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Lending Services 3


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Contributions to the Traditional IRA are tax-deductible. (True or False)
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.
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)
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Dividends for the Traditional Individual Retirement Account are tax-deffered until withdrawn.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)
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)
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)
The maximum college loan amount for graduate students is $_______ per year.
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)
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.
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
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.
The interest on College education loans is due and payable each quarter. (True or False)
Only 1 share is required for initial membership for children under the age of ____.
The variable rate of interest for an open-end personal loan with SECU may change quarterly (True or False)
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.
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 $____.
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.
The minimum deposit requirement for a Money Market Share Account is $____.
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.
The phone center is open from _______ to _______ Monday through Saturday and holidays, and from ________ to _________ on Sunday.
8 a.m. to 9 p.m.


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

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