Lines of Credit



A Line-of-Credit (LOC) maximizes your purchasing power, while providing valuable overdraft protection for a chequing account. It ensures access to funds when needed-without waiting or arranging for a personal loan. It's great for personal emergencies, car repairs, major home appliances, investment opportunites, education, RRSP, etc. Rates are lower than retail credit cards, so paying off credit card balances in full each month with a LOC limit can reduce overall borrowing costs.

Benefits:

  • Owners controls own credit
  • Funds are accessible by personal cheque, cash withdrawal
  • Competitive interest rate
  • Flexible payment schedules
  • Pay interest only on amount of funds used 

Subject to credit approval and normal credit guidlines.

Overdraft Protection

Overdraft protection will protect you from cheques being returned or help with short term needs until payday.  It's attached to your chequing account, with limits from $100 - $5000.  Interest is calculated daily on your outstanding overdraft balance and charged monthly.  Interest is calculated at 18% with a minimum interest charge of $5.00. Note...there is no monthly fee if the account does not go into overdraft on any approved line of credit. 

P.C.A. Line of Credit Loans (unsecured)

The limits starts at $5100  to a maximum of $50,000.  Floating rates are based on Prime.  The rates set are based on the amount and credit worthiness.  A minimum repayment of 3% monthly on the outstanding balance is required.  Payment is automatically debited from your main transaction account.  Interest is calculated at your approved rate on your daily outstanding balance.  When accessed, interest will be charged with the monthly minimum being $5.00.  Speak to one of our Personal Account Managers for more information.

Total Access Home Equity 

Use the equity in your home to give you the financial freedom you require to make those necessary home renovations, do some well-deserved travelling, pay off high-interest debts, or for whatever lifestyle goals you may have in mind.

Personal Chequing and Current Accounts, Overdraft Interest Rates and Fees

If you are not covered by our overdraft protection service, and we choose to process a debit which overdraws your account, or which exceeds (or further exceeds) your overdraft protection limit, the cost is a minimum overdraft interest charge of $5.00.  There is an additional $5.00 charge for each item debited to your account, while the account remains in overdraft or over your overdraft protection credit limit.  If Provincial chooses to allow one or more such withdrawals, it has no obligation to do so again at any time in the future. 

 

 

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