West Virginia Licensure Information

Costs and Terms of a Typical Line of Credit
in the State of West Virginia

The figures below are examples of FinWise Bank’s typical Line of Credit offers and do not serve
as guarantee of any cost and terms that you may qualify for.

Finance Charges: Carried Balance Fee and Cash Advance Fee

The line of credit does not have a traditional interest rate. Instead, Carried Balance Fees and Cash Advance Fees are assessed as described below.

Cash Advance Fee: We assess a Cash Advance Fee (a finance charge) of ten percent (10%) of the total Cash Advance amount for each Draw you make on Your Account. When you request a Cash Advance, we will deduct the Cash Advance Fee amount from the total Cash Advance request amount, and we will deliver the remaining amount (the Advance Proceeds) to Your bank account on file. Your Advance Proceeds will always be less than the total amount you must repay.

For example, if you request a $1,000 Cash Advance, you will be charged a $100 Cash Advance Fee (10% of the $1,000 request) and you will receive the remaining $900 Advance Proceeds (the amount of the Cash Advance request minus the Cash Advance Fee). In this example, $1,000 (the total of the $100 Cash Advance Fee and the $900 Advance Proceeds) will be added to Your Balance.

Carried Balance Fee: We assess a Carried Balance Fee (a finance charge) at the conclusion of each Billing Cycle only if both (1) Your Carried Balance from Your previous Billing Cycle is greater than $0.00 and (2) Your Average Daily Balance during the current Billing Cycle is greater than $25.00. The amount of the Carried Balance Fee due is based on your Average Daily Balance and will correspond to the fee tiers disclosed in the Fee Table above.

Calculation of Your Carried Balance and How to Avoid the Carried Balance Fee: At the beginning of each Billing Cycle, We take Your previous Billing Cycle Balance, excluding any Carried Balance Fees, and subtract any applicable payments or credits, to determine Your Carried Balance. If Your Carried Balance is equal to or less than zero dollars ($0.00), You will not have to pay a Carried Balance Fee during the current Billing Cycle. If Your Carried Balance is greater than zero dollars ($0.00), you can still avoid paying a Carried Balance Fee if Your Average Daily Balance during the current Billing Cycle is $25.00 or less.

Calculation of Your Average Daily Balance: To determine the Average Daily Balance for the current Billing Cycle, We use the average daily balance method (including new transactions). We calculate this by taking the beginning Balance of Your Account each day, excluding any Carried Balance Fees, adding any new Cash Advance amounts, and subtracting any payments or credits applied that day, to determine the daily balance. We then add together all of the daily balances for the Billing Cycle and divide the total sum by the number of days in the Billing Cycle. If this calculation results in an amount less than zero, your Average Daily Balance will be treated as zero dollars ($0.00) for purposes of calculating the Carried Balance Fee during that Billing Cycle.

Cash Advance Fees are included when calculating Your Carried Balance and Average Daily Balance; Carried Balance Fees are excluded.