Finding a HELOC that acts like a checking account?

Question

I am looking for a HELOC to use instead of my checking account. I'm not looking for input on whether this is a good idea, but where to find a HELOC that will meet my specifications in that it acts like a checking account. They are:

- Low fees and APR.
- All standard checking access points, such as checks, ATMs, electronic bill pay, etc...
- No minimum withdrawal - I can pay a $3.72 bill with it.
- Interest computed on average daily balance, or daily.
- Can deposit funds electronically using routing/account number.
- Accepts direct deposit.
- Notifies you if balance is negative (you paid more than you owe).

I am basically looking to use this HELOC as my primary account instead of a checking account, so I want as many of these features as I can find.

I'm basically looking to manually build something similar to a mortgage accelerator/money merge product, but without the high fees and interest.

-->Adam

Answer 1

Bank of America

Your state laws might make your plan impractical. Check into those before you commit to this.

Answer 2

I've seen HELOC's attached to checking accounts.. We had a HELOC that were are able to draw on, and place the funds in the checking account.

Answer 3

if you would be interested there is a first mortgage you can do this with that actually saves you a ton of money on interest if you would like to know more contact me and I will explain,