VERIFYING YOUR IDENTITY:
As required by the USA PATRIOT ACT, the following important information about procedures for opening a new account at the credit union is being provided to you. To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
WHAT THIS MEANS FOR YOU:
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
We thank you for your understanding and for joining us in securing a safer tomorrow.
HOME EQUITY LOANS:
All standard fees are waived on new equity mortgage loans. If equity loans are paid-off or closed prior to the scheduled maturity date of the loan, a pro-rated portion of the closing costs may be included in the pay-off amount. The minimum loan amount is $10,000.00. Consult your tax advisor regarding the deductibility of interest.
The interest rate for a Home Equity Line of Credit is the Prime Rate plus 0.00%. The Prime Rate is as quoted in the Wall Street Journal. Monthly payments are equal to 2.00% of the outstanding principal balance. The minimum monthly payment is $100.00. The loan rate for variable-rate loans is subject to increase and decrease after origination. Consult your tax advisor regarding the deductibility of interest.
RECREATIONAL VEHICLE LOANS:
Terms are available up to 120 months depending upon the type of recreational vehicle. Down payments of 10% to 20% are required depending upon the type of recreational vehicle. Motorcycles over 4 years old have a maximum term of 3 years.
SHARE/TERM SHARE SECURED LOANS:
The interest rate for loans secured by a share account is the share rate plus 4.00%. The interest rate for loans secured by term share accounts (certificates) is the certificate rate plus 3.00%.
The minimum balance required to open a share account and to maintain membership in the credit union is $5.00. A balance of $25.00 must be maintained in order to receive a dividend in a share account. Rates are subject to change after the account is opened. Fees could reduce earnings on this account.
Club accounts earn a dividend based on the average daily balance in the account. Rates are subject to change after the account is opened. Fees could reduce earnings on this account.
The minimum balance required to open all term share accounts (certificates) is $500.00. A substantial penalty for early withdrawals may be imposed on term share accounts.
The minimum balance required to open a checking account is $25.00. A $300.00 minimum balance is required in order to avoid the monthly service fee of $3.00. There is no per check charge; check writing is unlimited. The monthly service fee of $3.00 is waived for the primary member who is 62 years of age or older and for members with net pay/pension direct deposit to the credit union. A minimum average daily balance of $500.00 is required to earn interest in a checking account. Rates are subject to change after the account is opened. Fees could reduce earnings on the account.
MONEY MARKET SAVINGS ACCOUNT:
The minimum balance required to open this account is $25.00. Withdrawals are limited to six (6) per month. Only three (3) of these withdrawals can be made by credit union check or other withdrawal order. This account has three (3) interest rate tiers that are based upon the balance in the account. Minimum balance requirements are as follows: Tier 1 $25.00; Tier 2 $2,000.01; Tier 3 $20,000.01. Rates are subject to change after the account is opened. Fees could reduce earnings on this account. Certain other restrictions may apply.
WEB SITE EXTERNAL LINKS:
The credit union is not liable for the content or availability of linked sites.
NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS:
All funds in a “noninterest-bearing transaction account” are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (“NOW”) account, money-market deposit account, and interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account.