• FAQ

    Business Services

  • FAQ

    How do I open a Youth Checking or Savings Account? 

    If you want to open a Youth Checking and Savings Account simultaneously, you can complete the application process online. 

    If you wish to open only a Youth Savings Account or only a Youth Checking Account, you will need to visit a branch and talk with an associate. Additionally, if you already have a Youth Savings Account and you wish to open a Youth Checking Account you will still need to visit a branch.
  • FAQ

    What if I don’t have a school ID? 

    A birth certificate and social security card will be acceptable forms of ID if your minors' school does not give out school IDs.
  • FAQ

    When can the co-owner be removed from a youth account? 

    For the parent or guardian to be removed from account at age 18, both parties will need to visit their local branch and sign a  change of joint ownership form. 
  • FAQ

    What is the difference between a Home Equity Loan and a Home Equity Line of Credit? 

    A home equity loan is a term loan in which the borrower gets a one-time lump sum. The loan is repaid over a fixed term, at a fixed interest rate, with equal monthly payments. 

    A HELOC works more like a credit card. You’re given a line of credit that’s available for a set time frame, usually up to 10 years. This is called the draw period — during this time, you can withdraw money as you need it. 

    HELOCs can fall under two scenarios: 

    One with an interest-only draw period (applies when LTV is up to 80%) 

    One with a draw period where you  pay interest and principal (applies when LTV is 80.01% to 90%) 

    As you pay off the principal, your credit revolves and you can use it again. When a line of credit has expired, you enter the repayment period, which can last up to 20 years depending on your loan-to-value ratio (LTV). You’ll pay back the outstanding balance that you borrowed, as well as any interest owed. If you have questions on LTV or the scenario that your line of credit may fall under, please contact us. 

    A HELOC has a variable interest rate that is tied to the Prime Rate as published in the Wall Street Journal. As the prime rate moves up or down, so does your HELOC rate. Payments will vary depending on the interest rate and your outstanding balance.