Browser Compatibility: For the best experience on our website, please upgrade to the current version of CCBot. Click here to learn more.
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



This disclosure contains important information about our home equity line-of-credit—Real Estate Secured “Prime Advantage” Equity Loan Plan. You should read it carefully and keep a copy for your records.

Availability of Terms

All of the terms described below are subject to change. If these terms change (other than the ANNUAL PERCENTAGE RATE due to fluctuations in the index) and you decide, as a result, to not enter into an agreement with us, you are entitled to a refund of any fees that you paid in connection with your application.


Security Interest
We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us.


Possible Actions
We can amend your line-of-credit plan and implement certain changes as specified in the Prime Advantage Equity Loan Plan Agreement. You may receive from us, upon request, information about the conditions under which such changes may occur. We can terminate your line-of-credit, require you to pay us the entire outstanding balance in one payment, and charge you certain fees if:

(1) You engage in fraud or material misrepresentation in connection with the line-of-credit;

(2) You do not meet repayment terms; or

(3) Your action or inaction adversely affects the collateral or our rights in the collateral.

 

We can refuse to make additional extensions of credit or reduce your credit limit if:

(1) The value of the dwelling securing the line-of-credit declines significantly below its appraised value for purposes of the credit line;

(2) We reasonably believe that you will not be able to meet the repayment requirements due to a material change in your financial circumstances;

(3) You are in default of a material obligation in the agreement;

(4) Government action prevents us from imposing the annual percentage rate provided or impairs our security interest such that the value of the interest is less than 120% of the credit line;

(5) A regulatory agency has notified us that continued advances will constitute an unsafe and unsound practice; or

(6) The maximum annual percentage rate is reached.

 

Minimum Payment Requirements
You may obtain advances of credit for 10 years (the "draw period"). During that period payments will be due monthly. Your minimum payment will be equal to 1.50% of the "new balance," rounded up to the nearest whole ten dollars, but not less than $20.00. The payment will not change until a subsequent advance is taken. After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 5 years (the "repayment period"). Payments during the repayment period are calculated in the same way as during the draw period. The minimum monthly payment may not pay all of the principal. You will then be required to pay the entire remaining balance in a single "balloon" payment at the end of the repayment period.

 

Minimum Payment Example
If you took a single $10,000.00 advance and the ANNUAL PERCENTAGE RATE was 4.00% APR, it would take 6 years and 4 months to pay off the advance if you made only the minimum payments of $150.00 per month until the final payment, which would be $78.79. 


Fees and Charges
In most cases there are no closing costs1 in setting up your Prime Advantage home equity loan. Should you stop payment on a loan check or electronic request drawn on your Prime Advantage loan account, a Stop Payment Fee of $25.00 will apply. A Late Fee of $35.00 will apply if your payment is received 7 days or more after the due date. A Non-Sufficient Funds Fee of $30.00 will apply should a check overdraft or electronic loan request exceed your credit limit. The Prime Advantage Platinum Visa Credit Card has a transaction fee for purchases and cash advances equal to 1.00% or 3.00% of the transaction for international transactions.

 

You may also be required to pay certain fees to third parties to open this
line-of-credit. These fees generally total between $250.00 and $500.00. Upon your request, we will provide an itemization of the fees you will have to pay to a third party. Also, you must carry insurance on the property that secures the line-of-credit.

 

1 Bridge loan fees may apply.

 

Tax Deductibility
You should consult a tax adviser regarding the deductibility of interest and charges for the line-of-credit.


Minimum Draw Requirement
The minimum credit advance that you can receive is $250. Your total loan balance cannot exceed your credit limit as established by us.


Variable Rate Information
The line-of-credit has a variable-rate feature, and the ANNUAL PERCENTAGE RATE (corresponding to the daily periodic rate) can change as a result.

The ANNUAL PERCENTAGE RATE includes only interest and no other costs.

The ANNUAL PERCENTAGE RATE is based on the value of an index and your credit score. The index is the Prime Rate published in the Wall Street Journal. To determine the ANNUAL PERCENTAGE RATE that will apply to your credit line, we subtract or add a margin to the value of the index.


Upon your request, we will provide you with the current index value, margin and ANNUAL PERCENTAGE RATE. If you open a credit line, ANNUAL PERCENTAGE RATE information will be provided on periodic statements that we will send you.

Rate Changes

The ANNUAL PERCENTAGE RATE can change monthly. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% APR (the "cap"). There is no limit on the amount by which the rate can change during any one year period.


Maximum Rate and Payment Example
If you had an outstanding balance of $10,000, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% APR would be $150.00. This maximum ANNUAL PERCENTAGE RATE could be imposed within the first month if the index and/or margin increase sufficiently.


Historical Example
The following tables show how the ANNUAL PERCENTAGE RATE for a single $10,000.00 credit advance would have changed based on changes in the index over the last 15 years. The values are from January 1 of each year. The values shown in the following tables are for Tier 1 rated members with a credit score of 720 or above. 


The tables assume that no additional credit advances were taken, that only the minimum payments were made each month, and that the rate remained constant during each year. It does not necessarily indicate how the index or ANNUAL PERCENTAGE RATE will change in the future. Rate information will be provided on or with each periodic statement you receive from us.

 

Minimum Monthly Payment 70% LTV

 Year1

Index (%) 

Up to 70% Margin2  

Up to 70% APR (%) 

Minimum Payment ($)3

2001

9.50

-.25

9.25

$150

2002

4.75

-.25

4.50

$150

2003

4.25

-.25

4.004  

$150

2004

4.00

-.25

4.004

$150

2005

5.25

-.25

5.00

$150

2006

7.00

-.25

6.75

$150

2007

8.25

-.25

8.00

$150

2008

7.25

-.25

7.00

$150

2009

3.25

-.25

4.004

$150

2010

3.25

-.25

4.004

$150

2011

3.25

-.25

4.004

$150

2012

3.25

-.25

4.004

$150

2013

3.25

-.25

2.004

$150

2014 3.25 -.25 2.004 $150
2015 3.25 -.25 2.004 $150

 

 

Minimum Monthly Payment 80% LTV

 Year1

Index (%) 

Up to 80% Margin2 

Up to 80% APR (%) 

Minimum Payment ($)3

2001 

9.50 

+0.00 

9.50

$150 

2002 

4.75 

+0.00

4.75

$150 

2003 

4.25 

+0.00

4.254

$150 

2004 

4.00 

+0.00

4.254 

$150 

2005 

5.25 

+0.00

5.25

$150

2006

7.00

+0.00

7.00

$150

2007

8.25

+0.00

8.25

$150

2008

7.25

+0.00

7.25

$150

2009

3.25

+0.00

4.254

$150

2010

3.25

+0.00

4.254

$150

2011

3.25

+0.00

4.254

$150

2012

3.25

+0.00

4.254

$150

2013

3.25

+0.00

2.004

$150

2014 3.25 +0.0 2.004 $150
2015 3.25 +0.0 2.004 $150

 

1Rate stated reflects January 1 rate only.
2This is a margin we have used recently.
3Payment is rounded to the nearest whole dollar.
4Rate stated reflects Floor Rate.

 

Rev. 01/15



 

MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

ComputerLine - Protected by TrulyU®

Forgot Username? Forgot Password?