How does the Overdraft Line of Credit work?
Its connected right to your Electric Orange and is accessed anytime your balance goes below $0.00. Heres an example: An Electric Orange Customer has $1,000 in his Electric Orange, and an Overdraft Line of Credit limit of $165. He buys a new laptop computer for $1,100 using his Electric Orange Card. This transaction will be processed using the $1,000 balance in his Electric Orange, and $100 from his Overdraft Line of Credit. His Electric Orange balance will now appear as -$100 on our website, which reflects the $100 credit used from his Overdraft. He will then pay a competitive interest rate on the $100 he borrowed until its paid down with his next deposit.
Related Questions
- If I have Deposit-to-Deposit Overdraft Protection Transfer and/or a personal line of credit set up as overdraft protection on my personal checking account, do I still need to opt in?
- What is the APR for the ING Direct Electric Orange overdraft line of credit use?
- Is debit card/ATM overdraft coverage a separate line of credit?
