How is an advance against a line of credit obtained?
An advance against a Standard Settlement or Performance Settlement Line of Credit is obtained by contacting a Southwest Corporate Member Service Representative at 800.442.5763, option 1. Or, if your credit union subscribes to TranZact, an authorized employee of your credit union can process a loan advance using this online system. Loan proceeds are deposited into your credit union’s Cash Management or Daily Shares account. You may also allow your credit union’s transaction account to become negative due to automated settlement transactions or wire transfers and an amount sufficient to bring the balance in the account to zero will automatically advance from your credit union’s line(s) of credit. An advance against an Advantage Line of Credit is obtained by a member credit union using the TranZact system. Advances from this credit line are not tied to a member’s settlement activity. • When must a loan advance be repaid? A loan advance on any of the three types of lines of credit must be
