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Truth-In-Savings
COMBINED ACCOUNT DISCLOSURES
RATE INFORMATION
All accounts are variable rate accounts, the dividend rate and annual percentage yield earned may change quarterly based on the determination of the credit union Board of Directors. As of July 1, 2009 the declared dividend rates and the annual percentage yields (APY) anticipated are itemized below.
REGULAR SHARES
Deposit balances required to earn rate
|
Dividend Rate |
Annual Percentage Yield |
|
Up to but not exceeding $ 10,000 |
0.10% |
0.10% |
|
Above $ 10,001 but not exceeding $25,000 |
0.10% |
0.10% |
|
Above $ 25,001 but not exceeding $ 50,000 |
0.25% |
0.25% |
|
Above $ 50,001 but not exceeding $ 75,000 |
0.25% |
0.25% |
|
Above $ 75,001 and up |
0.50% |
0.50% |
|
SHARE DRAFTS - $5.00 minimum balance required |
0.10% |
0.10% |
COMPOUNDING AND CREDITING POLICIES
Dividends will be compounded quarterly and will be credited quarterly. For all account types, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31 . All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, for example, April 1 . If you close your regular share or sharedraft account before dividends are credited, you will not receive accrued dividends.
MINIMUM BALANCE REQUIREMENTS
The minimum balance to open a regular share account is the purchase of a $5.00 share in the Credit Union. You must maintain a minimum daily balance of $5.00 in your account to earn dividends for that month.
For share draft accounts, you must maintain a minimum daily balance of $100.00 in your account each day of the month to earn dividends for that month.
BALANCE COMPUTATION METHOD
Dividends are calculated by the daily balance method which applies a daily periodic rate to the principle in your account each day.
ACCRUAL OF DIVIDENDS
Dividends will begin to accrue on the business day you deposit cash or noncash items (e.g. checks) to your account.
FEES AND CHARGES
Click Here for our most recent Fee Schedule
TRANSACTION LIMITATIONS
The minimum amount you may withdraw from a share or share draft account is $1.00 . For regular share accounts only, during any month you many not make more than six withdrawals, cash or check or transfers to another credit union account; unless they are by means of a preauthorized or automatic transfer or telephonic order or instruction. If you exceed the transaction limitations set forth above during any month, your account may be subject to an excess withdrawal fee assessment or closure by the credit union.
NATURE OF DIVIDENDS
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.
PAR VALUE OF SHARES: DIVIDEND PERIOD
The par value of a regular share in the Credit Union is $5.00. The dividend period of the Credit Union is quarterly.
NATIONAL CREDIT UNION SHARE INSURANCE FUND
Member accounts in the Credit Union are federally insured for up to $100,000.00 by the National Credit Union Share Insurance Fund.
NOTICE TO INQUIRERS AND LOAN APPLICANTS
You have a right to submit a written application for a mortgage loan or a home improvement loan or to request written information concerning typical loan terms that we are currently offering on mortgage loans and home improvement loans. It is illegal to establish a minimum mortgage amount of more than $10,000.00 or a minimum home improvement loan of more than $1,000.00. It is illegal to deny a loan or vary the terms and conditions of a loan because of the racial or ethnic trends or characteristics of the neighborhood or the age of the structure, but not because of its physical condition. If your application for a loan is rejected, you have a right to a written statement of the reason for the rejection. If you are granted a loan but the amount required for a down payment, the interest rate, term to maturity, application procedure, or other terms or conditions of the loan vary from terms or conditions offered in other neighborhoods, you have a right to a written statement of the reasons for the variation. The rights described in this notice are set forth in and limited by Act 135 of the Michigan Public Acts of 1977. If you believe that your rights under this act have been violated, you should contact the Office of Financial and Insurance Services of the Michigan Department of Consumer and Industry Services. Its address is: Office of Financial and Insurance Services, P.O. Box 30220, Lansing, MI 48909. Its telephone number is: (517) 373-3460,or toll free at (877) 999-6442.
WE DO BUSINESS IN ACCORDANCE WITH FEDERAL FAIR LENDING LAWS
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILY STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:
Deny a loan for the purpose of purchasing, constructing, improving, repairing or maintaining a dwelling, or deny any loan secured by a dwelling; or
Discriminate in fixing the amount, interest rate, duration, application procedures or other terms or conditions of such a loan, or in appraising property.
IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:
Assistant Secretary for Fair Housing and Equal Opportunity; Department of Housing & Urban Development; Washington, D.C. 20410
For processing under the Federal Fair Housing Act and to: National Credit Union Administration; Office of Examination and Insurance; Alexandria, VA 22314-3428; For processing under NCUA Regulations
UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL TO DISCRIMINATE IN ANY CREDIT TRANSACTION:
On the basis of race, color, national origin, religion, sex, marital status, or age; Because income is from public assistance, or; Because a right was exercised under the Consumer Credit Protection Act.
IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO: National Credit Union Administration; Office of Examination and Insurance; Alexandria, VA 22314-3428
ANTI - REDLINING BROCHURE RELATIVE TO MORTGAGE LOANS & HOME IMPROVEMENT LOANS
Premier Financial Credit Union wants you to know that with respect to mortgages and home improvement loans, the following policies are utilized:
Any person has the right to make a loan inquiry; Any person has the right to file a written loan application for a mortgage loan or home improvement, providing he/she is a member of this credit union. To be eligible to join this credit union, you must be employed at one of the companies we service or be related to a member of this credit union; Any person has the right to receive a written response to an inquiry or application
HOME EQUITY LOANS (Open End) (Line of Credit)
Rates start at Prime + 0%; 15.0% max rate; Rates are dependant on credit, not all applicants will qualify.
Terms 5 Year Draw, 15 year repayment
Limits Minimum $10,000 - Maximum $250,000
LOAN - TO - VALUE RATIOS
Home Equity - 80% of the appriased value, less any outstanding balance owed on the First Mortgage.
These ratios are subject to change as market conditions change.
SECURITY
The Credit Union will only use the principle residence of the borrower as collateral. Further, the resident must be a 1-4 family home and must be occupied by the borrower. Only 1st and 2nd liens will be considered.
Home Improvement Loans may be granted on an unsecured basis or with various types of collateral, acceptable to the Credit Union.
SPECIAL CIRCUMSTANCES
The maximum amount of outstanding real estate loans shall not exceed 25% of total credit union assets.
CREDIT UNION RULES
All real estate loan applications shall be referred to the Credit Unionīs loan committee for consideration. Home improvement loans may be approved by a loan officer, if the amount requested falls within the loan officerīs lending limits and authority. The Credit Unionīs loan committee will review home improvement loans that are beyond a loan officerīs lending authority and limit. A bona fide cost estimate and plans for home improvements are helpful at the time of application.
TITLE
The seller should have a clear title to the property being sold. There will be problems completing any transactions in which liens, assessments or judgments exist.
ESTABLISHING CREDITWORTHINESS
It is the Credit Unionīs policy to consider the creditworthiness of an applicant. The general factors used for establishing creditworthiness include:
The applicantīs income must be sufficient to repay the loan according to its term;
Debt ratio: All monthly payments including the loan being considered, divided by gross income equals the debt ratio;
The applicantīs past credit history with this credit union and other credit grantors must be satisfactory;
The applicantīs job history and time lived at current address must illustrate stability;
Either the applicantīs signature or sufficient collateral to cover the loan;
The applicantīs established credit rating.
MARKET VALUE
Market value is the most probable price property should bring in a competitive and open market under all conditions for a fair sale, assuming the price is not affected by undue stimulus. The Credit Union will consider the market value of proposed security when evaluating loan applicantīs request.
APPRAISAL
A written certified appraisal is required on all 1st or 2nd mortgages. The objective of an appraisal is to determine if the collateral is of sufficient value to cover the requested loan.
VERIFICATION OF FUNDS
The credit union reserves the right to verify funds, which are indicated to be used for the down payment, and closing costs, if applicable.
ANCILLARY COLLATERAL
Ancillary collateral, if considered, will be evaluated for: current market value; blue book value
PROPERTY IN FLOOD PLAIN
Loans secured by property in a flood plain area must meet the following requirements: (Includes Mobile Homes)
The community must be participating in an approved flood program;
Insurance must be obtained in the amount equal to the loan balance or the maximum amount available;
A copy of the insurance policy must be submitted to the credit union on or before closing.
CO-SIGNER / GUARANTORS
The following guidelines will be used when evaluating a co-signer or guarantor on a loan: Past and present credit history; employment record; length of residence; debt ratio. A co-signer or guarantor need not be a member of a credit union.
ADDITIONAL CRITERIA
A Homeowners Insurance Policy, naming the credit union as loss payee is required on all real estate loans. The amount of insurance must be sufficient to pay the mortgage balance off and cover the value of the home. A Title Commitment will be performed on all estate loans prior to closing. A Title Insurance Policy must also be obtained. |
