Founded on the basic democratic premise of the cooperative movement, your Credit Union believes that access to low-cost financial products is critical to the health and stability of ordinary citizens. Credit union membership offers many benefits. Products offered range from simple savings to home equity loans. Study after study has revealed that, on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings.

Loans
This credit union shall NOT waive interest on the loans serviced by the Consumer Credit Counseling Service.

Eligibility to Borrow - all members of this credit union are eligible to borrow, subject to legal age restrictions, the stipulations set forth under the specific types of loans listed hereafter, and subject to credit approval. Eligibility to borrow is subject to the conditions set forth on Form ECO/FCR-l "Statement of Credit Denial, Termination, or Change" and the Truth-in-Lending Act and their future revisions, as if fully set out herein.

Any member who causes the credit union a loss will not be eligible to borrow from the credit union.

New Members and Loans - if a new member opens a share account with a personal check in lieu of cash, no loan monies will be disbursed until the check clears the bank.

Minimum Loan Limit Payment - the minimum loan payment will be $25.00 for all loans.

General Method of Calculating Interest - the total amount to be repaid, including principal and interest is, generally speaking, equal to the product of the level monthly payment multiplied by the number of payments to be made. The cost of the loan is the difference between the total amount to be repaid and the amount loaned.

Delinquent Loans - no new loan(s) will be granted if the member has an existing delinquent loan.

Pledge Share - pledged share loans are limited in amount by the available share balance in the borrower's personal or joint account. The length of time of repayment shall not exceed seventy two (72) months.

Signature - a signature loan may be granted for a maximum amount of $7500. The length of time of repayment of a loan secured by signature only is limited to a maximum of 48 months. If the purpose of this loan is to consolidate bills, all checks will be made payable to the member and the creditor.

Vehicle [Automobile] - loans for vehicles (including motorcycles) will be secured by a security agreement. A new vehicle loan shall not exceed the Manufacturer's Suggested Retail Price (MSRP) (window sticker price) of the vehicle (before any trade-in allowance) as shown on the dealer's invoice.

New vehicles that have been financed elsewhere will qualify for the credit union's new vehicle rate if refinanced with this credit union within 6 months of the member's original purchase date. Except for the preceding, when a new vehicle loan is refinanced, the vehicle will be considered used and the prevailing used vehicle rate will apply to the refinanced loan. For current model year vehicles not listed in the National Automobile Dealers Association (NADA) book, the loan shall not exceed the Manufacturer's Suggested Retail Price (MSRP) (window sticker price) of the vehicle (before any trade-in allowance) as shown on the dealer's invoice.

The maximum length of time of repayment for new vehicle loans for $30,000.00 or more shall be 84 months. For loans less than $30,000.00, the maximum length of time for repayment will be 72 months.

Insurance Coverage - for any vehicle loan, the borrower is required to cover the vehicle with a collision and comprehensive insurance policy, with a maximum deductible amount of $500.00, naming this credit union as "loss payee" on said policy for the duration of the loan as specified on the LoanLiner documents.

Boat - this credit union will make loans for new or used boats, motors and trailers. The policy for boat, motor and trailer loans will be the same as for automobile loans except that the insurance requirements for boats will be the standard "water craft loss and liability insurance" naming the credit union as the loss payee for the duration of the loan.

Home Equity Line of Credit Loans - The Division #6 Highway Credit Union will grant home equity line of credit loans taking as collateral a first or second deed of trust on real estate owned by the applicant.  The property must be located in the States of Missouri or Illinois . Line of credit loans will NOT be made on mobile homes.

If the property is jointly held, both or all parties must be involved to perfect the lien on the property and must appear in person to affix their signatures to the appropriate documents.  Home equity line of credit loans shall not exceed 90% of the current appraised value less the first mortgage balance:  Line of Credit = (.9 X Appraised Value)- Balance Owed

A home equity line of credit will not be approved for less than $5,000. The minimum initial advance for a home equity line of credit loan is $5,000.  There is no maximum on the number of advances per year.  The maximum length of draw shall be 15 years. 

Home equity line of credit loans shall be variable rate loans. Adjustment periods (change dates) shall be on January l and July l in each calendar year.  The rate on any home equity line of credit loan shall never be lower than the prime rate.  The maximum rate shall be no more than 6% over the original loan rate.

Mobile Home - this credit union will NOT make loans using mobile homes as collateral.

Savings Accounts
Division #6 Highway Credit Union offers the following savings accounts:

• Share account
• ATM Cards
• Stash account
  Account used for a special purpose; to keep monies separate.
• Christmas Club
  This account will be transferred in the deposit into the member's share account on October 1st every year. Members will be allowed one early withdrawal per year.
• Certificate of Deposit account
  Investment account for a 6-month to 24-month term. Quarterly interest compounded or deposited into a share account. Automatically renewable with a 10 day grace period. Early withdrawal penalty of 90 days interest. 

Checking Accounts

• No monthly fee
• Free Bill Pay
• Debit Cards

To open an account:

• Cash or a check for $5.00 must accompany the completed signature card.
• $5.00 is the member's share in the credit union.
• To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also make a copy of your driver's license or other government issued document.

Dividends
Dividends are paid on the last day of each quarter. The dividend is calculated using the daily average balance method. Dividend checks may be mailed to the member if a request is made in writing. This credit union is federally insured by the National Credit Union Administration.