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#2253384 - 05/03/21 08:54 PM HELOC Check Fee - Finance Charge?
Poohie Offline
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Joined: Jan 2006
Posts: 200
USA
Bank charges the borrower for checks to access HELOC, say $20 for a set of HELOC checks.
Is the $20 a finance charge?
Thanks!
Last edited by Poohie; 05/03/21 09:00 PM.
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Lending Compliance
#2253386 - 05/03/21 09:34 PM Re: HELOC Check Fee - Finance Charge? Poohie
InFairness, CRCM Offline
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InFairness, CRCM
Joined: Nov 2010
Posts: 928
USA
Can the HELOC be accessed without the checks?
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Opinions are strictly my own, and have nothing to do with my employer.

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#2253403 - 05/04/21 01:37 PM Re: HELOC Check Fee - Finance Charge? InFairness, CRCM
Poohie Offline
100 Club
Joined: Jan 2006
Posts: 200
USA
The methods used to access HELOC funds are:

(1) l write a check or a share draft.
(2) I draw my Transaction Account, Account No. , below (Triggering Balance).
(3) I request a withdrawal in person.
(4) I request a withdrawal by phone.
(5) I request a withdrawal by mail.
(6) Other Advance Method: I make a request by email
Last edited by Poohie; 05/04/21 02:27 PM.
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#2253409 - 05/04/21 02:39 PM Re: HELOC Check Fee - Finance Charge? Poohie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Finance charge for what purpose - the periodic statement?

It would be an "Other Charge".
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2253414 - 05/04/21 03:13 PM Re: HELOC Check Fee - Finance Charge? Poohie
Poohie Offline
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Joined: Jan 2006
Posts: 200
USA
For the Fees and Charges section of the note and for the periodic statement.

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#2253420 - 05/04/21 03:38 PM Re: HELOC Check Fee - Finance Charge? Poohie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
It is an "Other Charge"
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2253477 - 05/05/21 01:20 PM Re: HELOC Check Fee - Finance Charge? rlcarey
Poohie Offline
100 Club
Joined: Jan 2006
Posts: 200
USA
Great! Thank you!

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