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Your line of credit

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Your FundCash line of credit is a revolving secured line of credit offered by Presidential Bank. FundCash lines of credit are available in minimum amounts of $10,000 to a maximum of $1,000,000. In order to establish your line of credit, you must pledge to Presidential Bank a security interest in the mutual funds and any other financial assets you provide as collateral.

The current market value and risk category of your collateral determines your "Credit Limit". Your Credit Limit is the maximum total amount that you may draw down on your Credit Line. Your Credit Line can be accessed simply by writing checks.

You may select one of the following Draw Period options: 1 year, 3 years, 5 years, or 7 years. The "Draw Period" is the period of time during which you are permitted to obtain credit advances by drawing on your Credit Line, provided that there is sufficient market value in the assets that you have pledged as collateral. During the Draw Period, you are required to pay monthly only a Finance Charge based upon the "Average Daily Balance" of your outstanding credit advances. There is no "free ride" or interest-free period that would allow you to avoid a Finance Charge on your Credit Line advances. After the end of the Draw Period, you will no longer be able to obtain any credit advances under your Credit Line. The next phase of your Credit Line is the "Repayment Period". Unless your Credit Line is extended, during the Repayment Period you will repay your loan by making principal and interest payments for a period of exactly 8 years (96 months).

Your Periodic Rate and the corresponding Annual Percentage Rate is a variable rate, based upon an independent index (the "Index"), which is the Prime Rate as published in the Eastern Edition of the Wall Street Journal. When a range of rates has been published, the highest of the rates will be used. For each billing cycle, we will use the most recent Index that was available to us on the last business day before the billing cycle began. The corresponding Annual Percentage Rate will be adjusted for each billing cycle, based upon this Index. The Index is not necessarily the lowest rate charged by us on our loans. Any increase in the Periodic Rate will be reflected in higher Minimum Payment amounts. Each adjustment to the Periodic Rate and to the corresponding Annual Percentage Rate resulting from changes in the Index will take effect on the first day of each respective billing period. In no event will the corresponding Annual Percentage Rate be more than the maximum rate allowed by applicable law. We will not charge Finance Charges on any undisbursed Loan proceeds, except for the Activation Fee described below.

In addition to the recurring monthly Finance Charge, you will be charged an additional one-time Finance Charge, in the form of an Activation Fee, which will be calculated as 1.00% of the Principal Amount of your Note not exceeding $25,000, plus 0.50% of any Principal Amount exceeding $25,000 and not exceeding $100,000, plus 0.25% of any Principal Amount exceeding $100,000 and not exceeding $500,000, plus 0.10% of any Principal Amount exceeding $500,000. You will be required to pay the Activation Fee in order to establish your Credit Line and the related securities custody account.

If you have any additional questions or concerns please contact FundCash Credit at csr@fundcash.com, or go to contact us. Or, call us at our toll free number 800-343-7887 between the hours of 9am to 5pm ET.

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FundCash® is a product of Presidential Bank, FSB, which does not provide advice about how or whether to invest. Price and yield information available on this site is believed to be accurate but is not guaranteed. All descriptions of loan terms are limited in their entirety by the actual loan documents. All loans are subject to approval. Federal regulations prohibit the reinvestment of loan proceeds in securities. Pledged assets are subject to involuntary sale with risk of loss and possible tax effects. Retirement plans and certain fiduciary accounts are not eligible. Presidential Bank is an equal housing lender.

Updated: 16 Aug 2018 - MH