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MSUFCU | Disclosures | Home Loans

Mortgage & Home Loan Disclosures


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



To Our Members and Those Eligible to Become Members

MSUFCU wants you to know that with respect to mortgage loans and Home Improvement Loans the following policies are utilized:

  • That any person has the right to make a loan inquiry.

  • That any person has the right to file a written loan application for a mortgage loan or Home Improvement Loan with MSUFCU.

  • That any person has the right to receive a written response to an inquiry or application.

Establishing Creditworthiness
It is the MSUFCU's policy to consider the creditworthiness of an applicant. The general factors used for establishing creditworthiness include:

 

A. Applicant must be a member in good standing with MSUFCU.


B. The applicant's income is sufficient to repay the loan according to its terms.


C. The applicant's total debt load will not impair repayment of the loan requested.


D. The debt ratio of housing expense to income will not impair the repayment of the loan requested.


E. The applicant's past credit history with MSUFCU and other credit grantors has been satisfactory.


F. The applicant's job history and time lived at current address show stability.

Market Value
Market value is the most probable price a 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.


MSUFCU will consider the market value of proposed security when evaluating a loan application.

Community Organizations
The presence of an active community group will be taken into consideration for home mortgage and Home Improvement Loans in neighborhoods which are historic or in physical decline.

Lending Area
Home mortgage loans are limited to within the state of Michigan. Home Improvement Loans are made throughout the United States.

Insurance
Regular residential properties require Private Mortgage Insurance (PMI) where the Loan-to-Value Ratio (L-T-V) exceeds 80% of the lesser of the market value or purchase price.

Rate Changes
Rates initially quoted are subject to change during the period prior to closing due to changing economic conditions.

Minimum Loan Amounts
The minimum home mortgage loan amount is $10,000. The minimum Home Improvement Loan amount is $1,000.

Security
Only real estate located within the state of Michigan will be considered for home mortgage loans. Multiple units, up to four, will be considered for first mortgage loans and home equity lines of credit/second mortgages provided that one of the units is owner-occupied.


The residence must have an acceptable appraisal and useful life of not less than the length of the amortization period for the mortgage. The property must have all the usual improvements necessary to sustain acceptable living standards and meet zoning ordinances and laws required for occupancy.


Home Improvement Loans may be granted on an unsecured basis or with the various types of collateral acceptable to MSUFCU.

Special Circumstances
During periods in which there is a shortage of loanable funds, MSUFCU will process all loan applications in the order they are received.

Loan Approvals
With the exception of loans to officials of MSUFCU, the loan officersand underwriters have the responsibility for granting and denying loans to members subject to the restrictions set forth by the board of directors, the bylaws of MSUFCU, and the laws which govern its operation.

Title
MSUFCU requires proof of clear title to the security being offered. Home mortgage loans will require title searches with the appropriate level of title insurance issued through a member company of the American Land Title Association (ALTA).

Appraisal
The objectives of an appraisal are:


A. To establish a current market value.

B. To establish that the security offered does exist.

C. To establish that the property offered as a security does have all the usual improvements necessary to sustain acceptable living standards and meets zoning ordinances and laws required for occupancy.

D. To establish that the residence does have a useful life not less than the amortization period for the mortgage.

The appraisal may affect the amount of the down payment required. The required down payment is based on the lesser value of the purchase price or the market value as established by the appraisal.

Verification of Funds
Certain fees may be involved in applying for a mortgage loan, such as appraisal and rate lock commitment fees. In addition, if the mortgage loan is approved, there will be settlement fees which must also be paid.


MSUFCU reserves the right to verify funds necessary to make the required down payment and cover closing costs.

Ancillary Collateral
Collateral other than real estate being purchased or refinanced will not be considered for home mortgage loans.


Collateral for Home Improvement Loans, if required, will be evaluated on its individual merit and market value.

Property in a Flood Plain
Flood insurance is required on all home mortgage loans where real estate is located in a designated flood hazard area.


Flood insurance is available through the National Flood Insurance Program.

Cosigners/Guarantors
Cosigners/Guarantors are not acceptable on home mortgage loan applications.


Cosigners/Guarantors for Home Improvement Loans must meet the same creditworthiness criteria as the applicant. However, the cosigner/guarantor needs not be a member of MSUFCU.

Additional Criteria
A. The member's signature and/or collateral is sufficient to cover the loan requested.

B. The loan purpose is provident and productive.

C. The applicant is of good character.

D. Property surveys may be required as a condition of issuance of a title insurance policy.

E. Adequate homeowners/hazard insurance is required on all secured loans and maintained for the term of the loan.


Revised 5/12



 

MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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