Line of Credit

Line of Credit

  • Up to a maximum of $250,000 in excess of your shares and deposits
  • No monthly service charge
  • Interest calculated on outstanding balance only
  • Automatic minimum payments taken from chequing account on the first day of the month of 5% of balance owing + interest
  • Transactions appear on monthly chequing statements
  • Payments and inquiries available through U-Touch or UCU On-Line Banking 

Home Equity Line of Credit

  • Use it for any purchase such as an investment, real estate, car, etc.
  • Arranged as a first or second mortgage and allows you to borrow against the equity in your home
  • Integral part of chequing account; activated by drawing on the chequing account
  • No monthly service charges
  • Automatic blended principal and interest payments from chequing account on the first day of the month
  • Member term life insurance available
  • Transactions appear on monthly chequing statements
  • Payments and inquiries available through U-Touch or UCU On-Line Banking

Overdraft Protection

  • Give yourself peace of mind when writing cheques with UCU`s Overdraft Protection
  • Available up to a pre-authorized wait, your cheques will automatically be covered with no handling or service charges
  • Interest is calculated and charged only on balances used and is payable on the 1st of each month, along with a payment of 5% of the outstanding balance. 
 

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