We know that life can sometimes take some unexpected turns, making the need for availability of liquid assets sometimes a necessity.
Passbook loans allow Woodsfield Savings customers to leverage the versatility of their Woodsfield Savings Bank stock, Savings accounts, or Certificate of Deposit accounts by taking out loans using these assets as collateral. Thus you do not lose the assets you have built but instead can use them to qualify for a loan at a reasonable rate (2% annual percentage rate (APR) above your existing annual percentage yield (APY) that we are paying you for a period of 183 days), which can then be paid off gradually.
This also helps avoid costly fees / taxes that are associated with the sale of stock and fiduciary assets, and gives our customers the freedom to choose how and when to spend their money.