Where can I find a cheque-driven ULOC?

By john.a.wills ·
Ameriprise Bank has recently discontinued its cheque-driven unsecured line of credit, perhaps because of people like myself who had it for 9 years without using it, although I was planning to use it next month (I have a secured LOC with Ameriprise Bank, as well as a HELOC elsewhere, and my plans have only just got to the point of diving deeper into debt). Ameriprise Bank is offering a credit card instead, but that's not what I want (the electrician does not take credit cards, and I want the house rewired).
So I have been looking around for a new ULOC. A Yahoo search comes up with a lot of business ULOCs, but no personal ones. My own primary bank does not have such a product, nor has Mechanics Bank. Citi has, but at 16.5% p.a. they can forget it. B of A does not seem to have one. I plan to try the websites of a few more banks, but perhaps someone on TR has an idea. The line should be in US$.

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OK as I'm not in the US I may be wrong here

by OH Smeg Moderator In reply to Where can I find a cheque ...

But I think you'll find that the product you are asking about at least for nonbusiness customers no longer exists.

It has been replaced with a Credit Card which the Credit Card Companies accept the liability for and remove the possibility of missed repayments from the Banks Balance Ledger Sheets. The Credit Card Companies also charge a Higher Interest Rate which makes things like thins a better option for the Banks.

Just an observation here Chairman Mao once said Religion is the Opium of the Masses when he was describing the problems that he saw in China prior to his revolution. Since that time I have heard the phrase Cheep Credit is the Opium of the Masses it's pretty accurate and with the problems that the banks have recently had they now take every opportunity to pass the buck as far from themselves as possible.

While this type of thing may still be available for Business Customers having one I can tell you the banks take every opportunity to close this option and pass you onto a Credit Card Type Account. You have to fight with them to retain this type of thing and it's a very hard negotiation.


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Reponse To Answer

by john.a.wills In reply to OK as I'm not in the US I ...

You are right about the banks wanting to shift us to credit cards, but the electrician I was planning to employ does not take credit cards, and getting a cash advance would mean paying a fee I do not want to pay, besides incurring high interest. BBT does seem to have the product, but not for California residents.

I think it was Karl Marx who said that religion was the opium of the people.

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