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- Shares (Savings)
- Loans
- Payroll Deduction
- Direct Deposit
- Lifetime Membership (Once a member always a member)
- Family Membership
- Quarterly Newsletter - Member Matters
- Life Savings Insurance
- Loan Protection Insurance
- Car Buying Services
- United Buying Service (UBS)
- Motor Vehicle Certification Program
- Enterprise Car Sales
- Postage Stamps
- Discount Theme Park Tickets
- Notary Public
- Guaranteed Asset Protection (GAP Insurance)
FEE'S AND CHARGES
Excess Withdraw Fee
More than two withdraw during a calendar month $2.00
Check Returned Fee
Check returned for non-sufficient funds $30.00
Stop Payment Fee
When the loss is due to carelessness on
the part of the number issued from your account $30.00
Monthly Service Charge
When no activity occurs on accounts with less than $25 $1.00
Duplicate Lien Release
Duplicating an original lien release $25.00
Duplicate Statement
Request for a duplicate quarterly statement $5.00
Dormant Accounts
When no activity occurs on accounts within three years $50.00
2.5% EARLY WITHDRAW FEE - WHEN WITHDRAWING FROM AN IRA BEFORE THE AGE OF 59½ | |
REGULAR SHARE SAVINGS ACCOUNTS
This is the basic account that each member must maintain in order to retain membership privileges. Your share account earns dividends from date of deposit until the date of withdrawal. Dividends are paid quarterly and are set by the Board of Directors at the end of each quarter. Dividends are paid the 1st day of the following quarter. Dividends are calculated by the average daily balance method. Dividends are not paid on accounts closed before the end of the quarter. You may deposit into your share account by convenient payroll deduction, direct deposit, mail or over the counter. Share withdrawals may be requested in person, mail or telephone. Transaction limitation and service charges are two withdrawals are permitted during a calendar month. For each additional withdrawal, there is a service charge of $2.00. A minimum of $25.00 must be kept in the account each month or a $1.00 service charge will be incurred unless the member is on payroll deduction, is a minor, has a loan or has an IRA. Share withdrawals may be requested in person, mail or telephone. When a loan exists, only the amount that exceeds one monthly payment may be withdrawn.
SUB ACCOUNTS
Sub accounts earn dividends from the date of deposit until date of withdrawal. Deposits can be made at any time and in any amount. This is a secondary account.
CHRISTMAS CLUB
Christmas Club accounts earn dividends from date of deposit until date of withdrawal. Deposits can be made at any time and in any amount. Your Christmas Club money may be paid out directly, or with your authorization, we can transfer it to your regular share account. Christmas Club accounts pay out on or about October 15. There is a $10 early fee for early withdrawals.
VACATION CLUB
Vacation Club accounts earn daily dividends from date of deposit until date of withdrawal. Deposits can be made at any time and in any amount. There is a $10 fee for more than one withdraw made in a year.
INDIVIDUAL RETIREMENT ACCOUNTS (IRA'S)
IRA accounts are personal savings accounts reserved for your retirement. No one can receive these funds other than you. Upon your death the IRA will be paid to the beneficiary that you designate. You may deposit into your IRA account through convenient payroll deduction, direct deposit, the U.S. mail or over the counter. After you reach age 59 ½, you may withdraw from your IRA without penalty. Any withdrawals prior to age 59 ½ are subject to penalty. Upon reaching age 70 ½, you are required by law to make withdrawals. These withdrawals are subject to taxation the year they are made. For information about contributions and deductions on IRA's, contact your tax consultant.
MAKING A LOAN
Loan applications may be obtained from your company representative or from the Credit Union office. The application must be completed in ink and returned to the Credit Union office. Loans made for any legal and productive purpose. All applications are reviewed by the loan officer or Credit Committee. Loans are approved with minimum delay. Loans can be prepaid anytime without penalty. Loan amounts are based on employment or membership (after age of majority-[18] in this Credit Union) which ever is the greater. You are charged interest for the length of time you use the money. All members making loans, are encouraged to use payroll deduction available, payments must be received by the last day of the month. The Credit Union offers as a benefit Loan Protection Life insurance, at no additional costs. Credit Disability insurance is available. You may choose to purchase this disability insurance at any time during the length of the loan. The premium for the disability insurance is added to the unpaid loan balance every month. As the loan amount decreases the premium amount decreases.
The Credit Committee may restrict the amount or vary the duration of payment for a specific member. Credit is not a right, it is a privilege that must be earned, deserved and protected. Members who are no longer employed by one of the companies in our field of membership will be evaluated based on:
- Their own credit worthiness.
- The above employment guidelines at their present place of employment and membership in the Credit Union
- All sources of income will be considered for all applicants.
Loan limits are established by the Board of Directors. Limits may change according to revision of regulations & availability of funds.
SIGNATURE LOAN LIMITS
| Less than one year. Must have qualified Co-Maker |
| Over one year but less than two |
$2,000 Max |
| Over two years but less than three |
$3,000 Max |
| Over three years but less than five |
$5,000 Max |
| Over five years but less than eight |
$7,500 Max |
| Over eight years |
$10,000 Max |
NEW AUTO LOANS, USED AUTO, BOAT, MOTORCYCLE, MOTOR HOME AND RECREATIONAL VEHICLE LOANS
All loans must meet the required qualifications. Interest rates are based on duration of the loan and the equity of the collateral.
FULLY SECURED LOANS
Are made when there are sufficient shares to cover the loan
Balance (minimum loan amount is $300). | |
