer at any time.  Other terms and conditions may apply.  Please call for details.

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What You Need to Know about Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
  2. We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account.  It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

 

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

 

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $30 each time we pay an overdraft.
  • The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
  • No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
  • There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

 

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance.  If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

 

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.    

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

 

Alternate ways to Opt In/Out or make changes:

  • By Phone.   Our Customer Care Representatives can be reached at 815-936-7600.
  • By Mail.   Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
  • In Person.  Please visit your local office and ask a representative to help you decide which plan is best for you.