Credit Limit / Authorized Overdraft

A credit limit or authorized overdraft is a revolving credit that gives you easy access to funds up to a specified limit. It is set up on your chequing account and offers a flexible and convenient way to borrow.

How it works:

  • Conveniently access the funds through your Member Card® debit card, cheques, and online banking.
  • Only pay interest on the amount of credit you use.
  • Once you have paid off part or all of the credit limit, that amount becomes available again -- which means you do not have to constantly re-apply for a new loan.
  • A minimum regular deposit is required, but you have the flexibility to pay down the entire balance or make a lump sum payment at any time without penalty.
  • Variable interest rate.
  • Security will depend on the credit limit and the individual member's situation.

You can use your LCU authorized overdraft to:

  • Manage your day-to-day cash flow.
  • Take advantage of unexpected business opportunities.
  • Take advantage of supplier discounts.

Please contact us if you have any questions!


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