CWU FEDERAL CREDIT UNIONeffective 06/11/2008
BARGE 111, 9:00 - 2:00, M, T, Th, F, PHONE 509-963-1995, FAX 509-963-2659
Email:
CWU.Credit.Union@cwu.edu Minimum to Join $5.00
DIVIDEND RATE on Share Savings, 1.36%, effective 04/01/07.
CWU Federal Credit Union uses the Step Dividend method to calculate dividends. The method calculates the dividend using the day in day out method. In other words, the dividend is calculated for each day's ending balance in the period specified. Dividends are posted monthly. Prior notice of at least one business day must be given for withdrawals greater than $10,000.
CURRENT LOAN INTEREST RATES effective 04/01/2007
| New Car/Truck |
APR |
Max. Term |
SUMMER SPECIAL RATE |
| 100% of Invoice including Tax & License |
4.95% |
3 yr maximum |
4.70% |
| 100% of Invoice including Tax & License |
5.20% |
4 yr maximum |
4.95% |
| 100% of Invoice including Tax & License |
5.45% |
5 yr maximum |
5.20% |
| 100% of Invoice including Tax & License |
5.70% |
6 yr maximum |
5.45% |
| |
| Used Car/Truck |
| 80% of Invoice including Tax & License |
5.50% |
5 yr maximum |
5.00% |
| 90% of Invoice including Tax & License |
5.75% |
5 yr maximum |
5.25% |
| 100% of Invoice including Tax & License |
6.00% |
5 yr maximum |
5.50% |
| |
| Recreational Vehicles Category 1 (motor homes, travel trailers, 5th wheel trailers, boats, campers, horse trailers) |
| New 80% of Invoice including Tax & License |
6.50% |
6 yr maximum |
| New 100% of Invoice including Tax & License |
7.00% |
6 yr maximum |
| Used 80% of Invoice including Tax & License |
7.00% |
6 yr maximum |
| |
| Recreational Vehicles Category 2 (snowmobiles, jet skis, 4-wheelers, off-road motorcycles, other) |
| New 80% of Invoice including Tax & License |
7.50% |
4 yr maximum |
| New 100% of Invoice including Tax & License |
8.00% |
4 yr maximum |
| Used 80% of Invoice including Tax & License |
8.00% |
4 yr maximum |
| |
| Motorcycle (street) |
SUMMER SPECIAL RATE |
| New 80% of Invoice including Tax & License |
6.75% |
5 yr maximum |
6.50% |
| New 100% of Invoice including Tax & License |
7.25% |
5 yr maximum |
7.00% |
| Used 100% of Invoice including Tax & License |
7.25% |
5 yr maximum |
7.00% |
| |
| Signature Loan (unsecured) |
| $1 - $5000 |
3 yr maximum |
10% (12% w/o payroll deduction) |
| $5000 - $10,000 |
4 yr maximum |
10% (12% w/o payroll deduction) |
| |
| Personal Line of Credit (No application, must be current permanent employee) |
| Maximum $1000, 11%, 6 month contract with payroll deduction. |
| With qualifying credit score of 720 or greater, Line of credit available for $1,000 - $3,000 at a discounted rate of 9.5% |
| with a contract term of 6 – 9 months with semimonthly payroll deduction. |
| |
| Share Secured Loan, 2% above the previous quarter dividend. |
Credit report for member applying for loan, current update after 90 days, for member refinancing a loan.
Credit report fee $5. Refinance fee of $20.00 on PLOC Loans and Signature Loans.
NSF fee of $25.00 will be charged for any returned checks.
Certification of self employment income required. Retired members must provide proof of income.
Debt ratio formula = total monthly payments divided by total monthly gross income.
If result is over 45%, NO LOAN will be granted.
Maximum combined loan amount $100,000.
Membership available to CWU Permanent Employees and Benefit Eligible Adjunct Employees
Classified staff employees must have passed a 6 month probation period with CWU to qualify for a loan.
Members not on summer salary must make arrangements in advance to cover their payments during the summer when they do not have payroll deduction.
7 Member Volunteer Board of Directors, 3 Member Volunteer Credit Committee, 3 Member Volunteer Supervisory Committee, 3 Member Volunteer Marketing Committee
