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Lines of Credit

Regular Line of Credit

  • Up to a maximum of $250,000
  • No monthly service charge
  • Interest calculated on outstanding balance only
  • Transactions appear on monthly statements
  • Monthly Premium Life, Disability or Critical Illness Insurance is available
  • Can be set up as an integral part of chequing account; activated by drawing on the chequing account
  • Stand-alone account option is available
  • Payments and Inquiries available through U – Touch Telephone Banking, UCU Online Banking, UCU Mobile, UCU Call Centre or in branch
  • Automatic monthly blended principal and interest or interest only payments

Student Line of Credit

Student Lines of Credit are available to cover your living or education costs while you are enrolled at an accredited post-secondary institution. For full information about student lines of credit see our Student Lines of Credit information.

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
  • No monthly service charges
  • Monthly Premium Life, Disability and Critical Illness Insurance is available
  • Maximum limit up to 65% of the property value
  • Transactions appear on monthly statements
  • Interest calculated on outstanding balance only
  • Payments and Inquiries available through U – Touch Telephone Banking, UCU Online Banking, UCU Mobile, UCU Call Centre or in branch
  • Automatic monthly blended principal and interest or interest only payments
  • Can be set up as an integral part of chequing account; activated by drawing on the chequing account
  • Stand-alone account option is available

Overdraft Protection

  • Give yourself peace of mind when writing cheques with UCU's Overdraft Protection
  • Monthly Premium Life, Disability or Critical Illness Insurance is available
  • Payments and Inquiries available through U – Touch Telephone Banking, UCU Online Banking, UCU Mobile, UCU Call Centre or in branch
  • Interest on balances used is calculated on the last day of each month and is due in the next 30 days
  • Available up to a pre-authorized limit, your cheques will automatically be covered with no handling or service charges