Lending Services 3
Terms
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- Contributions to the Traditional IRA are tax-deductible. (True or False)
- True
- What two measurements are used to determine a persons ability to repay a loan?
- debt/income percentage and disposable income.
- The index rate, the 26 week Treasury Bill rate on or after the 15th day of the second month in each calendar quarter, establishes the base to which ____% (payroll deduction) or ____% (direct pay) is added to arrive at the actual interest rate charged.
-
4% payroll deduction
4.5% direct pay - Unsecured Courtesy Deed of Trust loans is a closed-end loan on your primary residence and has a maximum term of ____ years with a maximum loan amount of $_______.
- 6 years and $20,000
- How often is the interest rate for college loans subject to change?
- once a year
- The Credit Union's debt/income percentage guideline for determining ability to pay is ____%, but the ratio may be higher based on a member's individual circumstances.
- 40%
- The approval of a loan is dependent on what four things?
- the ability to pay, credit history, collateral, and purpose.
- When was the National Credit Union Share Insurance Fund(NSCIF) established by Congress?
- October 19, 1970
- SECU sells and redeems Series EE and Series I bonds in amounts ranging from $_______ to $_______.
- $50 to $10,000
- Which IRA offered by SECU allows the member to make tax-deductible contributions?
- The Traditional IRA
- The State Employees' Credit Union is subject to audits from 4 sources. What are they?
-
1) The Credit Union Division of the N.C. Department of Commerce
2) Internal Audit staff
3) an outside CPA firm, and
4) the National Credit Union Administration (NCUA) - NCUA insures your deposits up to $_________ (and more, through multiple account ownership)
- $100,000
- The NCUSIF ratio of equity to insured shares and deposits is between ____% and ____%
- 1.23% and 1.30%
- An SECU Sahre Term Certificate may be issued for $____ or more with a term of ____, ____, ____, ____, ____, ____, ____, ____ or ____ months.
- 6, 12, 18, 24, 30, 36, 48, or 60
- Dividends for the Traditional Individual Retirement Account are tax-deffered until withdrawn. (True or False)
- True
- Payments on the loan are deferred until _______________ after school enrollment ends.
- 6 months
- The value of your residence for an unsecured Courtesy Deed of Trust is based on the tax value or a current or exisiting appraisal (up to ____ years old).
- 5 years
- The Credit Union's guideline for disposable income is $____ minimum for a family of one, $____ for a family of two with $____ added for each additional family member.
- $600, $850, $200
- Contributions to a Roth IRA are tax deductible. (True or False)
- False
- Beginning with $_________ and _________ original members, SECU now has more than $________ in assests and over __________ members.
-
THEN - $437, 17 original members
NOW - $7.2 billion and 850,000 members
- Where was the State Employee's Credit Union (SECU) organized and on what date?
- Raleigh, NC on June 4, 1937
- Underwriting fees and flood certification fees are required on an unsecured Courtesy Deed of Trust (True or False)
- False - Title opinion and recording fees (approximately $150)
- Title opinion and recording fees are required on an unsecured Courtesy Deed of Trust. (True or False)
- True - The cost of these fees is approximatly $150.
- The maximum college education loan amount for undergraduate students is $______ for the first year, $______ for the second year and $_______ for the remaining years.
- $2,625 for the first year, $3,500 for the second year and $5,500 for the remaining years
- Vehicles over 5 years of age may be financed up to a maximum term of ____ years with an SECU used vehicle loan.
- 4 years
- SECU members have acces to over ____ branch offices, ____ ATMs, a call center and a secure Web site.
- 140, 700
- Who regulates SECU?
- the Division of Credit Unions, N.C. Department of Commerce.
- Interest for the Share Term Certificates accrues daily but is not compounded. (True or False)
- True
- The maximum college loan amount for graduate students is $_______ per year.
- $8,500
- When can you purchase disability and credit life insurance coverage for your loan?
- Only at the time you receive the original loan.
- What is the turn-around time for loan requests?
- usually same day
- SECU's college education loan are subsidized by the federal government (True or False)
- False
- A Signature Gaurantee is sometime required for the transfer of securities such as those involving the sale or redemption of stocks or bonds. SECU's authorization limit is capped at $_________ per transaction.
- $100,000
- The maximum benefit awarded with a personal loan is $________ with life and $________ with disability coverage. Coverage is provided until the age of ____.
-
$25,000 and 42,000
70 - The maximum rate on an open-end personal loan with SECU is ____% and the payment is fixed and will not change as the result of rate movements.
- 18%
- The interest on College education loans is due and payable each quarter. (True or False)
- True
- Only 1 share is required for initial membership for children under the age of ____.
- 13
- The variable rate of interest for an open-end personal loan with SECU may change quarterly (True or False)
- True
- How many shares are required for initial membership for children under 13 years of age?
- 1 share
- The rate on your open-end personal loan may not increase more than ____% each quarter, but may drop without limitation to the minimum rate of ______%.
- 1% and 10.75%
- The loan-to-value for an unsecure Courtesy Deed of Trust is up to ____% the value of the home.
- 100%
- The general rules of operation for the Credit Union are set by a Board of Directors elected from the membership at the annual meeting. When is this annual meeting held?
- The second Tuesday in October.
- What does SEP-IRA stand for?
- Simplified Employee Pension Individual Retirement Account.
- The maintenance fee for an SECU checking account is $____.
- $1
- What are some examples of monthly recurring debts?
- mortgage/rent payments, vehicle loans and credit cards.
- Annual fees for a safe deposit box start at $____ and are subject to change annually.
- $18
- The minimum deposit requirement for a Money Market Share Account is $____.
- $250
- There is a maximum of ____ checks per statement period to avoid a fee of $____ for each check over ____.
- 50, $.15, 50
- The variable rate of interest on an open-end personal loan with SECU may change yearly. (True or False)
- False - quarterly
- Interest for the Share Term Certificate is compounded daily (True or False).
- False - it is accrued daily but is not compounded.
- Golden Circle is a special package of services available to retired members, age ____ and over.
- 50
- The phone center is open from _______ to _______ Monday through Saturday and holidays, and from ________ to _________ on Sunday.
-
8 a.m. to 9 p.m.
AND
1 p.m. to 6 p.m. - New boats or motercycles may be financed up to ____ months. Used ones less than ____years may be financed up to ____ months.
- 72 months, 6 years, 60 months.
- Is a service fee charged for a Money Market Share Account?
- only if the balance falls below $250