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Difference between a CLOC and a PLOC?

Valued Contributor

Difference between a CLOC and a PLOC?

Can someone explain to me the difference between a PLOC and a CLOC?  I thought they were basically the same thing. but I have been corrected by a bank person going. we dont offer PLOCs, And where is this in line with Overdraft credit accounts?

 

-J

 

Message 1 of 7
6 REPLIES
Moderator

Re: Difference between a CLOC and a PLOC?

@joltdude

 

I created your own thread and edited he subject line.  You are free to change it as you see fit.  Good luck.

Message 2 of 7
Valued Contributor

Re: Difference between a CLOC and a PLOC?

If you look at PenFed PLOC and NFCU CLOC, there is not much difference between the two.

 

The CLOC for NFCU is attached to your checking account and can act as an overdraft. Or you can transfer money from the account or withdraw money at the window. Acts like a revolving account. I believe max amount is $15K

 

The PLOC at PenFed is a seperate line of credit. Accessed the same way, check, transfer or teller withdraw. Acts like a revolving account. PenFed uses Thrifty as their overdraft feature on the checking account. I believe max amount is $25K

 

From where I sit, doesn't seem like much difference.

Message 3 of 7
Valued Contributor

Re: Difference between a CLOC and a PLOC?

Thanks Irish.. appreciate it. Kinda thought i would get an answer but i think it got lost in the approval thread ...

 

-J

 

Message 4 of 7
Valued Contributor

Re: Difference between a CLOC and a PLOC?

I think the only diff i think I see is how you access it.... PLOC you can pull from direct since its a separate account, CLOCs are more of an attachment/overdraft LOC and connected to a corresponding checking account...

 

 

Message 5 of 7
Valued Contributor

Re: Difference between a CLOC and a PLOC?

I have both PenFed and NFCU products. The lowest interest rate also differs 10.xx versus 13.xx which I believe are the lowest rates offered on the PLOC and CLOC respectively.

 

 

Message 6 of 7
Super Contributor

Re: Difference between a CLOC and a PLOC?


joltdude wrote:

Can someone explain to me the difference between a PLOC and a CLOC?  I thought they were basically the same thing. but I have been corrected by a bank person going. we dont offer PLOCs, And where is this in line with Overdraft credit accounts?

 

-J

 


It's just terminology. NFCU uses the term "checking line of credit" for its personal line of credit.

 

Some PLOC's are automatic overdraft-protectors, like NFCU's CLOC. Some aren't. PenFed has both kinds.

FICO8 EQ 738 TU 786 EX 777 Total revolving credit 500k
Message 7 of 7