How does each of the LOC programs work?
1) Overdraft protection: The LOC will extend to cover drafts written on your share draft account when there are insufficient funds in that account. 2) Alternatives VISA Debit Card: debit card transactions clear your account like a share draft (check), and will activate the LOC as described in overdraft protection. 3) Cash: You can get cash directly from your LOC with a cash withdrawal form at the Credit Union. Specify that you are requesting funds from your LOC. The following conditions apply in all of the above cases: – The amount available in LOC must be sufficient to cover the transaction. You will be approved for a specific limit between $500 and $20,000. – Payments on the LOC loan balance and all other loans at the Credit Union must be up to date. If any loan is delinquent, the LOC may be blocked, no matter how much credit is available.
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