ChoiceLine FAQs

Now that you have your Bellco Home Equity ChoiceLine, you can use the funds for home improvement projects, consolidating debt, new landscaping or a basement remodel – the choice is up to you! Below you will find some useful information that will help you get started.

There are several different terms used with my ChoiceLine.
What do they mean?

Master Account

The Master Account is a single overarching account, like an umbrella, that was set up when you closed on your loan. There can be up to 4 subaccounts open under this master account at any one time. This account will manage the total amount due for all subaccounts with a balance. No funds will be disbursed from this account.

Variable Rate Subaccount (or Variable Loan)

The Variable Rate Subaccount (or Variable Loan) is the account from which all draws (or advances) are taken. This account will manage the amount of available credit you have on your ChoiceLine. There will always be only one variable rate subaccount during the initial 10-year draw period.

Fixed Rate Subaccounts

You can have up to three (3) Fixed Rate Subaccounts open at any time.  However, you can only take a fixed-rate advance during the Draw Period.  The repayment term of the Fixed Rate Subaccount can be any term you choose, but it cannot exceed the maturity date of the ChoiceLine.  The fixed-rate advances (and their associated repayment terms) will be shown as Fixed Rate Subaccounts on your statement, each being listed separately.

How do I use the available credit limit on my Home Equity ChoiceLine?

Variable Rate Subaccount

  • Once your funds are available for drawing, you may advance funds from your line by transferring through Online Banking under the “Transfer & Payment” menu, visiting a Bellco branch, or calling Member Services at 1-800-BELLCO-1 (235-5261). All advances will be drawn from the variable rate subaccount unless you request the advance to be immediately transferred to an available fixed rate subaccount. There is no minimum draw requirement tied to an advance on your variable loan.
    • Check—Bellco does offer the use of a check to advance funds from your variable loan. Checks can be requested at closing or thereafter by calling Member Services at 1-800-BELLCO-1 (235-5261) or visiting a branch. Checks cannot be ordered through Online Banking.
    • Card—Bellco does not offer the use of a card device to advance funds from your variable loan.

Fixed Rate Subaccount

  • You may request to advance funds and have the advance immediately transferred to an available fixed rate subaccount by using the ChoiceLine Fixed-Rate Option: Quote Request form, visiting a Bellco branch, or calling Member Services at 1-800-BELLCO-1 (235-5261). The online form allows you to request a quote, and if that quote is acceptable, you can use the same form to request an advance from your available credit limit. Please note, it may take up to 3 business days to get a response after using the online form. There is a minimum draw requirement of $5,000 when utilizing a fixed rate subaccount.

One of the great things about fixed-rate financing is that the interest rate on your fixed rate subaccount won’t fluctuate, meaning you’ll know the exact amount of each monthly payment for the term of the subaccount (which cannot exceed the remaining term of your ChoiceLine).

Please note: In order to advance funds, there must be available credit on the master account equal to or greater than the amount needed for the advance. 

How do I make a payment on a Home Equity ChoiceLine?

To view all payment options, visit the Make a Payment page.

One-time Account Transfer

Make a one-time or recurring transfer from one of your Bellco accounts through Online Banking at or through Bellco’s mobile banking app through the “Transfer & Payments” menu.


Recurring Automatic Transfer

Set up a recurring automatic transfer from your Bellco account by completing the Automatic Loan Payment Authorization-1st Mortgage & Home Equity ChoiceLine. You can also find this on the Forms page.


Express Pay

Use our Express Pay service to make a one-time or recurring payment from your other financial institution. In order to set up recurring payments, you will need to create a login. Alternatively, this can be accessed in Online Banking under the “Transfer & Payments” menu where you will see the “Loan Payments” option.


At a Branch

Stop by a Bellco branch to drop off a payment.


By Phone

Call us at 1-800-BELLCO-1 (235-5261) to make a payment over the phone.

By Mail

Mail a check to:

Bellco Credit Union
P.O. Box 2062
Glen Burnie, MD 21060

Please include your ChoiceLine account number on the check for processing.

Additional Questions

The date that funds would be available for disbursement depends on whether or not the collateral property is your primary residence and whether or not the funds will be used for the purchase of the property. 

Primary Residence

Purchase. The initial funds drawn on your account will be wired to the title company the same day as your closing.

Non-purchase. The initial funds drawn on your account will be disbursed or made available on the fourth business day after your closing* (excludes Sundays and federal holidays).  The required waiting period allows you the opportunity to cancel the loan if you choose. 

2nd or Vacation home

• Your initial funds drawn on your account will be disbursed or made available on the same day of your closing.*

* Delays in funding may occur if your closing package was signed and returned remotely or the closing occurred after normal business hours. Interest will not accrue on your account until funds are disbursed.  

When funds are disbursed, they will be disbursed according to your closing instructions. (e.g., deposited into your Bellco account or sent directly to lienholders or creditors).  Any available credit after initial disbursements are made can be used at your discretion. With a Bellco Home Equity ChoiceLine, you can use the funds for almost anything, including home improvement projects, consolidating debt, new landscaping, or even a basement remodel—the choice is up to you!

Yes, each fixed rate subaccount will be assigned a new, individual account number when the account is created. The master account, variable rate subaccount, and each fixed rate subaccount will have their own respective account number.

The Annual Percentage Rate for fixed-rate advances will be set using the fixed rate Bellco is offering at the time you take the advance and request to have the advanced transferred to a fixed rate subaccount. Bellco calculates the rate by using the qualifying credit score, combined loan-to-value, and lien position from the time your loan was closed. This fixed rate will be in effect for the whole term of the applicable fixed rate subaccount, which cannot exceed the remaining term of the ChoiceLine.  

The Fixed-Rate Minimum Monthly Payment Amount is an amount sufficient to repay the fixed rate subaccount advance, plus all finance charges, in equal payments over the chosen term, not to exceed the remaining term of the ChoiceLine, at a fixed rate. This payment includes principal and interest, plus any fees or other charges incurred by you.

Please note: The interest-only or 1% payment options are only available on your variable rate subaccount. 

You are able to pay off an existing fixed rate subaccount through Online Banking, Bellco’s mobile banking app, any Bellco branch, or by calling Bellco Member Services at 1-800-BELLCO-1 (235-5261). To pay off the subaccount using funds in a Bellco account, go to the “Transfer & Payments” menu in Online Banking to transfer the funds to the appropriate subaccount. The payoff amount shown will be the amounts due that day, including principal and interest accrued through the current day. 

Yes, you can have up to three (3) fixed rate subaccounts opened at any one time, but you can only open a fixed rate subaccount during the draw period.  Once the draw period is over, you will not be allowed to take advances on the line of credit, even for fixed rate subaccounts.  

At any time during the draw period, you can change your payment option associated with your variable loan by submitting your request in writing.  

At account opening, you were able to choose from one of the following payment options:  

Payment Option 1 is one percent (1.00%) of your variable rate subaccount balance on the last day of the billing cycle, or

Payment Option 2 is the amount of finance charges (interest only) that accrued on your variable rate subaccount during the preceding billing cycle.

Please note: Regardless of the option you choose, the minimum monthly payment for the variable loan will be calculated so that your loan will not amortize negatively.  Your minimum monthly payment for the variable loan will never be less than the greater of interest due for that period or $50.

Once you begin paying down the principal balance on any subaccount, the available credit will increase by the principal amount that was paid as long as you are within the draw period.  

As an example: You are approved for a credit limit of $50,000 on your ChoiceLine. Once the account is opened, you advance $20,000 in a fixed rate subaccount, leaving you with $30,000 in available credit. You later pay down the principal balance on your fixed rate subaccount by $5,000. This would provide you with $35,000 in available credit to utilize during the draw period!

At the end of your 10-year draw period, your variable loan balance will be converted to a fixed-rate loan that will be amortized in equal payments over the remaining 10 years of your ChoiceLine (i.e., the Repayment Period). The rate used during this Repayment Period will be fixed at the time the Repayment Period begins. The fixed rate used will be the fixed rate in effect at that time for Bellco’s standard fixed rate subaccounts based on your creditworthiness, combined loan-to-value ratio, and lien position at the time you closed on the ChoiceLine. You will be notified in advance in writing when your variable loan approaches the end of the draw period. The notice will outline the estimated new payment amount for the variable loan and when it will begin.   

Recurring payments set up in Online Banking through the “Transfer & Payments” menu can be cancelled through Online Banking.  If you set up a recurring payment through the Express Pay service using the “Pay a Bellco Loan” or “Loan Payments” menu where you were required to create a login, you will need to log in to Express Pay to cancel it.

Recurring payments that were set up through the form on our website can be done through the same form by visiting and using the online consumer form called Automatic Loan Payment Authorization-1st Mortgage & Home Equity ChoiceLine, by going to a branch, calling Member Services at 1-800-BELLCO-1 (235-5261), or by mailing your request to Bellco Servicing, P.O. Box 2091, Glen Burnie, MD 21060. For requests sent through the mail, please include name, address, account number, and detailed information regarding the transfer you wish to discontinue.

If you set up your recurring payment with a financial institution other than Bellco, you will need to contact the other financial institution.

Your first payment will be the 28th of the month following the disbursement of your new loan.  Your loan payment on any subaccount with a balance will be due on the 28th of each month for the prior month’s billing period (calendar month). You will not be able to change your payment due date. 

You have the option to make one payment for the total amount due on all subaccounts if the payment is made using the account number on your master account. Any payment made in excess of the total amount due through the master account will be applied to a subaccount in the order it was opened, oldest to newest. If you would like to apply the extra payment to a specific subaccount, individual payments to that respective account number will need to be made. 

The minimum payment due on your variable rate subaccount will never be less than the greater of the accrued interest for that period or $50, regardless of which payment option you chose. When your variable rate subaccount enters its Repayment Period, the minimum payment due will not be less than $50.

You can find out what your monthly payment amount is by stopping by any Bellco branch, calling Member Services at 1-800-BELLCO-1(235-5261), or through Online Banking.  Following the end of a billing period (calendar month), your amount due will be made available.

Yes. Based on the type of subaccount you are making a payment to, variable loan or fixed rate subaccount, the act of payoff or paydown is different.  Since your variable loan remains open for the initial 10-year draw period, any payment that brings the balance to zero is only considered a paydown to the loan, unless you specifically state you want to pay off the balance and close the line of credit. Since a fixed rate subaccount has a fixed term, once it is paid off, it is closed.  Any time a fixed rate subaccount is closed during the draw period, you have the option of opening another during the draw period.

If your intention is to close your ChoiceLine account for a lien release before the end of the draw period, you will need to take an additional step of providing Bellco written notice that you want the account closed. That notice should be mailed to Bellco Servicing, P.O. Box 2062, Glen Burnie, MD 21060—please include your name, address, and account number. Any payoff received during the Repayment Period will close that subaccount, including the subaccount opened to repay the variable loan balance.  Once all subaccounts have been closed during the Repayment Period, the master account will be closed.

Please note: Bellco does not require the payment of all outstanding charges (e.g., late fees) with each monthly payment. For this reason, your actual payoff or paydown amount may be higher than what you calculate to be the sum of all your outstanding principal and accrued interest.  

Your ChoiceLine account does not offer a grace period during which finance charges will not accrue on your outstanding principal balance. However, you will not be assessed a late charge on any monthly payment paid within 10 calendar days from the date the payment is due. The amount of the late charge will be $15 per each past-due subaccount payment. Therefore, you may incur more than one late charge in one month, if you have more than one subaccount opened, and the payment is late by more than 10 calendar days for more than one of the subaccounts.

Bellco does not offer the option to increase the credit limit on an existing ChoiceLine. You do, however, have the option to refinance your existing ChoiceLine into a new ChoiceLine account with a higher credit limit, if approved.