Lines of Credit

What is a Line of Credit?

A Line of Credit at ECU can save you both money and time, and help you easily manage your credit.

Our Personal Line of Credit acts as an authorized overdraft. It provides you with immediate access to available funds by being linked to the Personal 1 Daily Interest Chequing Account. There are no monthly fees for having access to a line-of-credit.

Features and Benefits

  • Low interest rates - save money by not paying high credit card interest rates
  • No fees to access the line of credit
  • 24/7 access - withdraw funds at an ATM, write cheques, transfer funds - you can use this account as you would a regular chequing account
  • Minimum payment of interest that has accrued
  • Reuse your available credit - no need to re-apply once you've paid down your balance
  • Flexible payment options
Lines of credit are a convenient and readily available source of money. If you're looking for flexibility, this option is great for you.


An example of how an overdraft works is as follows:

Debit Credit Balance
Starting Balance: $500.00
Bill payment processed for: - $750.00 -$250.00
Payroll is deposited: + $1,300.00 $1,050.00

Reviewing the example above, you only pay interest on the amount of $250.00 for the number of days that you are using it.  The minimum payment required for the Personal Line-of-Credit is the interest that has accrued.  As long as you have your payroll or another automated deposit coming to the account, you don’t have to worry about how to make a payment.  Think of it as a thermometer, where you balance will go up and down and even sometimes into the red, until your next deposit is made to the account.

The Personal Line-of-Credit is perfect for our members who enjoy doing their daily banking with us and are assured to know that they have coverage in case if their pay does not come in when it is expected to.

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