The Federal Reserve Board raised the US prime interest rate yesterday a quarter point, bringing the borrowing rate to four percent.
Curt Everson , President of the South Dakota Bankers Association, says most banks will incorporate the rate in their day to day business
Everson says the rate increase should not cause any major issues with borrowers
Everson says most banks and businesses want to work with predictable changes
The current prime rate is a half point higher than a year ago. The Fed Board also indicated there may be two more rate increases this year. The rate increase will also be reflected in changes to variable rate loans, and credit cards.
(WNAX)