Lines of Credit

Regular Line of Credit

  • Up to a maximum of $250,000
  • No monthly service charge
  • Interest calculated on outstanding balance only
  • Automatic minimum payments due on the first day of the month
  • Transactions appear on monthly statements
  • Payments and inquiries available through U-Touch or UCU On-Line Banking

Student Line of Credit

  • Student Line of Credit available to cover your living or education costs. (While the student is enrolled full-time in the program, interest only payments can be made monthly.)

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 due on the first day of the month
  • Automatic repayments can be as low as the monthly interest only on the first of the month and if you don't use it, you don't pay
  • Monthly Premium Life, Disability and Critical Illness Insurance is available
  • 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 monthly, 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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