Borrowing Money from Your Account
The loan feature allows you to borrow from your account balance and pay back the loan, plus interest, through automatic payments from your bi-weekly paycheck. There are two types of loans, and you can have up to two outstanding loans (only one can be a residential loan) at any time:
- General loans – This loan type can be requested for any reason, and you can choose a repayment period of one 1 to 5 years.
- Residential loans – This loan type can only be requestedfor the purchase of a principal residence. You can choose a repayment period of 1 to 15 years. All residential loans require a signed promissory note, Truth-In-Lending statement, and appropriate documentation.
You may borrow up to 50% of your account balance. The minimum loan amount is $1,000, and the maximum is $50,000 (minus the highest outstanding loan balance in the last twelve months and any defaulted loans including accrued interest on defaulted loans).
Loan funds can be disbursed via check or direct deposit to your checking or savings account.
Leaving City Employment
When you separate from employment with the City, you can continue making loan repayments by direct debit from checking or savings account. Also, as a prior employee or retiree, you can continue to request loans.
How to add your Bank information
Personal Info > Banking Information > Add/Edit Banking info.
You will need your bank’s routing number and your account number. It will take seven business days after you enter the required banking information to establish this feature for distributions or loan payments.
Why add your Banking Information?
When you add your banking information to your Personal Info, you can have Plan withdrawals and loans deposited directly into your checking or savings account. If you take out a retiree loan, this is also how your monthly loan payments will be paid.