CONTACT: Charlene P. Davenport, Marketing, 401-348-1363
DATE: October 17, 2006
Washington Trust Sets Interest Cap for Active Duty Service Members
October 7, 2006 (Westerly, RI) . . . The Washington Trust Company in accordance with the Soldiers’ and Sailors’ Civil Relief Act sets an interest rate cap of six percent for all loans during the period of active duty for borrowers in the military. Under the provisions of the Act, active duty military service members are limited to the amount of interest that may be collected on debts, to six percent per year during the period of military service. This provision applies to all debts incurred prior to the commencement of active duty and includes interest on credit card debt, mortgages, and car loans. The active duty service member must request the interest rate reduction, since it does not occur automatically.
In order to process a request, Washington Trust must have a copy
of the military orders with a written, dated request. For more information
contact, Valerie A. Eastwood, assistant vice president, loan operations
at 401-348-1597.
The Washington Trust Company is the largest independent
bank headquartered in Rhode Island. A state-chartered bank, Washington
Trust offers a full range of financial services, including wealth
management, through its offices located in Rhode Island, southeastern
Connecticut and Massachusetts. Founded in 1800, the Bank is a subsidiary
of Washington Trust Bancorp, Inc., whose common stock trades on
The NASDAQ Stock Market® under the symbol WASH. Web site address:
www.washtrust.com.
