Originally Posted by
deant
According to my banker, it is having a Line of Credit - not a balance due.
According to my banker a couple weeks ago before this new conditions, she said the line of credit refers to the Outstanding Balances - all DEBTS meaning Mortgages, Home Equity Line, Personal Loan and outstanding balance on Credit Cards.
I seriously doubt a 15K credit line on credit card would qualify... Many folks have several times of such amount on their credit lines even in this environment, yours truly included.
Originally Posted by
SuperG03
The banker gave you incorrect information. Any of the accounts that include a balance qualifier from loans/CCs, require it to be an OUTSTANDING BALANCE to consider it. So, if you have a $100K Home Equity LOC that has a $0 balance, it WILL NOT count to waive the fee on the checking account as a balance qualifier. Now, if you have a $100K Home Equity LOC that has a $50K balance, then that $50K WILL count to the checking balance qualifier. Hope that helps.
SuperG03
Exactly. That is similar to what my banker verified to me when I asked if this meant outstanding balances, meaning amount "owed" - She said Yup. She then went ahead to upgrade our personal checking accounts to the Premium and said we no longer needed to do the 5 debit card trannies on personal side, only on the business side.