Bringing You the Future of Banking Today
Converting your account to our enhanced system
We are notifying you of changes to your California Bank & Trust Money Reserve Account that will occur as we convert your deposit account to our new system. Below are details of these changes:
WHAT IS CHANGING
- Your Money Reserve Account is now called “Flex-Line.”
- Your Money Reserve Account payment due date is changing. The monthly payment due date will now be 25 days after your statement closing date.
- Your Money Reserve Account number (Flex-Line) will change as of July 14, 2024; however, your deposit account will not change. Please note that you will need to provide this new account number to any third-party deposit accounts that are linked to this Money Reserve Account. To locate your new 15-digit account number, simply refer to your Flex-Line payment coupon located at the bottom of page 1 of your monthly account statement.
- Your credit line, outstanding balance, and available limit will transfer automatically to your new Flex-Line account, including transfers to the checking account currently connected to your Money Reserve Account.
- Automatic payments set up under your CB&T checking account will transfer over with the conversion. Any automatic payments from another financial institution will need to be re-established by completing a Consumer Loan Authorization Form. Please contact your local office/banker to complete this process.
- Your Flex-Line will have a standalone statement. You will continue to receive an electronic statement if you are currently enrolled for that feature.
Benefits of the changes
At conversion, you will have the ability to transfer funds to enrolled eligible accounts through CB&T Digital Banking without a corresponding fee.
Here are the details:
Description
Current
After Migration
Description
Interest Rate
Current
19.80% Fixed Rate APR
After Migration
Prime Rate + 11.30%. This APR will vary with the market based on the Prime Rate
Description
Transfer Rate
Current
$10 per transfer
After Migration
$10 per automatic transfer; no fee for transfers initiated through Online Banking/Mobile Banking
Description
Automatic Transfer Amount
Current
$100 increment
After Migration
Actual Overdraft Amount
Description
Payment Due Date
Current
Various
After Migration
A fixed date each month, starting 25 days after the statement closing date
Description
Minimum Payment
Current
The greater of $25.00 or 5% Outstanding Balance
After Migration
The greater of $25.00 or 2.78% Principal Balance plus accrued interest
Description
Penalty Fees
Current
Return Payment: $0
After Migration
Return Payment: $25
Description
Late Fees
Current
Late Payment: $10
After Migration
Late Payment: $29
Your Flex-Line Agreement and Disclosure
We are upgrading our current core systems so we can bring you next-level service while providing enhanced products with a more modernized, integrated platform. Your Credit Reserve Account (CRL) will now be called Flex-Line.
You're in Control
You have the right to reject these changes unless you become more than 60 days late on your account. However, if you reject these changes, you will not be able to use your account for new transactions. You can reject the changes by calling us at 800-400-6080 by midnight MST, on July 13, 2024.
For Servicemembers— We've got you covered.
Please Note: If the Account is subject to a temporary hardship program, the program terms will apply to the Account as previously disclosed to you. Protections afforded under the Servicemembers Civil Relief Act or Military Lending Act, if applicable, will continue to apply to the Account for the period that you are entitled to such protections. Revised Terms, as of July 14, 2024