Your credit limit will be in an amount between $5,000 and $100,000, based on the amount of funds deposited by you as security in a collateral account.
Prime refers to Bank's announced Prime Rate, which is 3.25% as of 07/16/2020. The Wells Fargo Prime Rate is subject to change at any time. The overall rate assigned is variable and is expressed as Prime plus a spread. Your rate will be between Prime + 1.00% and Prime + 5.00% depending on the amount of funds deposited by you as security in a collateral account. Rates are subject to change, and may be higher or lower than the stated ranges. The interest rate that you are assigned will continue unless we exercise our right to change the terms of the account.
Terms for credit products are subject to final credit approval of the business and its owners. A physical address is required to receive a Wells Fargo business credit product. You must be an owner of this business and not already have this product. See Terms and Conditions for details at account opening.