REGULAR SHARE ACCOUNTS
All Share Accounts must have a minimum balance of $5.00 at all times. Minimum withdrawal from any share account is $25.00. Each member is entitled to 26 withdrawals per year with no service change. After 26 withdrawals, a $5.00 service change is imposed for each withdrawal thereafter.

This type of account is covered by Life Insurance which is presently paid by the Credit Union as follows:

MAXIMUM INSURED SAVINGS BALANCE is $2000.

Deposited prior to 55 years of age100%*
Deposited prior to 60 years of age 75%
Deposited prior to 65 years of age 50%
Deposited prior to 70 years of age 25%
Deposited prior to 75 years of age 10%

* For the first six months of membership there is no insurance.

PAYROLL DEDUCTIONS
Payroll deductions are posted to each account on a Thursday and can be withdrawn from the account on that day provided that the monies from that payroll are received by the bank for deposit in the Credit Union's account.

 

DIVIDENDS
All dividends are calculated on an average daily balance. This dividend is declared on a semi-annual basis. These rates are determined by the Board of Directors at the end of the dividend period.

The IRA dividend rate is determined by the Board on a monthly basis. IRA accounts are one year CD accounts and are subject to an interest penalty for early withdrawal.

 

CERTIFICATE of DEPOSITS
The Credit Union has instituted Certificate of Deposits for a one year period. Interest is determined by the Board of Directors on a monthly basis.

 

HOLIDAY and VACATION CLUBS
Holiday Clubs are offered to all members starting the beginning of October; and checks are issued the following October.

Vacation Clubs are offered to all members starting the beginning of June; and checks are issued the following May.

 

LOAN POLICIES

SHARE SECURED LOANS
Share secured loans are secured by shares in the member's account to a maximum of $20,000. The Share Secured Loan is issued in increments of $500. Rates

VACATION LOANS
The Credit Union has implemented a new loan policy for vacations. This loan requires that we have a receipt for the vacation, i.e., hotel bill, airline bill or travel agency invoice. Rates

HOME APPLIANCE LOAN
This loan is available for all members, in good standing, who make home appliance purchases, i.e. computers, television sets, etc. A receipt of the purchase of the appliance is mandatory when applying for this loan. Maximum dollar amount is $2500. The check will be made payable to both the member and the appliance store. Rates

HOME IMPROVEMENT LOAN
Any member, in good standing, with one year Credit Union membership can apply for this type of loan. A receipt from a licensed contractor is required; and the check will be made payable to both the member and the contractor. Rates

CREDIT CARD DEBT PAYMENT LOAN
Any member, in good standing, with one year Credit Union membership can apply for this type of loan. The most recent statement from the credit card company is required and the check will be made payable to both the member and the credit card institution. The credit card account must be closed. Rates

TAX LOAN
This loan would be for Income Tax purposes only an requires a tax bill. The check would be made payable to the member and the Tax Department. Rates

NEW CAR LOAN
Any member, in good standing, with one year Credit Union membership can apply for a new car loan.  Rates

PATH Federal Credit Union will be stated as the lien holder on the Certificate of Ownership to this vehicle until the loan is paid in full. The member is also required to submit a loss payee form provided by the member's automobile insurer showing the Credit Union as the loss payee.

USED CAR LOAN
Any member, in good standing, with three years Credit Union membership, can apply for a used car loan. This loan is for a used vehicle, no more than three (3) years old and purchased from a dealer. Rates

PATH Federal Credit Union will be stated as lien holder on the Certificate of Ownership to this vehicle until the loan is paid in full. The member is also required to submit a loss payee form provided by the automobile insurer showing the Credit Union as the loss payee.

MOTORCYCLE LOAN
This loan would be for a new motorcycle and would follow the terms of a new car loan. Maximum dollar amount would be $20,000 and the PATH Federal Credit Union would be the lien holder on the motorcycle. Rates

PERSONAL LOAN
Any member, in good standing, wishing to apply for a Personal Loan must have one year of Credit Union membership. No more than two (2) loans per year will be approved. All members will be subjected to both a credit check and debt ratio. Rates

EQUITY LOANS
The Credit Union offers Home Equity Loans (second mortgages) to a maximum of $75,000. This loan cannot exceed 90% of loan to home value; and the PATH Federal Credit Union must be listed as the First Equity Lien Holder on the Home Lien. Detailed information can be obtained by calling the Credit Union office.

 

 

 

 

 

 

 

 

 

 

 

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