How to Access Your Leader Bank HELOC How to Access Your Leader Bank HELOC

Congratulations on securing your Home Equity Line of Credit (HELOC) from Leader Bank! You now have access to your open line of credit whenever you need it. 

Below we’ve outlined the details of your HELOC journey, how you can access your funds, how you can make your first payment, as well as balance requirements and closing costs. If you have any questions you can always reach Leader Bank toll-free at 855-294-4488 or clientservices@leaderbank.com.

HELOC Timeline

• Submit Application: Complete a formal application, providing information and supporting documents. 
• Clear to Close: Close on your HELOC and finalize paperwork. 
• Access Your Funds: Access your funds after a three-day restitution period wait. During this time set yourself up with a Leader Bank checking account to get a debit card and check book.
• Move Money: Log into your online account to move money from your HELOC into your checking account, then use the funds to achieve a range of homeownership and financial goals!

Benefits of a Leader Bank Checking Account with Your HELOC

In short, they are perfect for everyday banking and spending with no strings attached. Opening a Leader Bank checking account makes accessing and managing your HELOC simple and convenient. Your checking account can be directly linked to your HELOC, allowing you to quickly transfer funds when you need them and use them for everyday spending, larger expenses, or transfers to external accounts. With one login and a clear connection between accounts, everything stays easy to track and manage. 

A checking account also provides added flexibility and clarity once you draw from your HELOC. Payments begin only after funds are transferred, and having both accounts at Leader Bank helps keep repayment, balances, and access straightforward. It’s not about adding another account, it’s about creating a smoother way to use your HELOC with confidence.

Moving Your Money: Two Ways to Access Your HELOC

Using a Leader Bank Checking Account 

When your HELOC is linked to a Leader Bank checking account, funds can be transferred quickly and accessed with fewer steps. This direct connection allows for faster availability of funds, easier tracking through one online banking platform, and added peace of mind when accessing money for everyday spending or larger expenses.

Using an External Bank Account 

Connecting an external checking account is an option, but transfers are subject to additional verification steps and typically take longer to process. In some cases, funds may need to be sent by check, which can slow access and increase exposure to fraud. While external accounts work, they can introduce extra steps and delays compared to keeping everything within Leader Bank.

Accessing Your Funds

After the three day rescission period, you’ll have online access to your HELOC funds by logging into Leader Bank’s online banking portal. Clients who open a Leader Bank checking account can transfer HELOC funds directly into checking and use the associated debit card to spend the money easily and securely. If you choose to link an external bank account instead, HELOC funds can be transferred there as well, though access may take longer due to additional verification steps and transfer processing times.

Please feel free to reach out to our team directly any time at either 855-294-4488 or clientservices@leaderbank.com. We’re here to help you and answer any questions you may have throughout the life of your loan as well as with any future financing needs.