topic Re: PLOC in General Credit Topics

PLOC

juniornj23 — Wed, 06 Jul 2016 04:09:04 GMT

Do i must have a checking account to get a PLOC ?

Re: PLOC

Anonymous — Wed, 06 Jul 2016 04:20:45 GMT

In my experience most banks are relationship based when it comes to this product. I would ask your current financial institutions first. Is there anything in particular you are looking for as far as amount or rates?

Re: PLOC

Anonymous — Wed, 06 Jul 2016 04:26:06 GMT

@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?

Yes, you do.

Re: PLOC

Revelate — Wed, 06 Jul 2016 06:01:19 GMT

@Anonymous wrote:
@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?
Yes, you do.

If you mean checking or savings, yeah maybe. I'm not certain that applies to all lenders though?

Re: PLOC

Anonymous — Wed, 06 Jul 2016 06:17:33 GMT

You do need one at almost every bank but there's no rule. I have a LOC at RBC Bank Georgia, but no checking account there. I used to have a checking account but I closed it because it had a monthly fee and I wasn't using it.

In Canada I have a secured line of credit (HELOC) that I use as a checking account. That bank has no problem if the HELOC has a credit balance (though it gets no interest) .

I used to have my salary direct deposit into the LOC and then auto transfer from there. It guaranteed no bill ever bounced and if I overspent my credit card would pay in full and then I would run a balance on the LOC at a very low interest rate. My salary direct deposit would effectively pay off that LOC every month as well. Guaranteed to never miss a payment.

I have been searching for something like that in the US and that RBC account is close. But most US institutions consider a LOC to be a form of overdraft from a regular checking account.

I do that now with BECU: checking account backstopped by a LOC. That way is I screw up balancing my account nothing bounces. It just borrows from the LOC and I pay a little interest.

But with the US system I have to manually pay the LOC if I use it. Which is no big deal but it was nice to have that automated.

Re: PLOC

Anonymous — Wed, 06 Jul 2016 06:40:29 GMT

One of my CU's doens't require a checking to get a line of credit. You do need a savings account, as that is required to be member. (This bank requires $30 at all times in the member savings account). Hawaii Federal Credit Union.

Re: PLOC

RonM21 — Wed, 06 Jul 2016 21:36:09 GMT

I'd say that most do require it or something similar, but there are probably some out there that do not. The ones I know of do require it. But I'm only talking about several, so that doesn't mean much.

Re: PLOC

Anonymous — Wed, 06 Jul 2016 22:54:23 GMT

@Revelate wrote:
@Anonymous wrote:
@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?
Yes, you do.
If you mean checking or savings, yeah maybe. I'm not certain that applies to all lenders though?

Yes, will all lenders. You can't link a PLOC to a savings account. PLOC is considered /known as "Overdraft Protection" with some lenders.

Re: PLOC

lhcole77 — Thu, 07 Jul 2016 21:52:05 GMT

@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?
Yes, you do.
If you mean checking or savings, yeah maybe. I'm not certain that applies to all lenders though?

Yes, will all lenders. You can't link a PLOC to a savings account. PLOC is considered /known as "Overdraft Protection" with some lenders.

My LOC at NASA is tied to a savings account.

Re: PLOC

Anonymous — Thu, 07 Jul 2016 22:21:21 GMT

@lhcole77 wrote:
@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@juniornj23 wrote:
Do i must have a checking account to get a PLOC ?
Yes, you do.
If you mean checking or savings, yeah maybe. I'm not certain that applies to all lenders though?

Yes, will all lenders. You can't link a PLOC to a savings account. PLOC is considered /known as "Overdraft Protection" with some lenders.
My LOC at NASA is tied to a savings account.

Thats interesting. Because NASA said my PLOC cannot be linked to a savings account and I havent been able to link it. Just to a checking a account.

Re: PLOC

minski — Mon, 11 Jul 2016 21:15:00 GMT

Anyone know? Will PenFed require a checking account? Or savings account?

Re: PLOC

Anonymous — Mon, 11 Jul 2016 21:24:18 GMT

@minski wrote:
Anyone know? Will PenFed require a checking account? Or savings account?

I have a savings account with Penfed and I have a 10k PLOC.

Re: PLOC

Anonymous — Wed, 10 Aug 2016 20:12:56 GMT

@Yes-Its-Me

That is an incorrect statement about needing a checking account to link a PLOC. I link my PLOC to my ATFCU (top 75 credit union in size in the U.S) savings account (I don't have a checking account with them) and use it just fine. NASA can also link savings to PLOC without a checking account.

You could tell people a lot of or many lenders may require a person to have a checking account to link a PLOC, but not all of them.

Re: PLOC

Anonymous — Wed, 10 Aug 2016 20:14:48 GMT

@MusicLover

You have a PLOC with PenFed with only a savings account and no checking account is that correct?