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MSUFCU | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

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Member's Disclosure Statement


IN THESE AGREEMENTS, THE WORDS “I,” “ME,” “MY,” AND “MINE” WILL MEAN ALL PERSONS WHO COMPLETED A “CREDIT APPLICATION FOR ALL CREDIT,” ENDORSED THE LOAN PROCEEDS CHECK, OR MADE USE OF THE LOAN PROCEEDS. THE WORDS “YOU,” “YOUR,” AND “YOURS” WILL MEAN THE CREDIT UNION.

Multi-Featured Loan Agreement


1. Advances:  You will make loan advances to me. I understand that all advances must be made for good purposes. Advances shall be made at my request by means of check, loan draft, electronic transfer, deposit to my checking account, or other account designated by me.


2.  Credit Limits:  Advances against my Instant Cash Loan Account will at no time, in total, exceed the limit as set forth to me. Advances on secured loans will depend on the value of security offered at the time of each advance.


3.  Payments:  The minimum monthly payment on all Instant Cash Loan Advances is 3% of the balance outstanding after each advance, but at no time will the minimum payment be less than $20.00. The minimum monthly payment and the due date on all other loan advances will be set and disclosed to me at the time each advance is made on the Loan Advance Request Voucher. The payment amount will not change until a subsequent advance is taken unless I request additional advances or fail to keep my agreement. The minimum monthly payment will be increased by any balance outstanding in excess of my credit limit. If I send an amount greater than my minimum monthly payment, you will automatically advance my next payment due date by the number of whole monthly payments satisfied by the extra funds. Each payment is applied first to unpaid late fees and charges, then to the accrued interest due on the loan and the remaining amount is applied to the principal balance. Payments cannot be applied to future interest because interest accrues under the formula disclosed below under “Computation of Finance Charges.” I may pay the credit balance in full or in part at any time without penalty. Any payment that (A) delays or (B) accelerates the reduction of my account balance will (A) increase or (B) decrease the total interest cost on my account.


I understand that payroll deductions are NOT a condition of this loan. If the payroll deduction is not received in time to make a loan payment, or if the payroll deduction is insufficient to make a full payment, I understand that it is MY RESPONSIBILITY to make the loan payment each month when payment is due.


4.  Computation of Finance Charge: The unpaid principal balance for each day is multiplied by the Daily Periodic Rate to determine the FINANCE CHARGE for that day. The sum of these daily charges is the FINANCE CHARGE I will pay. The unpaid principal balance is that balance which is in my account at the close of business after all transactions, including payments and new borrowings, have been entered. FINANCE CHARGES will be imposed from the date of disbursement. There is no grace period.


Finance Charges on Instant Cash Loan Advances will be computed at the Daily Periodic Rate disclosed in the Account-Opening Disclosure Statement in effect on the date of each advance, which may be different than the rate described in this Agreement. The Finance Charges on all other loan advances will be computed on the Daily Periodic Rate disclosed in the applicable Loan Advance Request Voucher.


5.  Credit Insurance:  Credit Life or Credit Disability Insurance is not required as a condition of credit. If I choose voluntary Credit Life and/or Credit Disability Insurance, the premiums for such coverage will be added to my outstanding balance. If I do not make any payment when due, you may at your option, cancel such coverage. You may also have the option of paying the insurance premiums and adding them to my outstanding balance where they will be subject to the annual percentage rate disclosed.


6.  Late Charges:  If any loan payment that is received seven (7) or more days past the due date, I agree to pay a late charge of $25.00. In any event, interest is charged for each day a balance is outstanding.


7.  Other Charges:  I understand the Instant Cash Credit Agreement is subject to a $5.00 fee for a transfer of funds to cover an overdraft check. (Optional - charged only if I elect to receive a paper notice.)


8.  Default:  I will be in default if I fail to make any payment when due, fail to keep or perform any promise made to you or agreement with you, if any information I have furnished proves to have been false, if I die, become insolvent or file a bankruptcy case, or if a third party tries by legal process to take any of my property or money. If I am in default then you may, at your option, and without notice to me, declare this account to be immediately due and payable. I must pay to you at that time the total unpaid balance, as well as the Finance Charge to date. I further agree to pay your costs of collection, including reasonable attorney’s fees. The Finance Charges as described in paragraph 4 of this Agreement shall be payable before and after any breach of the Agreement.


9.  Special Default Rate:  I understand and agree that my failure, or the failure of a third party, to properly secure or to cooperate with you to properly secure a first priority security interest in collateral I have pledged, or which a third party has pledged for my benefit, for an advance under this Agreement within twenty (20) days of such advance shall result in an ANNUAL PERCENTAGE RATE of 18% being charged to the total outstanding balance for that advance. In the event I, or a third party, subsequently produce evidence acceptable to you that a lien has been placed providing the Credit Union with a first priority security interest in the collateral pledged for the advance you will reinstate the initial Annual Percentage Rate.


10.  Borrower Responsibility:  I promise to notify you of any change in my name, address, or employment. I promise not to apply for a loan or to request an advance under an existing credit line if I know there is a reasonable probability that I will be unable to repay my obligation according to the terms of the credit extension. I promise to inform you of any new information which relates to my ability to repay my obligation. I promise not to submit false or inaccurate information or willfully conceal information regarding my credit worthiness, credit standing or credit capacity.


11.  General Pledge of Shares:  I pledge my shares and deposits in the Credit Union as security for every advance under this Agreement. In case I default, you may apply these shares and deposits to the payment of all sums due at the time of default, including costs of collection and reasonable attorney’s fees. However, I retain full access to any and all shares on deposit not specifically pledged as collateral. No lien or right to impress a lien on shares and deposits shall apply to any of my shares which may be held in an “Individual Retirement Account” (IRA).


12.  Termination:  I understand that you may terminate this Agreement under any of the following conditions: (1) Upon adverse re-evaluation of my credit worthiness; (2) If I should fail to meet the terms of this Agreement; and (3) At my option, or your option, with good cause and upon written notice. I understand that termination will not affect my obligation to pay the balance outstanding incurred prior to the notice.


13.  Checking Overdraft Authorization:  The checking account mentioned in this section may also be governed by another agreement between you and me. If this Agreement conflicts with any of the provisions governing the checking account, the provisions of this Agreement shall control. If I have a checking account with you, I agree that whenever I (or anyone authorized to sign on my checking account) write a check which when posted to my checking account exceeds the balance in the account by one cent or more, the check shall constitute a request for an advance against my Instant Cash Loan Account in increments of $100.00 which will be sufficient to permit the Credit Union to pay such check. Any advances so made shall be subjected to the terms of this Agreement. The amount of any advance approved by you shall be credited to my checking account as a deposit. These provisions also apply should I overdraw my checking account by means of an Automated Teller Machine or other electronic means. Deposits to my checking account made after a loan advance are not automatically credited back to my loan.


14.  Additional Provisions:  (1) I agree to provide you with a current financial statement if you so request and understand that no advance will be made until you have reviewed that financial statement.


(2) Each provision of this Agreement must be considered as part of the total Agreement, and cannot in any way be severed from it. However, I also agree that should any part of this Agreement be found invalid, it will in no way affect the remainder of this Agreement.


(3) I acknowledge that I have received a copy of this Agreement, and that I have fully read and understand all its terms and conditions.


(4) I understand and agree that collateral securing other loans with you, other than real estate that is my primary residence and household goods will also secure loans made under this Agreement.


(5) I agree that you may change any term or condition of this Agreement at any time, and that you will provide me with written notice of that change as required by law.


Security Agreement


1. I hereby grant to you a security interest according to the provisions of the Uniform Commercial Code in any property pledged as collateral under this Agreement as described on my Loan Advance Request Voucher or Account-Opening Disclosure Statement. Unless it is household goods, as that term is defined in the Credit Practices Rule, or real estate that is my primary residence, this collateral also secures any other obligation I owe to you, regardless when such obligations are or were incurred. In addition, unless it is household goods, as that term is defined in the Credit Practices Rule, or real estate that is my primary residence, any property securing other loans I have with you will also secure advances made under this Agreement.


2. The collateral will be kept at the address shown on my application and I will not change the location of, sell, or transfer the collateral unless I have your prior written consent.


3. I promise that I own the collateral and that no one else has any interest in it or claim against it. I agree not to sell or lease the collateral or to give it as collateral to anyone until the advance secured by the collateral has been paid.


4. I will pay all taxes, assessments, and liens against or attached to the collateral and I further agree to keep it in good condition and housed in a suitable shelter. I agree to execute financing statements and security agreement amendments at your request and will defend the property against adverse third party claims. I will not remove the collateral from the state of my residence as shown on my application unless I have your permission.


5. I will maintain insurance against loss by Fire, Theft, or Collision and Comprehensive Coverage on motor vehicles or other property in which you have a security interest. This insurance may be obtained from any insurance broker of my choice. This insurance will be in a form and an amount satisfactory to you. I will supply you with proof of such insurance and have you named as loss payee until all sums owed to you and secured by this property are repaid. If I fail to maintain such insurance, you may, but are not required to, obtain insurance of your own and the cost of such insurance may be added to my account. At your option, the cost of such insurance shall be paid on demand or paid by way of increased payments over the term of the insurance policy. This cost may bear interest at the contract rate until paid. I further assign to you the right to receive the proceeds of any insurance on such property, and direct any insurer to pay those proceeds directly to you. I authorize you to increase my payroll deduction to cover the cost of insurance if necessary. I authorize you to endorse any check or draft provided as the proceeds of such insurance, and apply those proceeds to the sums owed to you. I further authorize you to provide your insurance service center with the necessary information for verification of adequate coverage. I acknowledge that insurance, or any extension thereof, placed by you is without benefit to me individually but is primarily for your protection.


6. You may meet all requirements for sending me a notice of any kind if you send it to me by means of United States mail, at my last given address.


7. Any additional advances made to me for the payment of taxes or assessments or liens of any kind, or premiums on authorized insurance and interest owing thereon shall also be secured by this Agreement.


8. In return for the sums advanced, I grant you the authority to repossess and sell the collateral should I default in making my payments, or should I fail to discharge any liability I may have under this Agreement, or should any statement I have made to you prove false. In such case, you or your authorized representatives may enter the premises where the collateral is kept and take possession, without being liable for trespass and without legal process.


9. Unless I default, I may keep possession of the property (collateral) described and use it in any lawful manner consistent with this Agreement or with the insurance policy on the collateral. I understand that you have certain rights and legal remedies available to you under the Uniform Commercial Code and other applicable laws, and that you may use these rights to enforce payment if I default. In that event, I will at your request, assemble the property (collateral) and make it available to you at a place of your choosing. If you decide to waive any default, it will not constitute waiver of any other subsequent defaults.


10. You are hereby appointed as my irrevocable Attorney-In-Fact, coupled with an interest, to perform any acts which you feel are necessary to protect the collateral and the security interest which this Agreement creates.


11. If there is more than one borrower, our obligations under this Agreement are joint and several, each being equally responsible to fulfill the terms of this Agreement.


12. Should you feel at any time the security presented has diminished in value, or for any other reason feel that additional security is required, I agree to assign to you within ten (10) days whatever additional security you feel is necessary to protect yourself against possible loss.


13. I acknowledge that I have received a copy of the Security Agreement, that I have fully read, understand and agree to be bound by all its terms and conditions.



Change of Terms


You may change any term or condition of this Agreement at any time. Unless otherwise required by law to provide me with an advance notice of such change you will provide me with notice of the change in a manner we deem appropriate.


Revised 07/12




Notice of Change in Terms of the Fee Schedule and
Membership & Account Agreement at MSUFCU

 

Effective May 15, 2016, some fees associated with your account at MSUFCU will change.

 

FEE CURRENT FEE NEW FEE
Escheatment $0.00 $75.00
Levy $0.00

$75.00

Garnishment $50.00 $75.00

 

Dormant Account Fee Change
Effective May 15, 2016, the Dormant Account Fee will be charged to all Dormant Accounts, not only accounts with balances of less than $500.00. Verbiage in Section 27 of the Membership & Account Agreement has been updated to reflect this change.

 

Section 27 – Dormant Account
We will consider an account to be dormant if there are no deposits or withdrawals for a period of 18 months. Exceptions are loan accounts, Certificates, and IRAs/HSAs.

 

When an account becomes dormant, we will charge a monthly dormant account fee as stated in the Fee Schedule, unless restricted by law. The fee will be charged until the account becomes active or there are no funds available to pay the fee. You authorize us to transfer funds from other accounts of yours to cover any service fees we may impose upon the account deemed dormant. To the extent allowed by law, we reserve the right to transfer account funds to an account payable and suspend any further account statements. We will attempt to notify you prior to your account becoming dormant. If a deposit or withdrawal has not been posted to your account for 36 consecutive months, and we have not had any other contact with you, we will consider your account abandoned. We will report and disburse the funds from an abandoned account in accordance with Michigan law. Dormant accounts receive only an annual account statement.
 

Notice of Change in Truth in Savings and
Funds Availability at MSUFCU


AVAILABILITY OF FUNDS AT MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION
This Disclosure is provided in compliance with the Federal Expedited Funds Availability Act and Regulation CC. This policy applies to all deposits into personal checking accounts at the MSUFCU at 3777 West Road, East Lansing, Michigan, and at all of its branches. MSUFCU reserves the right to delay the availability of funds deposited to accounts that are not checking accounts for periods longer than those disclosed in this agreement.

 

For determining the availability of your deposits, every day is a business day, except Saturday, Sunday, federal holidays, and MSUFCU posted holidays. If you make a deposit 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 on a day we are not open, we will consider that the deposit was made on the next business day.

 

HOLDS ON OTHER FUNDS (CHECK CASHING)
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your checking account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

 

HOLDS ON OTHER FUNDS (OTHER ACCOUNTS)
If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for the type you deposited, lapsed.

 

DELAYED AVAILABILITY
In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check that you deposit, funds may not be available until the business day after the day of your deposit. However, the first $200.00 of your deposits will be available on the first business day after the day we receive your deposit. If we are not going to make all of the funds from your deposit available immediately, 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 this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

 

LONGER DELAYS MAY APPLY
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,000.00 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • 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 eleventh business day after the day of your deposit.

 

SPECIAL RULES FOR NEW ACCOUNTS
The following special rules may apply during the first 30 days your checking account is open.

 

Funds from the deposits of cash and the first $5,000.00 of a day’s total deposits of cashier’s, certified, teller’s, travelers’, and state and local government checks will be available immediately if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available no later than the ninth business day after the day of your deposit.

 

Funds from all other check deposits will be available no later than the ninth business day after the day of your deposit.

 

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. If you have any questions, please contact MSUFCU.

 

SHARED BRANCHES
Shared branches are defined as those offices where members of many different credit unions are able to perform transactions on their own credit union account. Transactions performed at shared branch locations are subject to their fees, rules, policies, and procedures.

 

LONGER DELAYS MAY APPLY
In some cases, all of the funds that you deposit by check will not be available to you on the same business day you make the deposit. Depending upon the type of check you deposit, funds may not be immediately available. However, the first $200.00 of your deposits will be available on the first business day after the day we receive your deposit. If all of your funds from your deposit are not available on the same business day, you will be notified at the time you make your deposit as to when your funds will be available. If your deposit is not made directly to a shared branch employee, or if this action is taken after you have left the premises, a notice will be mailed to you by the business day after your deposit is received. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period if there is an emergency such as failure of communications or computer equipment. Should such an emergency occur, we will notify you and tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.


 

Service Fee Schedule

Membership Fee

$1.00

Totally Green Checking

FREE

Classic Checking

$5.00 / minimum balance fee

Money Marketing Checking

$5.00 / minimum balance fee

Rebuild Checking $10.00 / month

Check Fees

 
Personal Check Printing Based on style
Temporary Checks $1.00 / page
Cashier's Checks $2.00 (first check free)
Money Orders $2.00
Wire Transfer Fees  
Domestic Wire Transfer $20.00 for sending
International Wire Transfer: $50.00 for sending
Incoming Wire Transfer $5.00 for receiving

International Item Fees

 
Ordering International Currency $14.00

Processing International Checks

 

--- Canadian Checks

$5.00

--- International Checks requiring short collection

$25.00

--- International Checks requiring long collection

$75.00
Online Banking with ComputerLine Free
Bill Payment Free
Card Fees  
ATM Replacement Cards $2.00
Non-CO-OP ATM Network $1.00 / transaction
International Service Assessment (ISA)
ATM & PIN-Based Transactions*
Signature-Based Transactions*

1.0% of the International Transaction Amount
3.0% of the International Transaction Amount
Miscellaneous Fee  
Process Bond Coupons $10.00
Telephone Transfer FREE
Cancelled Check Copy $5.00

Statement Copy

$5.00
Stop Payment $25.00
Research $25.00 / hour
Overdraft Notice (Paper) $5.00
Skip-A-Pay Application $25.00
Non-Sufficient Funds (NSF) $30.00
Share Collection $30.00
Garnishment $50.00
Courtesy Pay** $30.00
Courtesy Pay for Debit** $30.00
Returned Deposited Item $15.00 (Domestic)
  $40.00 (International)
Re-Deposit Returned Item $5.00
Consumer Loan Late Payment $25.00

Dormant Account

$5.00 / month

*Calculated after the transaction has been converted to US dollars.

**Courtesy Pay and Courtesy Pay for Debit (when opted-in) are protected with Business Account Fee Schedule

For inquiries, contact us at:
Michigan State University Federal Credit Union
PO Box 1208
East Lansing, MI 48826-1208


By phone: 517-333-2424 or 800-678-4968

Loans: 517-333-2222 or 800-678-6967
Visa: 517-333-2323 or 800-847-2383

Mortgage: 517-333-2210

Revised 02/15



 

MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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