Affinity LOC Approved need help

[Anonymous]

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@TekkenQQ7 wrote:

I just received an email of my first LOC approval confirmation but not sure which protection option to choose from. Do I have to choose one?. Thank you

Dear Member,

Congratulations! Your Line of Credit has been approved for $5,000.

We offer optional Payment Protection coverage available to you on your new credit line. Payment Protection reimburses payments due to involuntary unemployment, disability, or loss of life. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under the program.  Please be sure to read your loan documents in its entirety before signing.  Specific coverage and cost is determined by the chosen level of protection as follows:

Platinum:

·         Protection costs $0.25/month for every $100

·         Will cancel loan balance up to $75,000 due to loss of life

·         Will cancel up to 3 minimum monthly payments (per occurrence) due to involuntary unemployment

·         Will cancel up to 12 minimum monthly payments (per occurrence) due to disability

Premium:

·         Protection costs $0.17/month for every $100

·         Will cancel loan balance up to $75,000 due to loss of life

·         Will cancel up to 12 minimum monthly payments (per occurrence) due to disability

Preferred:

·         Protection costs $0.09/month for every $100

·         Will cancel loan balance up to $75,000 due to loss of life

The cost for each month will be calculated based on the remaining balance on the last day of each month.  Example: if the loan holds a $200 balance on the last day of the month and has the Premium protection level, the cost for that month will be $0.34.

Ø  Please reply back to this message to confirm acceptance of your credit line at your earliest convenience.  Be sure to include the following information in the email:

·         Would you like to take advantage of the discounted autopay rate?  If so, include the last 4 digits of the Affinity account you authorize us to draw from.

·         Would you like a Payment Protection Plan added to your loan and if so which coverage you are taking?

Once your approval and the above items have been confirmed, we will email your final documents via DocuSign for your electronic signature. 

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I have a line of credit with them and I didn't chose any of that.   You don't have to

[SouthJamaica]

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@kremonis wrote:

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@TekkenQQ7 wrote:

I just received an email of my first LOC approval confirmation but not sure which protection option to choose from.

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@TekkenQQ7 

Does the AffinityFCU LOC attached toa checking so that it automatically kicks in incase you have insufficient funds, acting as overdraft protection? Also, do they issue you a checkbook so that your can write checks directly from your LOC?

I apologize for hijacking your thread.

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Yes it is an overdraft protection line of credit, automatically 'kicks in'.  Very convenient.

I don't remember if they have separate checks. I would never use them if they did. Since it's an overdraft line of credit, why not just use the checking account checks?

[TekkenQQ7]

As always I am learning here. Thanks everyone.

[ocheosa]

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@SouthJamaica wrote:

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@kremonis wrote:

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@TekkenQQ7 wrote:

I just received an email of my first LOC approval confirmation but not sure which protection option to choose from.

---

@TekkenQQ7 

Does the AffinityFCU LOC attached toa checking so that it automatically kicks in incase you have insufficient funds, acting as overdraft protection? Also, do they issue you a checkbook so that your can write checks directly from your LOC?

I apologize for hijacking your thread.

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Yes it is an overdraft protection line of credit, automatically 'kicks in'.  Very convenient.

I don't remember if they have separate checks. I would never use them if they did. Since it's an overdraft line of credit, why not just use the checking account checks?

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No, they don't have separate checks, you use the checking account checks. You can also do an internal transfer from your LOC to checking account, to avoid having a 0 checking balance, then write your check or ACH transfer funds.