A credit union is a self-help cooperative whose members are hard working
individuals, and their family members, your coworkers and friends, who pool
their savings to provide each other with low-cost loans that they might not
otherwise be able to obtain. This
money is lent in good faith to fellow members with the understanding it will be
repaid in a prompt manner. When one member does not repay their loan, every
member suffers through increased loan rates, reduced savings rates and tighter
lending restrictions. It is our sincerest hope that when you borrow money from
your fellow members, you do so with the intent to repay the loan in a prompt
and punctual manner, never apply to borrow if you are not completely committed
to repaying their trust in you.
Should you experience
difficulties in meeting repayment commitments, you should immediately explain
the situation to us. We will treat the matter sympathetically and in total
confidence and work with you to obtain an amicable solution.
Loan Policy
THE
LOAN POLICY IS SUBJECT TO CHANGE WITHOUT NOTICE.
The Credit Committee considers loan applications every Wednesday,
with some holiday exceptions. If approved, the check may be picked up the
next business day. An individual may wait a maximum of one month to pick up a
loan check after the application receives approval by the Credit Committee.
Circumstances may extend the time period after a review by the Credit
Committee. Those members who have retired from the field of membership schools
have the same borrowing rights and responsibilities as they had before
retiring.
There is a cap of $40,000 on loans to an individual at any one
time except for Share loans and Home Equity loans. The limit of total loans to
an individual, except for Shares Loans is $75,000. In addition, a member
may not carry more than three loans at any one time with the exception of
Shares Loans.
Credit
applications must be completed by 4:30 p.m. Tuesday to be considered by
the Credit Committee at their weekly meeting. Due to the changes in loan processing,
applications submitted after the deadline will be submitted to the Credit
Committee for review the following week. Since most applications take a
minimum of 15 minutes to complete,
please plan your visit to allow enough time for all necessary paperwork. In
addition, to expedite the completion and processing of your loan application,
please bring the following items with you:
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All
Loans: |
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Proof
of Income (i.e. 2 most recent pay stubs with year-to-date income listed;
W-2 Form, Income Tax Return for most current calendar year, Unemployment
Notice; Statement of Social Security benefits; Military Leave and Earning
Statement; etc.) |
|
List
of current creditors, balances owed and payment amounts |
|
|
|
Teacher Required
Continuing Education Loans: |
|
Enrollment
and/or education expense verification |
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Vehicle Loans: |
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Buyers
Agreement if purchasing from a dealership |
|
or |
|
Vin
# and detailed description of the vehicle being purchased if from a
private party (please contact the office for details) |
If you are unable to visit the office to apply for a loan, our
Member Service Staff will be happy to mail the necessary paperwork to you. You
may also print an application for Signature, Co-Maker, Shares, Teacher Required
Continuing Education (TRCE), New and Used Vehicle Loan using the link on the
left. You will need 
to view the loan application. Please
be sure to print both sides of the application and contact the office with any
questions you may have, as incomplete and/or illegible applications may not be
able to be processed. After the application is completed, please
bring or send the application with proof of income to the office for approval.
After approval, a Member Service Representative will contact you to arrange the
completion of the remaining paperwork. Home Equity Loan applications are
available by e-mail, upon request.
The Credit Union reserves the right to request a Credit Bureau
Report on any member requesting a loan.
Currently,
the following Loan Options are available to BCTFCU
Members:
Signature loans are available only
to those persons currently employed in, or retired from, the Field Of
Membership (FOM) schools. Signature loans are an unsecured loan amount of
$5,000 or less. The credit committee may require any applicant for this
loan to change to a co-maker loan for loan security purposes.
Co-Maker loans are available to
all members of legal age who are financially able to repay the loan. Co-maker
loans are a loan secured by another party signing stating they will assume the
loan obligation in the event the borrower is unable to pay. They include
amounts of $12,000 or less. The Cosigner must also be of legal age and
financially able to pay the loan in the event of default of the
member/borrower. An individual may be a co-maker on only one loan from this
Credit Union at a time.
Share loans are available to
any member who pledges his/her shares as security for the loan with a loan cap
of shares balance less two months interest on the loan balance requested. Shares
pledged as collateral continue to collect interest from the Credit Union at the
current dividend rate. Pledged shares may be withdrawn only as payment on
the secured loan.
Teacher Required Continuing
Education Loan
Teacher Required Continuing Education
(TRCE) loans are available to any teacher requiring continuing
education. The loan maximum is $5,000. Enrollment and/or education
expense verification will be required. Any member obtaining a teacher
education loan may not obtain a new Signature loan until the Teacher Education
Loan is paid off.
New Vehicle loans can be obtained
for amounts of $40,000 or less.
Used Vehicle loans can be financed for amounts of $30,000 or less.
New and Used vehicles will be financed up to 90% of the
dealer’s asking price. Members wishing to take advantage of dealer
cash-back incentives are encouraged to do so as refinancing with the Credit
Union is always available.
Since there are numerous methods of calculating interest, make
sure you check the total dollar amount of interest to be paid on your vehicle
loan rather than loan percentages. Financial institutions are required by
law to inform customers of not only the loan percent but the total dollar
amount of interest that will be paid.
Home Equity loans are available to
members wishing to borrow on their current residence. Home Equity loans
may be taken for 5 years, 7 years, 10 years, or 15 years. The maximum
amount that may be borrowed is $50,000 and the minimum that may be borrowed is
$5,000. There is a non-refundable application fee which is applied to
additional fees incurred. For current Home Equity fees, and additional
information, please contact the office.
The credit union lends up to 80% of the equitable value of your
home. This is determined by taking the market value of your home multiplying by
80%,then subtracting the balance owed [(Market Value x .80) - Balance Owed =
Available Equity]. We will only accept 1st or 2nd mortgage position on your
home; however, if you have more than one mortgage, we may be able to assist you
through consolidation.
Loans of $50,000.00 require Title Insurance. Appointments are
recommended for initiating a Home Equity Loan or you may call the office and
request the initial paperwork be mailed to you.
BCTFCU
reserves the right to request a Credit Bureau Report on any member and/or comaker
requesting a loan. BCTFCU issues reports to the Credit Bureau on all borrowers
monthly.
