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DIVIDEND RATES - TERMS AND CONDITIONS

General:

Your savings are federally insured to $100,000.00 by the National Credit Union Association Terms and conditions may change at any time without notice. Penalty for early withdrawal of Share Certificates may be assessed and my reduce earnings. Dividends are calculated on a daily basis, compounded monthly

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LOAN RATES - TERMS AND CONDITIONS
General:
Borrowers must maintain a $50 savings balance during the term of the loan. The maximum amount of combined loans cannot exceed $230,000.00. PACFCU holds the ownership title to collateral loans until fully paid. All vehicles, vessels and home loans must provide insurance for the duration of the loan. Rates and terms are subject to change without notice, except line of credit loans in which the borrowers will receive a 30-day notice. Each individual has equal access to funds, subject to credit-worthiness. Only 35% of the credit union's assets can be for real property loans. Fees necessary to process the loan (DMV, appraisal, recording fees, escrow fees, etc.) are paid by the member. Real estate, mobile home and boat loans may require additional coverage. For details about first and second mortgages with a variety of options, call our agents at RBC Mortgages at 800-400-4540.
Disclosure Information:
Rates quoted do not include discounts to all PACFCU members who maintain a level of participation in additional credit union services. All loan commitments (rates, terms, loan amounts, down payment requirements) will be based on the credit-worthiness and abilities of the individual borrower.  Each applicant will be considered on his/her own merit.  Up to 6% points may be added to this rate depending upon applicants qualifications. Maximum rate charge will never exceed 18.00%
Credit Approval Levels:
Level 1	Applicable to members with the proven ability to manage their credit in an excellent manner of 5 years or more and the ability to effectively manage their level of unsecured debt while building assets.
Level 2	Rates are 1.5% greater than Level 1. Applicable to members with proven ability to manage their credit in an excellent manner for 2 years or more and the ability to effectively manage their level of unsecured debt while building assets.
Level 3	Rates are 6.0% greater than Level 1. Applicable to members who need to establish or rebuild their credit.
Discounts:
Lower your rate by 0.25% by maintaining an active Debit of Credit Card.  Four charges per month qualifies as an active account. Lower your rate by 0.25% by establishing and maintaining automatic transfer or payroll deduction for the repayment of your loan. Lower your rate by 0.25% by maintaining a Checking Account with Direct Deposit for the life of your loan.
Home Equity Line of Credit Variable Rate Revolving Line:
Three-day rescission period is required whenever a Deed of Trust is recorded. Rates based on Wall Street Journal Prime Rate and my adjust each April and October. Monthly repayment is 1.00% of the unpaid balance or $50.00, whichever is greater. $2,500.00 minimum first advance.  Subsequent advances of $500.00. Member is responsible for appraisal fee and reconveyance when loan is paid in full. Consult with your tax advisor as to the deductibility of this loan. Not eligible for discount offer.
Home Equity Secured Fixed Rate Closed End:
Three-day rescission period is required whenever a Deed of Trust is recorded.  Member responsible for appraisal fee and reconveyance when loan is paid in full. Consult with your tax advisor as to the deductibility of this loan.  Appraisal fee paid by member. Not eligible for discount offers.
New Vehicles, Trucks, Vans, and Super Non-Lease  |  New Auto Equity Loans:
The interest rate is based on the percentage financed and term of the loan.  Financing includes tax, license, and mechanical breakdown warranties. The interest rate is based on the percentage financed and the term of the loan. Loans with 84-month term are at the discretion of the Loan Officer based on approved credit. Auto Equity meets the same conditions except a Deed of Trust is also recorded.  $50.00 processing fee to cover cost of Recording Deed of Trust.  Member pays for reconveyance when loan is paid in full.  Consult with your tax advisor as to the deductibility of this loan.  Three-day rescission period required for this loan.
Used Vehicles, Trucks, Vans, and Super Non-Lease  |  Used Auto Equity Loans:
Credit Union will loan on High Kelley Blue Book.   Financing is available for refinancing vehicles at other institutions or a Lease Buy-Out (but no extra cash out). The interest rate is based on the percentage financed and the term of the loan. Loans with 84-month term are at the discretion of the Loan Officer based on approved credit. Auto Equity meets the same conditions except a Deed of Trust is also recorded.  $50.00 processing fee to cover cost of Recording Deed of Trust.  Member pays for reconveyance when loan is paid in full.  Consult with your tax advisor as to the deductibility of  this loan.  Three-day rescission period required for this loan.
New & Used RVs, Motorcycles, Motor Homes, Travel Trailers, Boat, Campers:
New - Interest rates based on percentage of loan and the term of the loan.  Percentage financed includes tax, license and warranty. Used - Up to State percentage of High Kelley Blue Book or appraisal value if not in Blue Book.   Appraiser must be a disinterested third party. Loans with 120-month term must be for vehicles over $20,000.  Marine Survey required for vessels over $10,000.
Mobile Home:
New - Up to 80% of delivered purchase price not including tax, license or recording. Used - Up to 70% of the retail value or appraised value, whichever is lower.  Appraiser must be qualified Mobile Home appraiser. Must be in California and must be the primary residence of the member/borrower. $500.00 Processing Loan fee. Three-day rescission period is required whenever a Deed of Trust is Recorded.
Share Secured:
100% of all available shares of certificates less $100.00 When certificates are used, interest only is allowed and payable at time of maturity. Checking accounts cannot be used to secure loans. Rate applies to all levels.
Regular Unsecured Signature Loans:
The maximum unsecured loan limit per member cannot exceed $20,000.00. Members can have a combination of unsecured debt that equals their maximum limit. Unsecured loans based on individual credit limit is as follows: Non-homeowners up to $15,000.00 or two times gross monthly income. Homeowners up to $20,000.00 or three times gross monthly income.
Revolving Unsecured Line of Credit:
Same criteria as unsecured loans based on individual credit-worthiness. $250.00 minimum for loan draft checks or over-the-counter advance. No minimum limit on ATM or audio-response advances. Methods of access:  ATM, audio-response, loan draft check or overdraft protection for free checking. $25.00 over-the-limit charge. $18.00 charge for NSF loan draft returns.
VISA Credit Cards:
VISA Platinum:
Same guidelines as mentioned in all of the above. $500.00 minimum with a maximum of up to $15,000.00 on approved credit. VISA credit cards are not eligible for discount offers.

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SECURITY

General:

A lot of people these days are concerned with the safety of their financial accounts. We've heard and read news stories about the past failures of struggling savings and loan associations, banks and more recently the volatility of the stock market. It is a comfort to be a Palo Alto Community Federal Credit Union (PACFCU) member, knowing that your shares could not be any safer. Each members account is insured to $100,000 by the National Credit Union Share Insurance Fund (NCUSIF) which is the most financially stable of the two remaining funds (FDIC for banks). The National Credit Union Administration (NCUA), an agency of the United States Government, administers the PACFCU fund. In addition to being supported in full faith of the United States Government, your credit union accounts at PACFCU are protected by conservative investment policies. PACFCUs investment purpose is to make loans to members and to provide for short-term certificates.  We do not play the stock market or invest in volatile markets such as overseas loans and wildcat joint ventures. While no financial institution is invulnerable, the United States federally insured credit unions are exceptionally strong. Credit unions fail far less often than banks or savings and loan associations. This allows the NCUSIF to grow and remain at legal limit each year. Members of credit unions can be proud that their credit union as well as all credit unions voluntarily contributes hundreds of millions of dollars to capitalize their insurance funds. Unlike other insurance funds, the NCUSIF has never used taxpayers money to bail out a credit union or to increase its reserves.

Membership Eligibility   |  Dividend Terms & Conditions  |  Loan Terms & Conditions  |  Security

MEMBERSHIP ELIGIBILITY

Field of Membership:

You are eligible for membership in Palo Alto Community Federal Credit Union if: You are a resident of the City of Palo Alto, California You work in the City of Palo Alto, California You worship in the City of Palo Alto, California You are the immediate family member of a current Palo Alto Community Federal Credit Union member (i.e. spouse, surviving spouse, sibling, parent, child, etc.)

Responsibilities:

As a potential member, you must: Provide a complete and accurate membership application Be financially responsible and have acceptable credit as disclosed from a credit reporting agency Deposit and maintain a minimum balance of $50.00 in a regular share savings account

Rights:

You have the right to: Use all credit union services (upon approval of service qualifications) Vote for members of Palo Alto Community Federal Credit Union's Board of Directors Designate a joint owner(s) and/or account payable(s) on death payees