Access to your accounts anywhere, anytime
The Patelco Instant BackUp™ Line of Credit allows you to cover your checking account against extra fees if you go below your balance.
17.90%% APR1
Up to $500
If you have an unexpected shortage of funds in your Patelco checking account, your overdraft line of credit takes over to cover you.
Once you sign up for this convenient feature, we will process your transactions on your Patelco Checking account, even if they dip your balance below $0.00. Instead of paying an overdraft fee, you’ll pay interest only on the amount you borrowed for the amount of time it’s outstanding.
No cash advance fees (unlike credit cards), plus get a competitive, fixed rate
Interest you would pay is much less than an overdraft fee
With on-time payments, can help establish credit history on your credit report
Access overdraft protection with no credit check
Rates Effective 04/05/2023
This is a line of credit that may be used if your checking account does not have enough funds when a check, debit or withdrawal is made against your checking account. It enables your transactions to go through (up to your available limit) even if the balance in your account falls below $0.00. Additionally, the line of credit establishes credit on your credit report. You only pay interest on the amount used
Correct, you may only use your Patelco Instant BackUp™ Line of Credit for overdraft advances to your checking account, you may not make any transfers or withdrawals with the Instant BackUp™ Line of Credit.
There is no fee on the Patelco Instant BackUp™ Line of Credit. As with most unsecured loans, if you incur a late payment, this may be reported to the credit bureaus.
The minimum payment is $25.00 or 2% of the unpaid balance, whichever is greater. (If balance is less than $25.00, minimum payment will be full balance owed.)
Enrolling is easy! Log in to enroll today. Have questions? Meet face-to-face online with our Virtual Branch™ or schedule an appointment.
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1 APR = Annual Percentage Rate. All loans are subject to credit approval, restrictions apply, rates are subject to change. Loan rates offered effective 04/05/2023. The APR range is 17.90% for Instant BackUp™ Line of Credit. Minimum payment is $25.00 or 2% of the unpaid balance, whichever is greater. (If balance is less than $25.00, minimum payment will be full balance owed.) To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch.
2 While your credit report is not pulled for the purpose of using your credit score to qualify you for a specific interest rate for the Instant BackUp Overdraft Line of Credit, Patelco Credit Union does, and will report your payment history to the credit bureaus.
