PLOC

[Cory88]

I have a personal LOC with HSBC and PenFed. I was chatting with them and they said that they only me used for overdraft or transfer to cheques account and use debit to take the cash out and you should never use it to pay a credit product that the same bank as the LOC. Not that I would do that as the APR is high but if I advance the LOC and pay a credit card that with them even though it looks like it even if the CC is being paid because it due and you want to take out $50 cash from debit to hold you over until you been paid from your employer. Has anyone had run into this?

[Gmood1]

@Cory88 

How would they know what you're taking the money out for, unless you told them?

It's your PLOC. It's there to use if you need it. They charge enough not to care what it is for lol.

As long as they get it back with interest. Do what you need to do.

[Cory88]

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@Gmood1 wrote:

@Cory88 

How would they know what you're taking the money out for, unless you told them?

It's your PLOC. It's there to use if you need it. They charge enough not to care what it is for lol.

As long as they get it back with interest. Do what you need to do.

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That's what I was thinking how would they know or can prove it. I think the only see a advance and then pay the CC or loan within minutes of the advance. I was calling to see about the monthly service fee as my pay may come by cheque instead of DD and they went over the PLOC terms and said that to me and I said I never did that and they said I know but we tell everyone this when they just get the PLOC. I just thought it was strange.