Membership & Account Agreement Brochure
EFT Service Disclosure
Visa Disclosures
Truth in Savings Disclosure
Funds Availability and Check Policies
CHECK CASHING POLICY
Check cashing is a service available to Credit Union members and joint owners only. No third party checks can be accepted; this includes spouses who are not joint account holders. No stale dated checks can be accepted - more than 6 months past its date. Check payable to a Business may be deposited but not cashed and may be subject to holds. (See check hold policy)
It is the policy of Saginaw Medical Federal Credit Union to charge a check cashing fee unless a member meets one of the following conditions.
1. A savings balance of $100 at all times
2. An active checking account (min. of 3 transactions per month)
3. A loan or VISA card with SMFCU that is current on payments
4. Member is under age 21 or over 62 years of age
The check cashing fee applies also to members who purchase money orders or make share deposits unless they meet the criteria above.
CHECK HOLD POLICY
In general, our policy is to make funds from your deposits available to you on the day we receive your deposit. In some cases, we will not make all funds that you deposit by check available to you on the day of your deposit. Depending on the type of check that you deposit, there may be a 7 to 10 business day hold. We will notify you at the time of your deposit if we are not going to make all funds immediately available. 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 place a hold after you have left the premises, we will mail the notice to you by the day after we receive your deposit. Funds deposited by check may be placed on hold under the following circumstances:
We believe the check you are depositing will not be paid
You are depositing a check(s) that has been returned unpaid
You have had a check returned unpaid
You deposit a check payable to a business
You deposit checks totaling more than $5,000 in one day
Your account has been overdrawn repeatedly in the last six months
There is an emergency, such as failure of equipment or power outage
OFFICIAL CHECK POLICY
It is the policy of Saginaw Medical Federal Credit Union to charge a $2.00 fee if you request an Official Check be printed that is payable to a third party and is less than $1000. There is no charge for an official check payable to you, the member.
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DISCLOSURES |
VISA Platinum |
VISA Platinum Rewards |
| Annual Percentage Rate (APR) for purchases |
A 5.9% Introductory APR for the first six months of opening your account. After that,
8.9% to 16.9%.* |
A 5.9% Introductory APR for the first six months of opening your account. After that,
9.9% to 17.9%.* |
| Other APRs |
Balance Transfer APR: A 5.9% Introductory APR for the first six months of opening your account. After that, 8.9% to 16.9%.*
Cash Advance APR: 8.9% to 16.9% |
Balance Transfer APR: A 5.9% Introductory APR for the first six months of opening your account. After that, 9.9% to 17.9%.*
Cash Advance APR: 9.9% to 17.9% |
| Method of Computing the Balance for Purchases: Average Daily Balance (including new purchases) |
|
| Grace Period for Repayment of Balances for Purchases: 25 days |
Late Payment Fee: $25 |
|
A 1% international transaction fee will be added to and listed separately on all transaction completed outside the United States |
| *Rates, fees and terms may change: Your ANNUAL PERCENTAGE RATE (APR) is based on your credit history. We may review your credit history and change the rate based on that review. The APR for purchases and cash advances on our Visa Platinum program ranges from 8.9% - 16.9%. The APR for purchases and cash advances on our VISA Platinum Rewards program ranges from 9.9% - 17.9%. |
| Because rates and terms are subject to change, you may contact us for the current information by writing to the business reply address shown below. Default - You will be in default if you do not make a payment of the amount required when it is due. You will be in default if you break any promise you made in connection with this loan. You will be in default if you die, file for bankruptcy or become insolvent, that is, unable to pay your obligations when they become due. You will be in default if you make any false or misleading statements in any credit application or update of credit information. You will also be in default if something happens which the credit union believes may substantially reduce your ability to pay what you owe. When you are in default, the credit union can demand immediate payment of the unpaid balance of this loan without giving you advance notice. If the credit union demands immediate payment of the unpaid balance, you will continue to pay interest at the same interest rate until what you owe has been repaid. If the credit union had demanded immediate payment of the unpaid balance, the credit union can apply the shares and deposits that you have given as security under this agreement towards what you owe. The credit union can also exercise any other rights the law gives the credit union when you are in default. EACH PERSON RESPONSIBLE - Each person who signs the Visa application/agreement will be individually and jointly responsible for any and all credit extended from time to time. That means the credit union can enforce its rights under this agreement against any one of you individually or against all of you together. Mailing Address: SMFCU, PO BOX 6169, Saginaw MI 48608 |
TRUTH IN SAVINGS
|
RATE SCHEDULE |
|
REGULAR SHARES |
2nd Savings, Christmas & Vacation Clubs |
Young Savers |
Share Drafts |
Money Plus |
IRAs |
Certificates of Deposit |
|
Dividends
A.P.Y.*
A.P.R.** |
.25%
.25% |
.25%
.25% |
3.04%
3.00% |
.50%
.50% |
.50%
.50% |
2.018%
2.00% |
1.25%
1.247% |
|
Dividends Compounded |
Monthly |
Monthly |
Monthly |
Monthly |
Monthly |
Monthly |
Monthly |
|
Dividends Credited |
Monthly |
Monthly |
Monthly |
Monthly |
Monthly |
Monthly |
Monthly |
|
Balance Requirements |
$5.00 |
None |
None |
None |
$2,500 |
None |
$500 |
|
Interest Calculation |
Average Daily Balance of $250
or More |
Average Daily Balance of $250
or more |
Average Daily Balance |
Average Daily Balance of $10,000 |
Average Daily Balance of $250 or more |
Average Daily Balance |
Average Daily Balance of $500
or more |
|
Transaction Limitations |
None |
None |
None |
None |
Checks must be written for at least $500 |
Penalty for certain withdrawals made before the age of 59 1/2 |
90 days interest penalty for withdrawal before maturity |
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FEE* SCHEDULE |
|
Fee Schedule – Checking Accounts
Monthly Fee - None
ACH Return Fee - $22.95
ACH Overdraft Fee - $22.95
ACH Overdraft Transfer Fee - $4.95
NSF Return Fee - $22.95
Overdraft Fee - $22.95
Overdraft Transfer Fee - $4.95
ACH or Draft Stop Payment - $30.00
Return Deposit Item - $22.95
Check Printing varies depending on style ordered |
ATM/Debit Card Fees
ATM Deposits - No Charge
ATM Withdrawals/Transfers - $1.00 each after 5 free per month
Card Replacement - $5.00
Overdraft Fee - $22.95
Overdraft Transfer Fee - $4.95
Other Service Fees
Statement Copy - $2.00 per statement
Wire Transfer - $20.00 per wire
Account Reconcile - $10.00 per hour |
| *The fees imposed for overdrafts are on checks, ATM withdrawals or by other electronic means as applicable. |
| *Fees also may reduce earnings on the accounts. | RATE INFORMATION.
The dividend rate and Annual Percentage Yield (A.P.Y.) on your accounts are set forth above.The dividend rate and A.P.Y. may change monthly as determined by the credit union board of directors.
NATURE OF DIVIDENDS. The credit union board of directors declares dividends based on the credit union's current income and available earnings after providing for the required reserves.The dividend rate and A.P.Y. set forth above are not guaranteed.
BALANCE INFORMATION. The average daily balance is determined by adding the balance in the account for each day of the month and dividing that amount by the number of days in the month.If the account is overdrawn resulting in a negative balance, the balance for that day is considered to be zero for dividend calculations.
COMPOUNDING AND CREDITING. Dividends will be paid monthly. Your funds will begin to earn dividends on the business day you deposit to your account. Dividend rates will be declared the day following the end of each month. If you closed your account before dividends are paid, you will not receive the accrued dividends.
AUTOMATICALLY RENEWABLE CERTIFICATE. Your share certificate will automatically renew at maturity. The share certificate will renew for an additional period equal to the original term and for successive periods equal to the original term at the interest rate then prevailing. You will have a grace period of 10 calendar days after the maturity date to withdraw funds without being charged an early withdrawal penalty.
EARLY WITHDRAWAL PENALTIES. A substantial penalty will be imposed for early withdrawal. The penalty for withdrawal before the maturity date is 90 days interest; even if that exceeds the amount the account had earned and invades the principal. No penalty will be imposed for redemption following the death, disability or adjudicated incompetence of any party to this account.
*A.P.Y. denotes Annual Percentage Yield. **A.P.R. denotes Annual Percentage Rate.
SAGINAW MEDICAL FEDERAL CREDIT UNION
4550 STATE ST 1430 N MICHIGAN AVE
SAGINAW MICHIGAN
989-791-7070 OR 800-733-5280
Saginaw Medical FCU
P.O. Box 6160
Saginaw, Michigan
48608
989.791.7070
Fax: 989.790.6910
memberservices@smfcu.com
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