@kremonis wrote:PLOC = personal line of credit
OLOC = overdraft line of credit attached to checking account to stop overdrafts
The oloc at NFCU has checks that you use. Does that make this product a hybrid: OPLOC (overdraft personal line of credit)?
No. It makes it a CLOC (Checking line of credit) with NAV checks.
@kremonis wrote:PLOC = personal line of credit
OLOC = overdraft line of credit attached to checking account to stop overdrafts
If you shopping for a line of credit, is there a reason to choose one over the other? Are APR typically similar?
I am leaning towards a oloc because of the automatic handling of overdrafts.
The oloc at NFCU has checks that you use. Does that make this product a hybrid: OPLOC (overdraft personal line of credit)?
They're both personal lines of credit. I find the overdraft type more convenient, because it saves me the step of transferring from one to the other.
No matter which kind I am using at the time, I never use the special LOC checks; I can't keep track of those the way I can keep track of regular checking account checks and tranfers. So if I'm using the non-overdraft kind, I transfer the money into checking and then use it.
@kremonis wrote:
@SouthJamaica wrote:
@kremonis wrote:PLOC = personal line of credit
OLOC = overdraft line of credit attached to checking account to stop overdrafts
If you shopping for a line of credit, is there a reason to choose one over the other? Are APR typically similar?
I am leaning towards a oloc because of the automatic handling of overdrafts.
The oloc at NFCU has checks that you use. Does that make this product a hybrid: OPLOC (overdraft personal line of credit)?
They're both personal lines of credit. I find the overdraft type more convenient, because it saves me the step of transferring from one to the other.
No matter which kind I am using at the time, I never use the special LOC checks; I can't keep track of those the way I can keep track of regular checking account checks and tranfers. So if I'm using the non-overdraft kind, I transfer the money into checking and then use it.
I am leaning towards a oloc myself. I don't like the cloc at NFCU because I cannot figure out how to pay it externally. For example, if you have a NFCU CC you can directly push PMTS, to pay off the CC, from a external account. I can't figure how to do the same for the NFCU cloc.
AFAIK, you have to first push a PMT to the NFCU checking account then transfer from the NFCU checking account to the cloc. This makes 2 steps out of something that should take one.
I wonder if other clocs from other banks and CUs allow you to pay directly.
Yes this is one of the peculiarities of the NFCU CLOC; if you push a payment to, it goes into checking and you then need to transfer it.
You can, however, pull the payments with no problem.
Every other credit union with which I have a personal line of credit allows you to push payments to it directly. But -- and this is a big but -- pushed payments to PLOC's are often slow because the bill pay software doesn't recognize the account number the way it recognizes credit card account numbers. and so uses a paper check and snail mail. So I try to pull, rather than push, payments to PLOC's no matter where they are or which type they are.
So bottom line, the way I look at it: pushing payments to PLOC's is often a bad business, so why not go with the NFCU version anyway, and pull your payments.
@Anonymous wrote:
In response to pushing and pulling payments to PLOCs ... the US Bank PLOC will receive direct payments as you are issued a Visa Access Card which works exactly like any credit card with its own card number not tied to anything else.
So it's a debit card which is linked only to the line of credit, and not to the deposit accounts? I wonder if other lenders could offer that if it were requested.