Rates & Terms

Loans
Revised 04/19/2017

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Secured Loans
Type of Loan
Secured By
Maximum
Normal APR for 700+ credit scores
* Less than 700 credit score – call for a quote
Maturity
TYPE OF LOAN (See notes 1-7 below table) SECURED BY MAXIMUM
Normal APR for 700+ credit scores
Less than 700 credit score - call for a quote
MATURITY
NEW VEHICLE TITLE 110 % OF VALUE
2.00 %
CALL
0 - 72 MO
NEW VEHICLE TITLE 110 % VALUE
2.50 %
CALL
73 - 84 MO
USED VEHICLE 2011 - 2017 TITLE 110 % VALUE
2.75 %
CALL
0 - 72 MO
USED VEHICLE 2010 AND OLDER TITLE 110 % OF VALUE
3.25 %
CALL
0 - 60 MO
SHARE SECURED 100% OF SHARES SHARE BALANCE
4.00%
CALL
0 - 60 MO
MORTGAGE LOAN MORTGAGE NOTE 80 % OF APPRAISAL - OTHER RESTRICTIONS APPLY
3.74 %
CALL
0 - 60 MO
MORTGAGE LOAN MORTGAGE NOTE 80 % OF APPRAISAL - OTHER RESTRICTIONS APPLY
3.99 %
CALL
61 - 120 MO
SECURED LOAN UCC-1 100% of value (NEW)
6.00%
CALL
0 - 72 MO
SECURED LOAN UCC-1 100% of value (USED)
6.25%
CALL
0 - 72 MO
RECREATIONAL VEHICLE (NEW) TITLE 80% OF BOOK VALUE
5.00%
CALL
85-120 MO
RECREATIONAL VEHICLE (USED) TITLE 80% OF BOOK VALUE
5.50%
CALL
73-120 MO
MOBILE HOME (with/without foundation) TITLE 80% OF BOOK OR APPRAISED VALUE
11.50%
CALL
0-120 MO
Maximums do not include Credit Disability Insurance or closing costs and fees. If the member pays these they may be in addition to the listed maximum.
APR – Annual Percentage Rate
Dealer Demos and loan buyouts will be financed at the new car rate provided the vehicle has less than 15,000 miles.
All costs of loans to be paid by the member.
Under certain circumstance we will attempt to match the competition’s rates. Please call the credit union office for details.
Member may be required to purchase Flood Hazard Insurance.
Member must pay the cost of a Flood Hazard determination
* For less than 700 credit scores we use Risk Based Pricing.

Visa Card: Limits up to $10,000.00 at 6.75% APR


Unsecured Loans*
Loan Amount APR @ 24 Months APR @ 48 Months APR @ 60 Months
SIgnature

SIGNATURE LOAN $15,000 FOR QUALIFIED BORROWERS
9.00 %
9.00 %
9.00 %


Signature Loans: may be in addition to existing "Money Sale" loans
* Must be a member of the credit union for six months

 

Rates and Fees
Effective 03/01/2017

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Regular Share and Club Accounts
Dividend Rate and APY (Annual Percentage Yield): The Annual Percentage Yield is a percentage rate that shows the total amount of dividends, based on the dividend rate and the frequency of compounding for a 365-day period.
Type of Account
Projected Dividend
Projected
APY
Paid Last Period
Dividend Rate
Paid Last Period
APY
Minimum Balance
Regular Share 0.02 %
0.020 %
0.20 %
0.020 %
$5.00
Savings Club, Vacation Club, Christmas Club 0.02 %
0.020 %
0.02 %
0.020 %
$0.00
Investment Club 0.05 %
0.050 %
0.05 %
0.050 %
$1,000.00
Limited to ONE free withdrawal per month except for educational expenses. There is a $5.00 dollar per withdrawal charge after the ONE free withdrawal. All withdrawals for educational purposes are free.

Variable Rate Accounts: The dividend rate and annual percentage yield may change every three months as determined by the credit unions board of directors.

Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. Once again, dividends can vary.

Compounding: Dividends will be compounded quarterly (every three months) and credited quarterly (every three months). The dividend period is three months. The beginning date, ending date, and the dividend declaration dates are as follows:

Quarter Beginning Ending Declared and Credited
First Jan 1 March 31 March 31
Second April 1 June 30 June 30
Third July 1 Sept 20 Sept 30
Fourth Oct 1 Dec 31 Dec 31

Effect of Closing an Account: If you close your account before dividends are paid, you will be paid the dividends accrued.

Minimum Balance Requirements: In addition to the minimum balance requirements listed above you must purchase a minimum of $5.00 to join the credit union. To earn the annual percentage yield disclosed you must maintain the minimum balance indicated for each day of the dividend period. You will not earn dividends for any day that your account balance drops below the minimum listed above.

How Dividends are Calculated: Dividends are calculated using the daily balance method. This method applies daily periodic rates to the balance in the account each day.

When Dividends Begin to Accrue: Dividends begin to accrue on cash and non-cash deposits, such as checks; on the business day you make your deposit.

Nontransferable/Nonnegotiable: Your credit union account is nontransferable and nonnegotiable; The funds in your account may not be pledged to secure any obligation except with this credit union.

 

Share Certificate Accounts
Dividend Rate and APY (Annual Percentage Yield): The Annual Percentage Yield is a percentage rate that shows the total amount of dividends, based on the dividend rate and the frequency of compounding for a 365-day period. For share certificate accounts, the Dividend Rate and Annual Percentage Yield are fixed and will be in effect for the term of the account. The Annual Percentage Yield is based on an assumption that dividends will remain on deposit until maturity. A withdrawal of dividends will reduce earnings.
Certificate Rate Schedule
Type of Account
Projected
Dividend
Projected
APY
Paid Last Period
Dividend Rate
Paid Last Period
APY
Minimum
Balance
6-Month CD
0.20 %
0.200 %
0.20 %
0.200 %
$5000
1-Year CD
0.40 %
0.401 %
0.40 %
0.401 %
$5000
2-Year CD
0.90 %
0.904 %
0.90 %
0.904 %
$5000
3-Year CD
1.50 %
1.510 %
1.50 %
1.510 %
$5000
Dividends Compounding and Crediting: Share certificate dividends are accrued daily and credited quarterly and at maturity except MEGA CDs which are credited monthly and at maturity. The dividend period begins the day the share certificate is purchased and ends the day the certificate matures.

Balance Information: The minimum balance requirements applicable to each account are set forth in the Certificate Rate Schedule (#2 above.) For Share Certificate accounts, dividends are calculated by the Daily Balance method, which applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends: For Share Certificate accounts, dividends will begin to accrue on cash and non-cash deposits on the business day you make the deposit to your account.

Transaction Limitations: After your Share Certificate account is opened you are NOT allowed to make additional deposits. Early withdrawals are subject to penalties described below (#7.) The Share Certificate will automatically renew (see #9 below) according to the original type of certificate.

Early Withdrawal Penalties: We may impose a penalty if you withdraw any of the principal before the maturity date. The amount of the early withdrawal penalty for you share certificate account is equal to 90 days dividends. If the account has not yet earned enough dividends the penalty will be deducted from the principal.

Exceptions to Early Withdrawal Penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty when the account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

Renewal Policy: On share certificate accounts, your account will automatically renew for another term upon maturity. You have a grace period of ten (10) days after maturity in which to make additional deposits to the account or withdraw funds (subject to minimum balance restrictions) from the account without being charged an early withdrawal penalty.

Nontransferable/Nonnegotiable: Your share certificate account is nontransferable and nonnegotiable. The funds in your account may not be pledged to secure any obligation except with this credit union.



 

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Federal Housing Law and the Equal Credit Opportunity Act
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