Membership Share Account

Membership share account is a savings account. The first $2,000.00 on deposit is covered by Life Savings level term insurance provided by the Credit Union. The actual amount of insurance coverage is subject to your age and date of deposit. Every member is required to open and maintain a $5.00 balance in this account. You may withdraw from this account at anytime. Dividends are paid quarterly to this account.

Share Savings Account

Share savings account is a savings account. The rate of interest paid is higher on the first $2,000.00 on deposit in comparison to the Membership Share Account. There is no Life Savings level term insurance on this account. Their is no minimum balance. You may withdraw from this account at anytime. Dividends are paid quarterly to this account.

Christmas Club Account

This account pays out annually. There is no minimum balance required. Christmas club payout is November 1st. Dividends are paid quarterly to this account.

6 Month, 12 Month, and 24 Month Share Certificates

The certificates are payable at maturity. Dividends are paid quarterly to this account. Fixed Rates. Minimum deposit amounts exist. Certificate rates are determined monthly.

IRA Share Account

This account is a retirement savings account.  Dividends are paid quarterly to this account. Their is a $200.00 minimum balance to open this account.


Share Draft Account

This is a checking account. No minimum balance is required and the account receives a quarterly dividend when the balance exceeds $500.00. All members with a Share Draft account will receive monthly statements. There is a ATM/Debit Card available with this account. No monthly fees, unlimited transactions.


Unsecured Loan Products

The credit Union offers two types of unsecured loans. The member has the ability to apply for a signature loan which gives the member access to $1.00 to $5,000.00 with various terms. The other unsecured loan is considered a share draft loan and can be accessed by contacting the credit union and requesting a Share Draft Loan advance up to $300.00 and a monthly payment of $30.00.

New & Used Auto Loan:

These loans are made for the purchase of vehicles and the borrower must secure the loan by assigning the Credit Union as 1st Lien holder on the  vehicle being financed. Sales tax and registration fees may be added to the loan for the vehicle.

New & Used Recreation Vehicle Loan:

These loans are made for the purchase of snowmobiles and four wheelers. The borrower must secure the loan by assigning the Credit Union as 1st Lien holder on a UCC filing statement. Sales tax and registration fees may be added to the loan for the vehicle. 

New & Used R. V. (Boats, Campers, & Motor Homes.) Loan:

These loans are made for the purchase of boats, campers, & motor homes. The borrower must secure the loan by assigning the Credit Union as 1st Lien holder on a UCC filing statement or title of the vehicle financed. Sales tax and registration fees may be added to the loan for the vehicle. 

New & Used Consumer Good Loan:

These loans are made for the purchase of consumer good not described elsewhere. The borrower must secure the loan by assigning the Credit Union as 1st Lien holder on a UCC filing statement. Sales tax and registration fees may be added to the loan for the vehicle. 

Student Loan:

The Credit Union offers the subsidized and unsubsidized Federal Stafford Loans and Federal Plus Loans. Our lender identification number is #824911.

Mobile Home Loan:

The Credit Union offers In-house Mobile Home Loans.  The borrower must secure the loan by assigning the Credit Union as 1st Lien holder on the mobile home being financed. 

Mortgage Loan:

The Credit Union offers In-house and Secondary Market Real Estate Loans. Equity loans are available up to 100%. Contact a loan officer to discuss which mortgage loan fits your needs.


Floodwood Area Credit Union Visa Card

The Credit Union offers a Visa Card with an available line $500.00 to $5,000.00. This card has limited benefits. There is no annual fee for this card. Verified by Visa participant.


The Floodwood Area Credit Union Visa Check Card

The Visa check card gives you a faster, more economical, more convenient way to buy products and services you need. It allows you to withdraw funds from your share draft account without writing a check. Plus, the Visa Check Card performs all functions on an ATM card. There is no annual fee. A share draft account is required for a Visa Check Card. Verified by Visa Participant.


The Floodwood Area Credit Union has three employees that can perform notary services. There is no charge for this service. Please remember to bring along a picture ID.


American Express travelers checks are available for members in two forms ( Individual or Two Party)  for only $0.60 per hundred.  American Express Travelers Checks are accepted worldwide.

 

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This page last updated Thursday, May 08, 2008 01:50:54 PM by Floodwood Area Credit Union.
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