THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION’S HOME EQUITY LINE OF CREDIT LOANS. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.
Terms Subject to Change. The rates contained herein are effective as of May 1, 2012. However, the terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a home equity loan from us, you would be entitled to a refund of any fee that you paid in connection with your application.
Fees. No loan fee calculated as a percentage of the credit limit to be extended or any other fee is imposed by the Credit Union or by a third party for establishing the loan account or the making of the loan. However, certain costs will be incurred by the borrower which may include the actual costs for verification of estimated market value of the property, title lien search, flood plain certification, fee of the closing agent, filing fees and other incidental costs incurred by the credit union or the borrower for services required to complete the loan transactions. These fees generally total between $500 and $1,500. If you ask, we will give you an itemization of the fees you may have to pay for this transaction.
The Annual Percentage Rate. This type of loan has a variable rate feature, and the annual percentage rate, corresponding to the periodic rate, can change as a result. As a result of the changed interest rates, the minimum payment amount will not change unless specifically requested by the borrower, instead, such increase in interest may result in additional payment(s) beyond the scheduled number of regular payments in order to pay for the additional interest costs. The annual percentage rate includes only interest and not other costs. The annual percentage rate is based on the value of an index. The index is the 12 month Treasury Note Rate plus 4.00%. If a range of rates is published, the higher rate will be used. THE MAXIMUM ANNUAL PERCENTAGE RATE THAT CAN APPLY IS 15%APR.
OPEN-END CREDIT-OTHER THAN HOME EQUITY LINES OF CREDIT
THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION’S OPEN END LOANS OTHER THAN THOSE INVOLVING HOME EQUITY LINES OF CREDIT. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.
Terms Subject to Change. The rates contained herein are effective as of May 1, 2012. However, the terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a loan from us, you would be entitled to a refund of any fee that you paid in connection with your application.
Finance Charges. No minimum, fixed, transaction, activity or similar charge is associated with the Credit Union’s open ended credit.
The Annual Percentage Rate. The applicable annual percentage rate for open ended credit loans is as provided for in the above rate information.
Membership or Participation Fees. You must be a member of the Credit Union to obtain a loan from the Credit Union. There is a one time $5.00 membership fee for becoming a member. Other than the one time membership fee, no membership or participation fee associated with that membership and no such fee is imposed for obtaining a loan.
CLOSED-END CREDIT
THIS DISCLOSURE NOTICE CONTAINS IMPORTANT INFORMATION ABOUT NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION’S CLOSED END-CREDIT LOANS. YOU SHOULD READ IT CAREFULLY AND KEEP A COPY FOR YOUR RECORDS.
Terms Subject to Change. The rates contained herein are effective as of May 1, 2012. However, the terms described in this disclosure are subject to change at any time. If, prior to your signing the loan documents, any of these terms have changed (other than the annual percentage rate) and you decide, as a result, not to obtain a loan from us, you would be entitled to a refund of any fee that you paid in connection with your application.
Terms of Repayment. Interest rates for closed end credit are fixed. The terms of repayment for the currently published interest rates are as listed above. No down payment applies to any closed end credit.
NEIGHBORHOOD COMMUNITY FEDERAL CREDIT UNION IS AN EQUAL HOUSING LENDER, AND EQUAL OPPORTUNITY LENDER AND COMPLIES WITH ALL REQUIREMENTS OF THE FEDERAL TRUTH IN LENDING ACT AND APPLICABLE REGULATIONS. ADDITIONAL DISCLOSURES REQUIRED BY LAW AND REGULATIONS MAY BE PROVIDED TO YOU AT VARIOUS TIMED DURING THE PROCESSING OF YOUR REQUEST AS REQUIRED BY LAW.
FUNDS AVAILABILITY POLICY
General Policy. Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and Federal Holidays. If you make a deposit before 5:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply. In some cases, we will not make all of the funds that you deposited by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the seventh business day after the day of your deposit. However, the first $100.00 of your deposit will be available on the first business day. **If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take action after you have left the premises, we will mail you the notice by the day after we receive your deposit.** Funds you deposit by check may be delayed for a longer period under the following circumstances:
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We believe a check you deposit will not be paid.
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You deposit checks totaling more than $5,000.00 on any one day.
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You deposit a check that has been returned unpaid.
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You have overdrawn your account repeatedly in the last six months.
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There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the third business day after the day of your deposit.
Special Rules for New Accounts. If you are a new customer, the following special rules will apply during the first 30 days your account is open: 1. The first $5,000.00 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000.00 will be available on the seventh business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer. 2. Funds from deposits of cash and the first $5,000.00 of a day’s total deposits of cashier’s certified, teller’s, traveler’s, and state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you and you may have to use a special deposit slip. The excess of $5,000.00 will be available on the seventh business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
OTHER DISCLOSURES
Accuracy of information. The Credit Union uses its best efforts to ensure the accuracy of all information on this website. However, you should request written verification of any information to ensure accuracy. Products, services, terms, conditions, and pricing may change at any time without notice.
Equipment Failures.
The Credit Union will not be liable for any action or inaction due to any action or inaction related to the website, the information contained on the website, or any customer transmissions through the website resulting from equipment failure.
