MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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MSU Federal Credit Union | Disclosures | Home Loans

Mortgage & Home Loan Disclosures

 

Printable Version of Multi-Featured Loan Agreement
Click below to view or print the Multi-Featured Loan Agreement.

 

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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



 Privacy Policy
REV. 07/14

 

FACTS

WHAT DOES MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the products or service you have with us. This information can include:

  • Social Security Number and income
  • account balances and payment history
  • credit history and credit scores

How?

All financial companies need to share members' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their members' personal information; the reasons Michigan State University Federal Credit Union chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does MSUFCU share?
Can you limit this sharing?

For our everyday business purposes-
such as to process your transaction, maintain your accounts(s), respond to court orders and legal investigations, or report to credit bureaus

YES
NO

For our marketing purposes-
to offer our products and services to you

YES
YES

For joint marketing with other financial companies

YES
YES

For our affiliates' everyday business purposes-
information about your transactions and experiences

NO
We don't share

For our affiliates' everyday business purposes-
information about your creditworthiness

NO
We don't share

For nonaffiliates to market to you

NO
We don't share

To limit our sharing

  • Call 517-333-2424 or 800-678-4968 - a member service representative will assist you in your opt-out preference.
  • Visit us online: www.msufcu.org, log into your account via ComputerLine, select the “Messages” option at the top of your screen and leave a secure message.

    Please note:
    If you are a new member, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our member, we continue to share your information as described in this notice.


    However, you can contact us at anytime to limit our sharing.

Questions?

Call 517-333-2424 or 800-678-4968 or go to www.msufcu.org

Who we are

Who is providing this notice?

Michigan State University Federal Credit Union

What we do

How does Michigan State University Federal Credit Union protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

How does Michigan State University Federal Credit Union collect my personal information?

We collect your personal information, for example, when you

  • open an account or deposit money
  • pay your bills or apply for a loan
  • use your credit or debit card

    We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can't I limit all sharing?

Federal law gives you the right to limit only

  • sharing for affiliates' everyday business purposes- information about your credit worthiness
  • affiliates from using your information to market to you
  • sharing for nonaffiliates to market to you

What happens when I limit sharing for an account I hold jointly with someone else?

Your choices will apply to everyone on your account.

Definitions

Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

  • MSUFCU has no affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

  • MSUFCU does not share with nonaffiliates so they can market to you.

Joint Marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

  • Our joint marketing partners include insurance companies.


Online Privacy

Our privacy policy is the same whether you are online or not. At our website, www.msufcu.org, you may apply for membership, accounts, loans and services. You may also communicate with us via the secure Contact Us form. To protect information you provide us online, we use multiple levels of security. All applications, forms and ComputerLine transactions are submitted to us securely using the industry standard "Secure Socket Layer" (SSL) encryption to secure your submission. MSUFCU uses 128-bit encryption and we use firewalls to secure your information. A firewall is a security measure that insulates the credit union's computer network from the World Wide Web. We analyze the traffic coming in and out of the firewall, which could indicate intrusion activity and computer viruses. MSUFCU contracts with a third-party technology specialist to try to penetrate our network and evaluate the security of our online applications and ComputerLine. MSUFCU has successfully passed each evaluation and is annually certified as a secure site. To read more about online security requirements click here.


Links to Other Web Sites

Links from our website are provided for your convenience only. These linked sites are separate from our credit union's web site. We are not responsible for the content or availability of any linked third party websites or the privacy practices of such third parties. In addition, a link from our website to another does not indicate that MSU Federal Credit Union endorses the services or policies of such third party websites. You should always investigate the information practices of all websites that you access and carefully examine the privacy policies of any websites linking to or from our website. Information collected from the linked websites will be subject to the information practices of those websites.

 

Our Use of Cookies

If you conduct transactions with MSUFCU via ComputerLine, you may notice our use of Internet cookies. Cookies are a small text file assigned and attached by a web server to the directory file on your computer. Cookies enable our systems to recognize your browser and your information as you navigate and conduct transactions within ComputerLine. If we did not use cookies within ComputerLine, you would need to enter your account number and password each time you wanted to see another page or each transaction you initiate. ComputerLine uses temporary session cookies that are stored on your Computer only during your current session and are automatically deleted from your computer when you close your browser. No information is collected from your computer.


Children's Online Privacy Protection Act (COPPA)

MSUFCU does not knowingly collect, nor is our web site designed or directed to use personal information from children under the age of 13 without containing verifiable consent from their parents. We do offer three children's programs on our web site: Sweet Pea for children ages 0-4, Dollar Dog Kids Club for children ages 5-12, and the Cha-ching program for teens age 13-17. Unless applying for MSUFCU membership, no information is collected from children to participate in the online activities and information found in these areas of our website.


Sweet Pea: Contains an online membership application that is designed to be submitted by a parent or guardian. In this membership application we ask information about the child for the purpose of establishing a Sweet Pea account for membership. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. Before the application can be submitted, the parent/guardian has to agree to consent to submit this information solely for the purpose of establishing a Sweet Pea account at MSUFCU. Parents/guardians have the ability to review the personal information collected prior to submitting the application. The child's name, age, and address information will also be used to send via U.S. Postal Mail a yearly Sweet Pea account birthday card. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff  will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-678-4968 or by sending a secure message using the Contact Us form. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.


Dollar Dog: Contains an online membership application that is designed to be submitted by a parent or guardian. In this membership application we ask information about the child for the purpose of establishing a Dollar Dog account for membership. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. Before the application can be submitted, the parent/guardian has to agree to consent to submit this information solely for the purpose of establishing a Dollar Dog account at MSUFCU. Parents/guardians have the ability to review the personal information collected prior to submitting the application. The child's name, age, and address information will also be used to send via U.S. Postal Mail a quarterly newsletter. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-678-4968 or by sending a secure message using the Contact Us form. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.


Cha-ching: This section of our web site is designed for teens ages 13-17. A Cha-ching membership application is available to submit online to establish an MSUFCU Cha-ching membership account. Information directly collected from the submitted application includes the child's name, social security number, birth date and address. The child's name, age, and address information will also be used to send via U.S. Postal Mail a quarterly newsletter. At any time a parent/guardian may contact MSUFCU and ask that the submitted information no longer be used to contact the child. MSUFCU staff will have access to the information collected. You may reach the credit union at 517-333-2424 or toll-free 800-678-4968 or by sending a secure message using the Contact Us form. In accordance with MSUFCU's privacy policy, at NO TIME is the child's information provided to a third party.