• HELOC Q&A

  • Home Equity Line of Credit (HELOC) Q & A

    We hope you are well on your way to fulfilling the objectives that prompted you to take out a Home Equity Line of Credit (HELOC). Whether it’s home renovations, college expenses, or important family needs, a HELOC means freedom and flexibility in your life.

    In addition to the many possibilities that come with having a HELOC, you are also a member of Tech CU! We are a federally insured, highly regarded*, not-for-profit credit union. This means you can access the low rates, great service, and many benefits we offer.

    Below we address frequently asked questions from members with HELOCs and hopefully you will find the answers you need. This Q & A page provides information about Tech CU, steps for easy loan advances from your HELOC, payment methods, and the many ways you can stay in touch with us. It also contains information regarding HELOCs that have been transferred to Tech CU for servicing. If your questions are not answered here or you need individualized assistance for your HELOC or another financial need, please contact us:

    About Tech CU

    Tech CU is a federally insured, highly regarded*, not-for-profit credit union. We are headquartered in San Jose, California, in the heart of Silicon Valley. As a member of Tech CU, you can access all the high-yielding products and award-winning services enjoyed by over 155,000 other members. To find out more about Tech CU, go to our About Us page or click on the video:

    thumbnail for video about HELOC loansOpens a new window

    Getting Started with Your Tech CU Home Equity Line of Credit (HELOC)

    Q: How do I sign up for electronic banking?

    It’s easy to sign up for electronic banking with Tech CU:

    • You can easily sign up for Online Banking and a world of convenience opens for you. Be sure to have your HELOC statement handy since it has your member number which you will need to sign up.
      • You can arrange to receive eStatements by going to “Enroll in Paperless” under the “Statements & Docs” tab.
      • You can set up easy ways to make monthly payments through Fast Pay or using a Bank-to-Bank Transfer (see below for details).
       
    • Prefer to bank on your phone? Use our mobile app by first signing up for Online Banking and then downloading our app:

    If you need assistance or have any questions, please feel free to reach out to one of our banking specialists by visiting Tech CU’s Virtual Branch virtual branch icon.

    Managing Your Home Equity Line of Credit (HELOC)

    Q: How will I receive my monthly billing statements?

    Monthly billing statements will be mailed to you via the US Postal Service. You can select to receive them electronically by changing your preferences anytime through Online Banking and going to “Enroll in Paperless” under the “Statements & Docs” tab.

    Q: How may I access my account?

    We offer convenient 24/7 access - Online Banking includes budgeting tools and customizable alerts. You can also view and manage your account easily with Mobile Banking.

    Q: How do I use my Home Equity Line of Credit?

    We offer several ways for you to make loan advances on your HELOC:

    • Transfer into a Tech CU Savings or Checking Account: If you don’t already have one, you can open a savings or checking account at Tech CU and then transfer HELOC funds into this account using the “Internal Transfer” feature. Then, you can transfer to an external account using our “Bank-to-Bank” feature. This can be done through Online Banking or by contacting the Tech CU Virtual Branch.
    • Use a Personal Check: You will receive a book of personal checks via regular mail and you can use these as you would regular checks to pay for purchases, to pay bills, or to deposit money in an account.
    • Request a Tech CU Corporate Check: You can request a Tech CU corporate check by phone, in-branch, or through Tech CU’s Virtual Branch.

    Q: How can I get assistance related to using my HELOC?

    If you need assistance, please feel free to contact us through any of the means listed above.

    Making Payments on Your Home Equity Line of Credit (HELOC)

    Q: How do I make payments on my HELOC?

    Tech CU offers several ways to make payments, including an option to set up recurring monthly payments:

    • Fast Pay via Tech CU’s Online Banking: Tech CU offers Fast Pay for monthly payments with the option of setting up recurring payments. If you have not already done so, use your HELOC statement containing your member number and sign up for Tech CU’s Online Banking. Then you can simply log into Online Banking and choose “Fast Pay” from the drop-down menu under “Transfers & Pay.”
    • TechCU.com: You can also leverage Fast Pay to make your monthly payments by going to TechCU.com and selecting the Fast Pay option available at the top of our home page. Please note, this option is for one-time payments only; recurring payments must be set up through Online Banking.
    • Bank-to-Bank via Tech CU’s Online Banking: Each month you can make your monthly payments using the Bank-to-Bank feature. Once you sign up for Online Banking using the member number that appears on your HELOC statement, you can simply log into Online Banking and choose “Bank-to-Bank” from the drop-down menu under “Transfers & Pay.” Follow the instructions to add an external account and validate it so it is ready to be used for making payments.
    • Mail-in Payments: You may use the payment slip at the bottom of your Home Equity Line of Credit statement to mail in your monthly payment by check.

    More Questions?

    At Tech CU we like to say: “We’re here to get you there!” That means you set your financial goals and we’ll do everything we can to assist you in reaching them. We are a full-service banking institution with a broad range of products and services including savings and checking accounts, loans, Private Banking, and help in planning for your financial goals. So, when you wish to speak with a banker to discuss your unique financial needs, reach out to us!

    Thank you for being a valued member of Tech CU!

    Tech CU is one of Forbes Best-in-State Credit Unions

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