YOUR MONEY Cashing In On Your Mutual Fund (NAPSA)—Mutual fund investors no longer need to cash in to get money for taxes, college, a down payment, or other major expenditure. Instead, a unique new personal line of credit is now available. Called a FundCash?line, it’s a program offered by Presidential Bank, a bank based in the Washington, DC area that also does business nationwide over the Internet. A FundCash line works like a home equity loan, but instead of risking their homes, borrowers can pledge their mutual funds and stay invested in the market. The program mayalso help to avoid paying capital gains taxes. Money borrowed with a FundCash line can be used for any purpose, except to buy additional mutual fundsor other securities. In orderto establish this mutual fund equity line of credit, investors transfer their portfolio to Presidential Bank’s trust department, where it is held at no charge in a custody account similar to a brokerage account, but without the broker. Investments in the custody account can still be bought and sold, so long as their value remains sufficient to support the amount of the line. Mutual funds held in retirement plans and some types of fiduciary accounts are noteligible. The current market value and risk category of the pledged assets determine an investor’s credit limit. The credit line can be accessed simply by writing checks, just like many homeequity lines. Presidential Bank in 1995 was the first bank in America to offer bank aceounts online. FundCash loans can be applied for from anywhere, either online or by calling 800-348-7887 provided the mutual funds are U.S.-based. To learn more, call or visit wuww.fundcash.com.
