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Line of Credit

Will I receive a Form 1098 for the interest I paid on my line of credit?

You will not receive a tax form for your line of credit. A Form 1098 is used to report mortgage interest of $600 or more. Learn More

Can I initiate an automatic payment (ACH Debit) from my account at another financial institution to draw on my line of credit?

Automatic payments (ACH Debit) initiated by a third party such as a financial institution to draw funds from the line of credit are prohibited. ACH Debits will be rejected. Please note that fees may be assessed by the initiating third party when ACH Debit transactions are rejected.

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