There aren't any restrictions or requirements as to which financial institution is used to obtain the ALOC, but it must adhere to the following guidelines:

Must

• Be an a open-ended Home Equity Line of Credit
• Have an interest only payment option
• Be attached to the primary residence in a second lien position
• Be a variable rate

There are some additional things to be aware of when opening the ALOC, they include:

For Optimal Functionality as a Primary Checking Account

• Lowest dollar amount minimum per check written from ALOC
• No fee per check written from ALOC
• No limit to the number of checks written from ALOC each month
• Shortest amount of time to clear and process checks written from ALOC

For Optimal Functionality with Online Banking

• Ability to transfer money from checking to equity line of credit and equity line of credit to checking
• No limit to the number of transfers per month
• No fee for online transfers
• No dollar amount limitation on transfers
• Ability to link equity line to checking account as an overdraft protection
• No fee for overdraft protection
• Shortest turn around time for posting online transfers to designated accounts
• Online bill pay
• No fee for online bill pay

There are some questions that may arise at closing for the ALOC
         

Q. Lenders will ask you if you want your monthly equity line payment automatically withdrawn from a designated checking account.

A. No. This will amortize the equity line payment to one time per month, which will defeat the MMA process.

Q. Lenders will ask you if you want to lock your rate.

A. No. This will remove the interest only payment option.