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Lockbox Services

Lockbox Services

Improve your cash flow with Lockbox Services.

Improve your cash flow with Lockbox Services.

Evergreen Bank Group can handle all your remittance needs with our lockbox processing system. The system is capable of handling wholesale and retail lockbox payments in a one-pass, common platform environment.

Summary

Lockbox banking accelerates the payment and deposit portion of your cash conversion period in two different ways. First, lockbox banking cuts down on postal delays caused by having customers' payments delivered to your business address. Second, using a lockbox shortens the amount of time necessary to process your customers' payments by having your bank open the payment envelopes and deposit them directly into your bank account.

Since the payment processing is done at the bank, your customers' payments are received and deposited all within the same day. Evergreen Bank Group will customize your lockbox banking services and costs to fit your specific needs. You are able to access your lockbox deposit information via the internet on the same day your deposit is processed. This is a timely, efficient, and convenient method for accessing critical accounts receivable information.

How It Works

Customer payments are sent directly to Evergreen Bank Group's lockbox address. Payment envelopes are opened, sorted, and batched by customer predefined payment type.

Check batches are processed, encoded, endorsed, imaged, data entry is performed and total amounts are balanced.

Deposits are posted to customer accounts and customized data files are generated.

In addition to internet access, our system also captures images of checks and coupons to an indexed CD-ROM, putting research information at your fingertips.

Benefits
  • Expedites funds availability
  • Reduces administrative costs
  • Improves overall customer service
  • Enhances audit controls
  • Posts accounts receivable payments automatically
  • Forecasts cash balances more accurately
Terms

All accounts subject to credit approval. Other terms and conditions may apply. For more information, please contact an Executive Banker at your local branch.

80% Combined Loan to Value Program - Single Family Program

Combined Loan to Value: up to 80% Maximum Loan Amount $150,000

AmountInterest Rate (Prime 3.25%)APR*
$100,000 to $150,000Prime +.00 to Prime + NA4.25% Rate Floor
$50,000 to $99,999Prime + .25 to Prime + .504.25% Rate Floor
$25,000 to $49,999Prime + .50 to Prime + .754.25% Rate Floor
Up to $24,999Prime + .75 to Prime + 1.004.25% Rate Floor
80% Combined Loan to Value Program - Condominium Program

Combined Loan to Value: up to 80% Maximum Loan Amount $75,000

AmountInterest Rate (Prime 3.25%)APR*
$50,000 to $75,000Prime + .50 to Prime + .754.25% Rate Floor
$25,000 to $49,999Prime + .75 to Prime + 1.004.25% Rate Floor
Up to $24,999Prime + 1.00 to Prime + 1.254.25% to 4.50%
90% Combined Loan to Value Program - Single Family Program

Combined Loan to Value: up to 90% Maximum Loan Amount $75,000
(80% when 1st Mortgage Exceeds $750,000)

AmountInterest Rate (Prime 3.25%)APR*
$50,000 to $75,000Prime + 1.00 to Prime + 1.254.95% Rate Floor
$25,000 to $49,999Prime + 1.25 to Prime + 1.504.95% Rate Floor
Up to $24,999Prime + 1.50 to Prime + 1.754.95% to 5.00%
90% Combined Loan to Value Program - Condominium Program

Combined Loan to Value: up to 90% Maximum Loan Amount $60,000
(80% when 1st Mortgage Exceeds $750,000)

AmountInterest Rate (Prime 3.25%)APR*
$50,000 to $60,000Prime + 1.25 to Prime + 1.504.95% Rate Floor
$25,000 to $49,999Prime + 1.50 to Prime + 1.754.95% to 5.00%
Up to $24,999Prime + 1.75 to Prime + 2.005.00% to 5.25%

Fees:

$50 annual fee (waived with Evergreen Bank Group personal checking)

$295 processing fee

Terms:

  • IL Property Only, Primary Residence, Owner Occupied, Single Family Residence or Condo (no multi-unit or co-op properties)
  • Rate floor on floating rate line of credit programs range from 4.25% to 4.95%
  • Processing fee $295/file
  • HELOC payments are due on the 20th of each month (statements are generated on the last day of each month)
  • Minimum advance amount per draw is $500
  • Property insurance is required
  • Credit subject to approval
  • Balloon payment
  • Rates are variable and are based on the Wall Street Journal Published Prime Rate.
  • Rates, terms, and conditions are subject to change at any time

Disclosures:

*APR (Annual Percentage Rate) based on your loan-to-value (LTV), your approved line amount, and credit criteria, and will range from a variable APR of Prime to Prime+2.00, subject to change with Prime. As of today, the Prime Rate is 3.25%. The "floor" ranges from 4.25% to 4.95%, and the "ceiling" is 19.90%. No discount rate programs or promotions apply. Rates are variable and may increase after consummation. The floor rate is the minimum rate you may be charged on the line of credit. Your rate may never go below the floor rate, regardless of the Index + margin rate.

80% Combined Loan to Value Program:

Note: Credit and other restrictions may apply. Annual Percentage Rate (APR) can change on the first business day of the month following the change to the Wall Street Journal Prime Rate. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your Annual Percentage Rate exceed 19.90% per annum or, go below 4.25% per annum at any time during the term of the Plan. If you had an outstanding balance of $10,000, the minimum payment at the maximum Annual Percentage Rate of 19.90% would be $169.01. This Annual Percentage Rate could be reached immediately or prior to the first payment. Payments do not include amounts for taxes and insurance. There is a processing fee of $295 at the time of account opening. Annual Percentage Rate varies based on a maximum loan to value 80%, owner-occupied properties, depending upon your commitment amount and credit qualifications. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner occupied single family residence or condo and is subject to underwriting standards. Property insurance is required; flood insurance may be required. Rates are dependent on your loan amount, product and qualifications. Closing costs paid by Evergreen Bank Group are limited to title, appraisal, credit report, flood determination and recording fees. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Offer subject to credit approval, including verification of application information and receipt of collateral documents. This offer does not apply to purchase money transactions.

90% Combined Loan to Value Program:

Note: Credit and other restrictions may apply. Annual Percentage Rate (APR) can change on the first business day of the month following the change to the Wall Street Journal Prime Rate. There is no limit on the amount by which the annual percentage rate can change during any one year period. However, under no circumstances will your Annual Percentage Rate exceed 19.90% per annum or, go below 4.95% per annum at any time during the term of the Plan. If you had an outstanding balance of $10,000, the minimum payment at the maximum Annual Percentage Rate of 19.90% would be $169.01. This Annual Percentage Rate could be reached immediately or prior to the first payment. Payments do not include amounts for taxes and insurance. There is a processing fee of $295 at the time of account opening. Annual Percentage Rate varies based on a maximum loan to value 90%, owner-occupied properties, depending upon your commitment amount and credit qualifications. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner occupied single family residence or condo and is subject to underwriting standards. Property insurance is required; flood insurance may be required. Rates are dependent on your loan amount, product and qualifications. Closing costs paid by Evergreen Bank Group are limited to title, appraisal, credit report, flood determination and recording fees. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Offer subject to credit approval, including verification of application information and receipt of collateral documents. This offer does not apply to purchase money transactions.

10-Year Fixed Rate Loan / 30-Year Amortization / Balloon Payment after 10 Years

80% Combined Loan to Value Program – Single Family Program

Combined Loan to Value: up to 80% Maximum Loan Amount $150,000

AmountInterest RateAPR*
Up to $150,0005.99% to 6.24%6.42% to 6.68%
80% Combined Loan to Value Program - Condominium Program

Combined Loan to Value: up to 80% Maximum Loan Amount $100,000

AmountInterest RateAPR*
Up to $75,0006.24% to 6.49%6.68% and 6.93%
90% Combined Loan to Value Program - Single Family Program

Combined Loan to Value: up to 90% Maximum Loan Amount $75,000
(80% when 1st Mortgage Exceeds $750,000)

AmountInterest RateAPR*
Up to $75,0006.49% to 6.74%6.93% and 7.18%
90% Combined Loan to Value Program - Condominium Program

Combined Loan to Value: up to 90% Maximum Loan Amount $60,000
(80% when 1st Mortgage Exceeds $750,000)

AmountInterest Rate (Prime 3.25%)APR*
Up to $60,0006.74% to 6.99%7.18% and 7.44%

Fees:

$295 processing fee

Terms:

  • IL Property Only, Primary Residence, Owner Occupied, Single Family Residences only (No multi-unit, no co-op properties)
  • Payments are due on the first of each month
  • Funds are disbursed in a lump sum
  • Funds will be available on the 4th business day after the loan documents are signed

Disclosures:

80% Combined Loan to Value Program:

*APR = Annual Percentage Rate. Credit and other restrictions may apply.

Payment example: Fixed Rate Loans Representative monthly payment example per $10,000 is $59.93 at 6.42% APR for 120 months and Fixed Rate Loans Representative monthly payment example per $10,000 is $61.55 at 6.68% APR and Fixed Rate Loan Representative monthly payment example per $10,000 is $63.18 at 6.93% APR.

Evergreen Bank Group offers equity loan products with an Annual Percentage Rate (APR%) that varies between 6.42% APR and 6.93% APR for fixed rate loans, balloon payment for all unpaid principal and interest after 120 months, 80% loan to value, owner-occupied properties depending upon your commitment amount and credit qualifications. Payments shown do not include amounts for taxes and insurance. There is a one-time $295 loan processing fee at the time of account opening. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner occupied single family residence or condo and is subject to underwriting standards. Property insurance is required; flood insurance may be required. Rates are dependent on your loan amount, product and qualifications. Closing costs paid by Evergreen Bank Group are limited to title, appraisal, credit report, flood determination and recording fees. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Subject to credit approval, including verification of application information and receipt of collateral documents. This offer does not apply to purchase money transactions.

90% Combined Loan to Value Program:

*APR = Annual Percentage Rate. Credit and other restrictions may apply.

Payment example: Fixed Rate Loans Representative monthly payment example per $10,000 is $63.16 at 6.93% APR for 120 months and *Fixed Rate Loans Representative monthly payment example per $10,000 is $64.84 at 7.18% APR and Fixed Rate Loan Representative monthly payment example per $10,000 is $66.51 at 7.44% APR.

Evergreen Bank Group offers equity loan products with an Annual Percentage Rate (APR%) that varies between 6.93% APR and 7.44% APR for fixed rate loans, balloon payment for all unpaid principal and interest after 120 months, 90% loan to value, owner-occupied properties depending upon your commitment amount and credit qualifications. Payments shown do not include amounts for taxes and insurance. There is a one-time $295 loan processing fee at the time of account opening. Funds will be disbursed after the federally mandated cancellation period. Offer applies to an owner occupied single family residence or condo and is subject to underwriting standards. Property insurance is required; flood insurance may be required. Rates are dependent on your loan amount, product and qualifications. Closing costs paid by Evergreen Bank Group are limited to title, appraisal, credit report, flood determination and recording fees. Consult your tax advisor regarding the tax-deductibility of interest. This offer cannot be combined with any other offer and can be withdrawn at any time without notice. Subject to credit approval, including verification of application information and receipt of collateral documents. This offer does not apply to purchase money transactions.