Overdraft Savings Transfer
What type of account can a member use for OST?
A savings account that the member is PRIMARY on.
What are the two requirements to enroll in an ADCLOC?
Direct Deposit of Net Pay and Active Duty Checking.
How long does a member's balance need to be positive to reset the "days" counter?
1 full business day.
What is the minimum monthly payment of a CLOC?
2% or $20, whichever is higher.
There are two terms used when referring to OST. It is how the funds are transferred. What are these terms?
Sweeping and funding.
What is the biggest *credit-related* difference between the ADCLOC and the CLOC?
There is no hard inquiry because it is automatically approved.
If the repayment date falls on a weekend or holiday, the account must have a positive balance by when?
The previous business day.
APR is based on a member's credit pull. What is the APR range for CLOC?
13.9-17.9%.
Who can remove funding from an account?
Only Savings and Checking Ops.
What does the deposit on an ADCLOC say when a service member gets their DDNP?
"Loan Payment" or "Overpayment"
What are the options for OOPS coverage?
1. ACH/Checks
2. ATM/POS
3. All four
What is the range of CLOC limits?
$500-5,000
What types of transactions are covered by OST?
Checks, ACH debits, and POS transactions (posting, not authorizations).
What are the names of the two locations an ADCLOC can be opened?
Parris Island or Basic Training at Recruit Training Command Great Lakes.
How many days will it take the account being overdrawn for OOPS to terminate?
45 days
When does the interest begin to accrue on a CLOC?
The date the advance is authorized
If OOPS is present on the account, which overdraft protection gets applied first?
Overdraft Savings Transfer.
What happens if a member requests a limit increase?
The product type changes to a regular CLOC.
If the balance goes negative over this dollar amount, the member will incur a fee.
$15
What is the highest CLOC balance you might see on a member's account?
$15,000!