Pros and Cons of HELOC Debit Card Access - Dan Persfull

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Pros and Cons of HELOC Debit Card Access
by Dan Persfull , BOL Guru
Guru BIOS

Question: Please provide some of the pros and cons -- particular as related to fraud risk -- of providing access to Home Equity Lines of Credit (HELOCs) via debit card.

Answer:
Pros:

Convenient for the account holder.
Less costly to bank than supplying paper checks.

The debit card will be a credit card and the account will be regulated by Reg. Z
You lose the right to set off
Visa/MC rules may not allow you to use their brand name

First published on BankersOnline.com 5/23/05

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