If you are, it’s as easy as saying “yes” to add this great benefit to your list of Overdraft Protection Sources which can also include a savings account, or credit card. You can still enjoy the benefits of Overdraft Protection.
A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower.
In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time.
The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan.
In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants.
[more] Looking to move closer to your financial goals this year? [more] Get on the path to smart money management by consolidating your high-interest loans at other financial institutions. [more] Join us March 24th to learn about the home buying process.