You can request an advance from your HELOC in two ways:
Online:
- Log in to online banking.
- Click on "Transfer" from the main navigation.
- Click on “HELOC Advance,” then follow the prompts to complete the request.
You will receive an email confirmation shortly after submitting the request. (Please note: advances made in online banking are subject to a hold of 3-4 business days. If you need your funds sooner, please follow the steps above, then contact us at (800) 874-5544, Monday through Friday, 8:30 a.m. - 7:00 p.m. ET, to request the hold be expedited.)
By Using the HELOC Checks Provided to You:
HELOC advance checks are ordered automatically during the loan closing process. Your checks are mailed to the address listed on your loan closing documentation and should be received within 10 business days of your loan boarding, which will be after the three day Right of Rescission period has ended. If you have not closed yet, please make sure that your loan processor has the correct mailing information so that your checks are mailed to the requested address.
Once you receive your checks, you can use them to withdraw money from your HELOC account, use Quorum mobile deposits to deposit funds into your Quorum account, or pay service providers by check.
Here are some limitations you should be aware of:
- The minimum advance is $500. The check will be returned if it is written for less than $500.
- You may write checks up to your available credit limit. Please be aware of your available credit limit, which you can find in online banking. Keep in mind that if closing costs were rolled into your loan transaction, your available credit limit will be reduced by that amount.
- You may write checks payable to yourself or to others. However, please be sure that the name matches that of the deposit account holder as differences in the name may cause the check to be returned.
- Be sure that the legal amount (written amount) and the numerical amount match. If they do not, the check may be returned by the processing financial institution, or only the legal (written) amount will be honored.
- Checks can be deposited through allowable channels as determined by the depositing institution. Please consult the institution at which you are depositing the funds regarding the availability and limitations of mobile deposit, ATM deposit, branch deposit, etc. Also be sure to confirm hold times on funds based on the policy of the institution. In general, larger checks tend to be held for extended time periods, especially if deposited to an international institution.
Bring the power of Quorum to your mobile device.
With Quorum's mobile banking service, you can experience the convenience of account access in the palm of your hand. Deposit checks, make a transfer, pay your bills, and more; all just a few taps away. Choose an icon below to download the app and get started today:
Learn more about mobile banking.
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