Home Equity Line of Credit HELOC changes Important information Please read the following so you know where to look to see how much is owing on your HELOC Snapshot view • by yaofenjin

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									   Home Equity Line of Credit (HELOC) changes
   Important information:
   Please read the following so you know where to look to see how much is owing on your HELOC.




   Snapshot view
   •	 HELOCs	are	now	set	up	as	a	loan	account—they	are	listed	as	Home	Equity	Line	of	Credit	Revolving	Accounts.	
   •	 All	HELOCs	must	be	linked	to	an	ATB	deposit	account.	We	have	created	a	new	account—listed	as	a	HELOC	Account	under	
      Deposit Accounts—for each HELOC that was not linked to an ATB chequing account.
   •	 Everything	else	related	to	your	HELOC—authorized	limit,	interest	rate,	and	how	interest	is	calculated	and	charged—
      has stayed the same.
   •	 Just	as	before,	if	there	is	not	enough	cash	in	your	chequing	account	to	cover	your	transactions,	it	will	automatically	draw	
      funds from your HELOC.
   •	 Check	Loan	Accounts	on	your	monthly	ATB	statement,	in	ATBOnline™,	or	in	telephone	banking	to	find	out	how	much	
      of a HELOC you have used, if you use it.




   Checking how much is owed on your HELOC                                                                      We’re	here	to	
   Everything about your HELOC—your credit limit, interest rate, and how interest is calculated
                                                                                                                 help you...
   and charged—is the same. The main difference is how you check the amount you owe if
   you’ve been using your credit.

   Before the upgrade, some HELOCs were set up to be linked to an ATB chequing account and
   the HELOC and chequing account operated as one account. In this case, if you used funds
   from your HELOC, your chequing account showed a negative balance. If you hadn’t used
   funds from your HELOC, it showed a positive balance (if you had cash in your account).

   For others, the HELOC was not set up as linked to an ATB chequing account. In this case,
   you checked your balance by looking at your Mortgedge LOC Account (listed as a Deposit
   Account). If you used funds from your HELOC, your Mortgedge LOC Account showed a
   negative balance. If you had’t used funds from your HELOC, it showed a positive balance.
                                                                                                            Jeffrey
                                                                                                            ATB Sunridge
   Now, HELOCs are listed as a loan and need to be linked to a separate ATB deposit account.
   For HELOCs that weren’t linked to an ATB chequing account, we set up a new deposit                             Jeffrey’s Tip:


                                                                                                       “
   account—listed as a HELOC Account. Rest assured, this new account has not resulted in
   any new monthly or transactional fees.                                                                  If you see zero dollars in your
                                                                                                           chequing or HELOC Account,
                                                                                                          check your Home Equity Line of
                                                                                                          Credit Revolving Account (listed
                                                                                                            under Loan Accounts) to see
                                                                                                          how much credit you have used“
                                                                                                          and to determine the amount of
                                                                                                              credit you have available.
                                                                               Continued



atb.com/upgrade or 1-800-404-4646
                                                                                                                                      C-R-008
   So, now you have two accounts to keep an eye on: your chequing account or HELOC Account (listed under Deposit
   Accounts) and your Home Equity Line of Credit Revolving Account (listed under Loan Accounts) on your statement, in ATBOnline,
   and	in	telephone	banking.	When	you	have	used	money	from	your	HELOC,	your	Home	Equity	Line	of	Credit	Revolving	Account	will	
   show the amount of credit you have used and your linked chequing or HELOC Account will show $0. If you have not used money
   from your HELOC, your Home Equity Line of Credit Revolving Account will show $0 and your linked chequing or HELOC Account will
   show a positive balance—the amount of money you have—or $0 if you do not have any cash in this account.

   If you have a balance owing on your Home Equity Line of Credit Revolving Account and you make a deposit into your linked
   chequing or HELOC Account, any balance remaining in this account at the end of the day will automatically be transferred to pay
   down your Home Equity Line of Credit Revolving Account because that keeps your interest payments down. If the deposit is less
   than or equal to the amount owing on your Home Equity Line of Credit Revolving Account, your chequing or HELOC Account will
   still have a balance of $0, but your Home Equity Line of Credit Revolving Account balance will have been reduced accordingly.



   Example
   Here’s what happened before:
   •	 Your	chequing	account	or	Mortgedge	LOC	Account	shows	a	balance	of	$5,000-.	This	means	that	you	have	used	
      $5,000	of	that	HELOC.
   •	 You	deposit	$2,500.
   •	 Your	chequing	account	or	Mortgedge	LOC	Account	shows	a	balance	of	$2,500-.


   Here’s what will happen now:
   •	 Your	chequing	or	HELOC	Account	shows	a	balance	of	$0.	Your	Home	Equity	Line	of	Credit	Revolving	Account	
      shows	that	you	have	used	$5,000	of	that	HELOC.
   •	 You	deposit	$2,500.
   •	 Your	chequing	or	HELOC	Account	continues	to	show	a	balance	of	$0	but	your	Home	Equity	Line	of	Credit	
      Revolving	Account	balance	is	now	$2,500.



   Account numbers

   Your	account	number	for	each	Home	Equity	Line	of	Credit	Revolving	Account	has	been	generated.	These	numbers	are	available	
   on your statements, in ATBOnline, and in telephone banking.

   Your	linked	chequing	account	number	has	changed	too,	but	it	is	easy	to	figure	out—simply	add	two	zeros	to	the	front	of	your	old	
   chequing	account	number	and	string	your	2-digit	sub	number	onto	the	end.	For	new	HELOC	Accounts,	again	simply	add	two	zeros	
   to	the	front	of	your	old	Mortgedge	LOC	Account	number	and	string	your	2-digit	sub	number	onto	the	end.

   For example:                                               Account #            Sub #
   If chequing or Mortgedge LOC Account number was:           1234567	             01
   Your	new	chequing	or	HELOC	Account	number	is:              00123456701          (Now part of main account number)

   Don’t worry—you still have the same accounts and any direct deposits and cheques you have on your accounts have not
   been affected.




atb.com/upgrade or 1-800-404-4646
                                                                                                                               C-R-008

								
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