Changes in Terms Notice for Your Line of Credit - Floor Rate (Fifth Third Bank)
Posted: Mon Jan 04, 2021 9:13 am
We appreciate having you as our customer and are contacting you regarding a change in terms for your account referenced above. Please keep this notice with your records.
Your line of credit has a variable interest rate that is tied to a financial index. It also includes a "floor rate" a fixed rate above 0.00% that limits the downward adjustment of your variable rate.
Your floor rate is changing, effective immediately.
We are reducing the lifetime floor rate for your variable annual percentage rate (APR) from 2.74% to 0.00%/
The following language replaced the corresponding section in your current line of credit agreement:
The ANNUAL PERCENTAGE RATE is subject to a lifetime floor and will never fall below 0.00%.
This change does not require any action on your part. All other provisions of your loan agreement, including the index and margin used to calculate your annual percentage rate, shall remain in full force and effect.