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#2214470 - 05/28/19 10:02 PM Using HELOC for Overdraft Protection
Bville Offline
Diamond Poster
Bville
Joined: May 2001
Posts: 1,282
Out West
Does Reg Z contain any restrictions on using a HELOC as overdraft protection?

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Lending Compliance
#2214476 - 05/29/19 11:35 AM Re: Using HELOC for Overdraft Protection Bville
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,396
Galveston, TX
Not in Regulation Z. It is illegal in Texas.
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#2214511 - 05/29/19 03:38 PM Re: Using HELOC for Overdraft Protection Bville
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Just a personal comment (not based on any regulation) == I think it's a miserable idea unless there's a very strict limit to the amount the consumer can pull from the line to cover overdrafts. Making it easier to "spend" one's home equity isn't always a best approach.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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