IDB-IIC Federal Credit Union
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Disclosures

Account Disclosures

Loan Disclosures

Other Disclosures

 


 

Share Draft (Checking) Disclosure

  1. Compounding and crediting. Dividends will be compounded and credited monthly. For this
    account type, the dividend period is monthly, for example, the beginning date of the first dividend
    period of the calendar year is January 1 and the ending date of such dividend period is January 31.
    All other dividend periods follow this same pattern of dates. If you close your draft account before
    dividends are credited, you will receive accrued dividends.
  2. Minimum Balance Requirement. No minimum balance requirements apply to this account.
  3. Balance computation method. Dividends are calculated by the daily balance method which applies
    a periodic rate to the principal in your account each day.
  4. Accrual of dividends. Dividends will begin to accrue no later than the business day we receive
    provisional credit for the placement of non-cash items (e.g. checks) to your account.
  5. Fees and charges.
  6. No transaction limitations apply to this account.
  7. Nature of dividends. Dividends are paid from current income and available earnings, after
    required transfers to reserves at the end of a dividend period.
  8. Bylaw Requirements. A member who fails to complete payment of one in a regular account within
    6 months of his/her admission to membership, or within 6 months from the increase in the par
    value in shares, or a member who reduces his/her balance, in a regular account, below the par
    value of one share and does not increase the balance to at least the par value of one share within 6
    months of the reduction, may be terminated from membership. Shares may be transferred only
    from one member to another, by written instrument, in such form as the Credit Union may
    prescribe. The Credit Union reserves the right, at any time, to require members to give, in writing,
    not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid
    in by them. No member may withdraw shareholdings that are pledged as required on security on
    loans without the written approval of the Credit Committee or a loan officer, except to the extent
    that such shares exceed the member's total primary and contingent liability to the Credit Union. No
    member may withdraw any shareholdings below the amount of his/her primary, or contingent
    liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is
    co-maker, endorser, or guarantor are delinquent, without the written approval of the Credit
    Committee or loan officer.
  9. Par value of shares; Dividend period. The par value of a regular share in this Credit Union is $50.
    The dividend period of the Credit Union is monthly beginning on the first of a month and ending on
    the last day of the month.
  10. National Credit Union Insurance Fund. Member accounts in this Credit Union are federally
    insured by the National Credit Union Insurance Fund.
  11. Other Terms and Conditions. Additional terms and conditions of your account are listed in the
    Account Agreement presented with this Disclosure.

 

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Share (Savings) Account Disclosure

  1. Compounding and crediting. Dividends will be compounded and credited monthly. For
    this account type, the dividend period is monthly, for example, the beginning date of the first
    dividend period of the calendar year is January 1 and the ending date of such dividend period
    is January 31. All other dividend periods follow this same pattern of dates. If you close your
    regular account before dividends are credited, you will receive accrued dividends.
  2. Minimum balance requirements. The minimum balance to open this account is the
    purchase of a $52 share in the Credit Union.
  3. Balance computation method. Dividends are calculated by the daily balance method
    which applies a daily periodic rate to the principal in your account each day.
  4. Accrual of dividends. Dividends will begin to accrue no later than the business day we
    receive provisional credit for the placement of non-cash items (e.g., checks) to your account.
  5. Transaction limitations. During any statement period, you may not make more than six
    withdrawals or transfers to another credit union account of yours or to a third party by means
    of a preauthorized or automatic transfer or telephonic order or instruction. No more than three
    of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a
    third party. If you exceed the transfer limitations set forth above in any statement period,
    then your request(s) may not be honored.
  6. Nature of dividends. Dividends are paid from current income and available earnings, after
    required transfers to reserves at the end of a dividend period.
  7. Bylaw Requirements. A member who fails to complete payment of one within 6 months of
    his/her admission to the membership, or within 6 months from the increase in the par value in
    shares, or a member who reduces his/her balance below the par value of one and does not
    increase the balance to at least the par value of one within 6 months of the reduction, may be
    terminated from membership. Shares may be transferred only from one member to another,
    by written instrument, in such form as the Credit Union may prescribe. The Credit Union
    reserves the right, at any time, to require members to give, in writing, not more than 60 days
    notice of intention to withdraw the whole or any part of the amounts so paid in by them. No
    member may withdraw holdings that are pledged as required on security on loans without the
    written approval of the Credit Committee or a loan officer, except to the extent that such
    share exceed the member's total primary and contingent liability to the Credit Union. No
    member may withdraw any holdings below the amount of his/her primary or contingent
    liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom
    he/she is co-maker, endorser, or guarantor are delinquent, without the written approval of the
    Credit Committee or loan officer.
  8. Par value of shares; Dividend period. The par value of a regular share in this Credit
    Union is $50. The dividend period of the Credit Union is monthly.
  9. National Credit Union Insurance Fund. Member accounts in this Credit Union are
    federally insured by the National Credit Union Insurance Fund.
  10. Other Terms and Conditions. Additional terms and conditions of your account are listed
    in the Account Agreement.

 

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MasterMoney™ Card Disclosure Statement

Effective November 18, 2013

 

In case of a lost/stolen card or general inquiries, call
1(855)735-0580
To activate your card and/or PIN Reset, immediately call
1 (877) 209-0001
For EFT errors including unauthorized transfers and general inquiries, call
1 (855) 735-0581

 

We disclose the following information to members who participate in “electronic fund transfers” (as defined in the Federal Electronic Fund Transfers Act) with the IDB-IIC Federal Credit Union (“Credit Union”), as required by the Federal EFT Act. The information provided covers the transfer services available when using the MasterMoney™ Card to purchase goods and services or access Automatic Teller Machines (“ATM”) affiliated with the ACCEL, STAR, CIRRUS, ALLIANCE ONE, CO-OP, and MasterCard networks. In this disclosure, my, you and your refers to you – the member.

Security
Upon receiving your MasterMoney™ Card call our 24/7 card activation and PIN reset line at 1 (877) 209-0001 to activate and enter your existing PIN or reset a new PIN. You should memorize your PIN and not write it on your MasterMoney™ Card. If unauthorized persons obtain your MasterMoney™ Card and/or PIN, they may have the capability to withdraw all the funds in your account. If you believe your card is missing or has been stolen, NOTIFY US AT ONE at the number above for a lost or stolen card.

Available Transactions
You may use your MasterMoney™ card to:

(i) Purchase goods and services at participating retail locations.
(ii) Withdraw cash from your Checking (Share Draft) account at ATMs affiliated with ACCEL, STAR, CIRRUS, ALLIANCE ONE, CO-OP, and MasterCard networks.
(iii) Make deposits to your Checking (Share Draft) or Savings account.
(iv)Transfer funds between your Checking (Share Draft) and Savings accounts whenever you request.

Some of these services may not be available at all terminals.

Limits on Transfers
Provided you have enough funds in your Share Draft account, including any funds available in your overdraft Protection Line of Credit (if applicable), you may use your MasterMoney™ Card to:
1. Withdraw a maximum of five hundred ($500) in cash per day using your MasterMoney™ card at ATMs affiliated with ACCEL, STAR, CIRRUS, Alliance One, CO-OP and MasterCard networks (daily cash limit at specific ATMs may be lower).
2. Withdraw a maximum of two thousand ($2000) per day using your MasterMoney™ card to purchase goods and services at participating retail point-of-sale (POS) locations.
3. For security reasons, there are limits on the number of transfers you can make using our terminals, bill-payment service, and point-of-sale transfer service.

You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point of sale terminals.

Line Of Credit Access
You may have requested access to your Overdraft Protection Line of Credit (an option included in your MasterMoney™ card application). If so, the Credit Union will advance funds available from this Line of Credit and transfer them to your Share Draft account to cover MasterMoney™ card withdrawals for which sufficient funds are not available in your Share Draft account.

Business Day Disclosure
For purposes of these disclosures, our business days are Monday through Friday. The Credit Union is open for business from 9:30 a.m. to 3:30 p.m. Monday through Friday except for holidays observed by the Inter-American Development Bank. You may use your MasterMoney™ Card at any time (24 hours a day, 7 days a week), except when the POS location or accessible ATM is out of order.

Periodic Statements
You will get a monthly account statement. The credit union will show on your monthly statements any transactions you make using the MasterMoney™ card.

Fees
See our Schedule of Fees for a list of fees we may charge for use of the MasterMoney™ Card.

Lost or Stolen Card

(a) Consumer liability. Tell us AT ONCE if you believe your Card or PIN has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your Card or PIN, you can lose no more than $50 if someone used your Card or PIN without your permission.

If you do NOT tell us within 2 business days after you learn of the loss or theft of your Card or PIN, and we can prove we could have stopped someone from using your Card or PIN without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, including those made by card, PIN or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

(b) Contact in event of unauthorized transfer.
If you believe your card has been lost or stolen, call:

1 (855) 735-0580
1 (855) 735-0581

Write us at P.O. Box 27377, Attention Member Services,
Washington, DC 20038.7377
Email us at creditu@iadb.org

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

(c) Business days. For purposes of this disclosure, our business days are Monday through Friday from 9:30 a.m. to 3:30 p.m., but IDB-IIC FCU provides MasterMoney™ Debit Card Service Support to our members 24/7, 365 days through our card service extended Call Center.

ERROR RESOLUTION NOTICE
(a) Initial and annual error resolution notice

In Case of Errors or Questions about Your Electronic Transfers

Telephone us at 1 (855) 735-0581

Write us at P.O. Box 27377, Washington, DC 20038.7377
Email us at creditu@iadb.org

as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

(1) Tell us your name and account number (if any).
(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
(3) Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

Our Responsibility to You
We will be responsible for your actual losses if they were directly caused by our failure to: (i) Complete a transfer as you requested, (ii) Complete a transfer for the amount you requested.

(i) Financial institution's liability. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

(1) If, through no fault of ours, you do not have enough money in your account to make the transfer.
(2) If the transfer would go over the credit limit on your overdraft line.
(3) If the automated teller machine where you are making the transfer does not have enough cash.
(4) If the terminal was not working properly and you knew about the breakdown when you started the transfer.
(5) If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
(6) There may be other exceptions stated in our agreement with you.

Confidentiality
We will disclose information to third parties about your account or the transfers you make:
(i) Where it is necessary for completing transfers, or
(ii) In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or(iii) In order to comply with government agency or court orders, or
(iv) If you give us your written permission.

 

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VISA CLASSIC CREDIT CARD DISCLOSURE

January 3, 2017

VISA CLASSIC CREDIT CARD ACCOUNT OPENING DISCLOSURE

 

Interest Rates and INTEREST CHARGES
Annual Percentage Rate (APR) for purchases 7.55% rate will vary based on the index rate.
Other APRs

Cash Advance APR(*): 7.55%

Balance Transfer APR (*): 7.55%

Penalty Rate: None

Variable Rate Information Your APR may vary.  The variable rate is based on the 26-Week Treasury Bill Index Rate and is adjusted on a quarterly basis.  The maximum APR allowed is 18.00%.
Grace Period for Repayment of the Balance for Purchases Your due date is 26 days after the close of each billing cycle.  We do not charge you interest on your purchases if you pay your entire balance by the due date each month.
Method of computing the balance for purchases Average daily balance ( including new purchases)
Annual fees $12.00
Minimum finance charges None
Transaction fee for purchases 1.00% for foreign transactions of each single and multiple currency transaction in U.S. dollars
For Credit Card Tips from the Consumer Financial Protection Bureau To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore
FEES
Annual Fee $12.00
Application Fee None
Card Replacement Fee None
Card Reissue Fee None
Rush Fee $45.00 for FedEx Domestic
$95.00 for FedEx International
PIN Replacement Fee None
Temporary Limit Increase Fee None
Transaction Fees  
Balance Transfer Fee None
Cash Advances Fee None
Minimum Cash Advance $25.00
Currency Conversion Fee 1.00% of foreign transactions
Penalty Fees
Late-Payment Fee $25.00
Over-the-Credit Limit Fee None
NSF (Returned check) Fee $25.00
Minimum Finance Charge None
Minimum Monthly Payment 3.00% of the New Balance due or $20.00, whichever is greater, plus any delinquent amount and fees.

 

(*) Annual Percentage Rate.
This disclosure is accurate as of January 3, 2017.

 


 

Mortgage Disclosures

Interest CAPS and terms

1 Year Index = 1.22%
3 Year Index = 1.50%
Table calculated on 80% LTV and 30 Years Amortization

 

Terms \ Program 1/1 ARM 3/1 ARM 3/3 ARM 5/1 ARM 7/1 ARM 10/1 ARM
Maximum Periodic Rate Increase 2.000% 2.000% 2.000% 2.000% 5.000% 5.000%
Maximum Lifetime Rate Increase 12.875% 12.875% 12.875% 12.875% 12.875% 12.875%
Initial Interest Rate Changes After 12 Months 36 Months 36 Months 60 Months 84 Months 120 Months
Rate Can Change Every 12 Months 12 Months 36 Months 12 Months 12 Months 12 Months
Treasury Index 1 Year
T-Bill
1 Year
T-Bill
3 Year
T-Bill
1 Year
T-Bill
1 Year
T-Bill
1 Year
T-Bill
Margin 2.75% 2.75% 2.75% 2.75% 2.75% 2.75%

 

  • For Higher LTV’s over 80% please contact our Lending Department at marcop@iadb.org or 202.623.3344

 

1st Deed of Trust Maximum Loan-To-Value

 

Loan Type Loan Amount Maximum LTV
Primary Residence $10,000 - $417,000 90%
Primary Residence $417,001 - $625,000 85%
Primary Residence $625,501 - $1,000,000 80%
Primary Residence $1,000,001 - $1,250,000 75%
Members working at Country Office (Special Terms) $10,000 - $1,250,000 75%
Investment Property $10,000 - $417,000 70%
*For loans over $417,000 please contact our Lending Department at marcop@iadb.org for special conditions.

 

 

Mortgage Origination Fees

Lender Origination fees:

 

Application Fee $200.00 *non-refundable
Processing Fee $300.00 *non-refundable
Loan Underwriting Fee $250.00 *non-refundable
Subordination Agreement $150.00
Loan Commitment Fee

Loan Amount                          Commitment Fee
$10,000 - $417,000....................................$500.00
$417,001 - $625,500..................................$650.00
$625,501 - $1,000,000...............................$800.00
$1,000,001 - $1,250,000..........................$1,000.00
Interest Rate "Lock-in" Fee 0.125% of loan amount
Lock-in Extension Fee $250.00

 

Interest Rate Lock-In: Interest rate may change daily based upon market conditions.

  • Pre-qualification required.
  • Cost: the interest rate Lock-in fee is 0.125% of loan amount, payable at time of application, and non-transferable.
  • Terms: Lock-in valid for 60 days for all portfolio products, the settlement date needs to be effective maximum 3 days prior the end of the lock in period.
  • Terms: Lock-in for 30 Year Fixed loans will be approved by management only, based on the market conditions and appraisal report value.
  • Rate reduction: One-time option to reduce the interest rate 10 days prior to settlement or the expiration of the lock-in, whichever occurs first. 30 Years Fixed loans are not eligible for rate reduction.
  • Request for rate reduction must be made in writing.
  • The Credit Union is not responsible for informing borrower(s) of interest rate decreases or increases.

Third Party Fees: Connected with the loan process.

 

Appraisal Report From $460.00 or more depending on market conditions
Flood Certificate $16.00
Deed of Trust Prep. $150.00
Credit Report $32.00

 

Title Company related Fees:

 

Settlement Fee $500.00 or plus
Abstract Title Search $100.00-$300.00 Range
Policy Prep Fee $50.00
Courier Fee $50.00
Title Insurance Policy Market Conditions
Owner Insurance Policy Market Conditions
Recording Fees $56.00-$200.00 Based on County Information
Transfer Taxed Depends on the state regulations

 

Escrows:

 

Escrows IDB-IIC FCU Reserves Additional Reserves
Property Taxes 2 Months Depending on County Taxes Due date
Hazard Insurance 2 Months Purchase: 12 Months Paid at front
Refinance: Based on Policy Due date
Mortgage Insurance 2 Months Purchase: 12 Months Paid at front
Refinance: Based on Policy Due date

 

 

Home Mortgage Disclosure Act Notice (HMDA)

The HMDA data about our residential mortgage lending is available for review. The data showed geographic distribution of loans and applications; ethnicity; race; sex; and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be inspected. To receive a copy of this HMDA data send a request to cu.lending@iadb.org

 

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Home Equity Loan Disclosure

HOME EQUITY EARLY DISCLOSURE
IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT PLAN

This disclosure contains important information about our Home Equity Line of Credit Plan. You should read it carefully and keep a copy for your records.

APPLICATION FEE: A non-refundable application fee of $100 is payable at the time of application.

APPRAISAL REPORT: $460.00 depending on market conditions is payable at the time of application.

AVAILABILITY OF TERMS: All of the terms described below are subject to change. If these terms change (other than the annual percentage rate) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you pay to us or anyone else in connection with your application.

SECURITY INTEREST: We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.

POSSIBLE ACTIONS: We can terminate your line, require you to pay us the entire outstanding balance in one payment, and charge you certain fees, if (1) you engage in fraud or material misrepresentation in connection with the plan; (2) you do not meet the repayment terms of this plan, or (3) your action or inaction adversely affects the collateral or our rights in the collateral.

We can refuse to make additional extensions of credit or reduce your credit limit if (1) any reasons mentioned above exist; (2) the value of the dwelling securing the line declines significantly below its appraised value for purposes of the line; (3) we reasonably believe that you will not be able to meet the repayment requirements due to a material change in your financial circumstances; (4) you are in default of a material obligation of the agreement; (5) government action prevents us from imposing the annual percentage rate provided for in the agreement; (6) the priority of our
security interest is adversely affected by government action to the extent that the value of the security interest is less than 120 percent of the credit line; (7) a regulatory agency has notified us that continued advances would
constitute an unsafe and unsound business practice, or (8) the maximum annual percentage rate is reached.

MINIMUM PAYMENT REQUIREMENTS: You can obtain credit advances for 10 years. This period is called the “draw period.” At our option, we may renew or extend the draw period. After the draw period ends the
repayment period will begin. The length of the repayment period will be 15 years. You will be required to make monthly payments during both the draw and repayment periods. During the draw period, your minimum payment will be equal to the accrued interest on your outstanding balance. During the draw period, if the interest rate increases, your payment will increase. After the draw period ends, a repayment period of 180 monthly payments will be used to calculate your payment. During the repayment period, your minimum monthly payment will be set to repay the outstanding
balance, at the current annual percentage rate, within the repayment period. During the repayment period your payment will change if the annual percentage rate increases or decreases. Each time the annual
percentage rate changes, we will adjust your payment to repay the balance within the repayment period.

Your payment will include any amounts past due and any amount by which you have exceeded your credit limit, and all other charges. Your payment will never be less than the smaller of $50.00, or the full amount that you owe.

MINIMUM PAYMENT EXAMPLE: If you made only the minimum monthly payment and took no other credit advances it would take 25 years to pay off a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 3.66%. During that period, you would make 120 payments of $50.00, followed by 179 payments of $51.90 and one (1) final payment of $53.87.

PROPERTY INSURANCE: You must carry insurance on the property that secures this plan. If the property is located in a Special Flood Hazard Area we will require you to obtain flood insurance if it is available.

REFUNDABILITY OF FEES: If you decide not to enter into this plan within three business days of receiving this disclosure and the home equity brochure, you are entitled to a refund of any fee you may have already paid.

TRANSACTION REQUIREMENTS: The minimum credit advance that you can receive is $500.00 for the first advance and $500.00 for each subsequent advance.

TAX DEDUCTIBILITY: You should consult a tax advisor regarding the deductibility of interest and charges for the plan.

VARIABLE RATE FEATURE: This plan has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum payment may change as a result. The annual percentage rate includes only interest and no other costs.

The annual percentage rate is based on the value of an index. The index is the 26-week U.S. Treasury Bill Auction discount rate for the most recent calendar quarter. Information about the Index is available or published
weekly in the Federal Reserve Statistical Release. We will use the most recent index value available to us as of the date of any annual percentage rate adjustment.

To determine the annual percentage rate that will apply to your account, we add a margin to the value of the Index. Ask us for the current index value, margin and annual percentage rate. After you open a plan, rate information will be provided on periodic statements that we send you.

RATE CHANGES: The annual percentage rate can change annually on the first day of the month following the anniversary date of opening your plan. The rate cannot increase or decrease more than 2.0 percentage points in any one year period. The ANNUAL PERCENTAGE RATE cannot increase more than 6.0 percentage points above the initial rate or the maximum permitted by law, whichever is less. Ask us for the specific rate limitations that will apply to your credit line.

MAXIMUM RATE AND PAYMENT EXAMPLES: If you had an outstanding balance of $10,000 during the draw period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 9.66% would be $82.04. This annual percentage rate could be reached at the time of the 36th payment.

If you had an outstanding balance of $10,000 during the repayment period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 9.66% would be $105.39. This annual percentage rate could be reached at the time of the 36th payment.

MARGIN: The margin used will be determined by the lien priority on the property used as collateral. Please ask your loan officer about your qualifying margin.

HISTORICAL EXAMPLE: The following table shows how the annual percentage rate and the minimum payments for a single $10,000 credit advance would have changed based on changes in the index over the past 15 years. The index values are from the month of December of each year. While only one payment per year is shown, payments may have varied during each year.

The table assumes that no additional credit advances were taken, that only the minimum payments were made, and that the rate remained constant during each year. It does not necessarily indicate how the index or your payments will change in the future.

 

Year (as of December 31 of prior year)  Index (Percent)  Margin(1) (Percent)  ANNUAL PERCENTAGE RATE  Monthly Payment (Dollars) 
1995 4.85 3.5 8.35 70.92
1996 5.07 3.5 8.57 72.79
1997 5.17 3.5 8.67 73.64
1998 4.32 3.5 7.82 66.42
1999 5.21 3.5 8.71 73.98
2000 5.94 3.5 9.44 80.18
2001   1.96 3.5  7.440(2) 63.19
2002   1.36 3.5  5.440(2)  50.00(3) 
2003 1.01 3.5 4.51  50.00(3) 
2004 2.25 3.5 5.75  50.00(3) 
2005 4.11 3.5 7.61 91.02
2006 4.92 3.5 8.42 95.33
2007 3.64 3.5 7.14 88.93
2008 0.8 3.5  5.140(2) 79.99
2009 0.16 3.5 3.66 74.2

 

(1) This is a margin we have used recently; your margin may be different.

(2) This ANNUAL PERCENTAGE RATE reflects an annual percentage rate periodic cap of 2.000% per year.

(3) This payment reflects the minimum payment of $50.00.


Title Company Related Fees:

 

Settlement Fee $500.00 or plus
Abstract Title Search $100.00-$300.00 Range
Policy Prep Fee $50.00
Courier Fee $50.00
Title Insurance Policy Market Conditions
Owner Insurance Policy Market Conditions
Recording Fees $56.00-$200.00 Based on County Information
Transfer Taxed Depends on the state regulations

 

 

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Second Deed of Trust Loan Disclosure

IMPORTANT TERMS OF OUR SECOND DEED OF TRUST TERM LOAN

APPLICATION FEE: A non-refundable application fee of $100 is payable at the time of application.

AVAILABILITY OF TERMS: All of the terms described below are subject to change. If these terms change (other than the annual percentage rate) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees that you pay to us or anyone else in connection with your application.

SECURITY INTEREST: We will take a security interest in your home. You could lose your home if you do not meet the obligations in your agreement with us.

PROPERTY INSURANCE: You must carry insurance on the property that secures this plan. If the property is located in a Special Flood Hazard Area we will require you to obtain flood insurance if it is available.

REFUNDABILITY OF FEES: If you decide not to enter into this loan within three business days of receiving this disclosure, you are entitled to a refund of any fee you may have already paid.

TAX DEDUCTIBILITY: You should consult a tax advisor regarding the deductibility of interest and charges for the plan.

MAXIMUM LOAN AMOUNT:  See table below

 

Loan Type

Maximum Loan-to-Value
Ratio

Credit Limit

     
     

Primary Residence - Second Deed
(First Deed Held by C.U.)

80%

Up to $250,000 (2)

     

Primary Residence - Second Deed
(First Deed Held by other Lender)

75%

Up to $250,000 (3)

 

 (2)Maximum credit limit is the lesser of $250,000 or 80% of property value less the first deed of trust loan with the Credit Union. The total of both loans shall not exceed $1,000,000.

(3)Maximum credit limit is the lesser of $250,000 or 75% of property value less the first deed of trust loan balance with another lender. The total of both loans shall not exceed $750,000.

VARIABLE RATE FEATURE: This plan has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) may change as a result.  The annual percentage rate includes only interest and no other costs. The annual percentage rate is based on the value of an index. The index is the 26-week U.S. Treasury Bill Auction discount rate for the most recent calendar quarter. Information about the Index is available or published weekly in the Federal Reserve Statistical Release. We will use the most recent index value available to us as of the date of any annual percentage rate adjustment. To determine the annual percentage rate that will apply to your account, we add a margin to the value of the Index. Ask us for the current index value, margin and annual percentage rate. After you open a loan, rate information will be provided on periodic statements that we send you.

RATE CHANGES: The annual percentage rate can change quarterly on the first day of the quarter.  Although the interest rate may change, the monthly payment will remain the same.  This means that the term of the loan may extend if rates increase or shorten if rates decrease.

MAXIMUM RATE FOR THE LIFE OF THE LOAN: The maximum interest rate permitted for this loan is subject to regulation by the National Credit Union Administration (NCUA).  The current maximum rate is 18%.

HISTORICAL EXAMPLE: The following table shows how the annual percentage rate for a single $10,000 loan would have changed based on changes in the index over the past 15 years. The index values are from the month of December of each year.

 

Year (as of December 31 of prior year)

Index (Percent)

Margin(1) (Percent)

ANNUAL PERCENTAGE RATE

1995

4.85

3.5

8.35

1996

5.07

3.5

8.57

1997

5.17

3.5

8.67

1998

4.32

3.5

7.82

1999

5.21

3.5

8.71

2000

5.94

3.5

9.44

2001

1.96

3.5

5.46

2002

1.36

3.5

4.86

2003

1.01

3.5

4.51

2004

2.25

3.5

5.75

2005

4.11

3.5

7.61

2006

4.92

3.5

8.42

2007

3.64

3.5

7.14

2008

0.8

3.5

4.30

2009

0.16

3.5

3.66

 

 

(1) This is a margin we have used recently; your margin may be different.

 

 


 

Second Home Investment Property Loan Disclosure

Interest Rate Lock-In
(2) Interest rate may change daily based upon market conditions. After a member has
completed an application and has been “pre-qualified” by management, the interest rate
may be “locked-in” for a period of up to 60 days for a non-refundable “lock-in” fee of
0.125% of the loan amount payable at time of “lock-in”. The member shall have a onetime
option to reduce the interest rate prior to settlement or expiration of the “lock-in”
period, whichever should occur first, if the Credit Union offers a lower rate for the program
chosen by the member.

Margin
(4) The margin is a fixed percentage that is added to the current index to determine the
interest rate to be paid at each adjustment period. The margin remains the same over the
life of the loan.

Property Location
(11) Property may be second home or residential rental located in Delaware, District of
Columbia, Maryland, North Carolina, Virginia or West Virginia.

Application Fee
(13) A non-refundable application fee of $200 is payable at the time of application.

Loan Commitment Fee
(17) Upon approval of a loan application by the Credit Union, member shall pay a nonrefundable
loan commitment fee of $500.

Processing Fee
A non-refundable processing fee of $300 is payable at the time of application.

Underwriting Fee
A non-refundable underwriting fee of $250 is payable at the time of application.

 

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New and Used Motor Vehicle Disclosure

(1) "NEW" means the vehicle must have never been titled OR may have been titled for the 1st time to the member requesting the loan, within 3 months of purchase date.

(2) Includes up to 10% of the actual purchase price to cover tax, tags, title and maintenance
agreement.

(3) Variable rates are based on an index which is the average of the 26-week U.S. Treasury
Bill discount rates over the previous calendar quarter, plus a fixed margin, and may change at
the beginning of each calendar quarter.

 

 

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Special Educational advance

This Program allows eligible Inter-American Development Bank (IDB) employees to obtain an interest only loan as an advance of their IDB educational allowance from the Credit Union to cover the costs of primary, secondary and higher education for all the employees that qualify for the allowance in headquarter and country offices.

Basic Education

 

Terms & Conditions

Headquarters Employees

International Employees

Loan amount

Up to 50% of the annual educational cost with a maximum limit of $18,900 if qualify.

Up to 75% of the annual educational cost with a maximum limit of $18,900 if qualify.

Cost cover

Studies at one accredited educational institution towards the completion of one academic degree. *Private tutoring is not included in the approved costs.

Subsistence Allowance

Up to $8,100, only if the student lives in a different location other than the current address of the employee, the living expenses are included in the maximum approved limit of $18,900.

Repayment period

Up to 15 months with monthly interest-only payment, the loan becomes due and payable once the borrower receives payment reimbursement of the IDB educational allowance.

Payment

This loan is disbursed directly to the educational institution, if you made the payment directly, you will need to provide proof of payment for reimbursement.

Loan Restriction This product is for staff members that hold a G-4 visa only. Restriction applies to employees in headquarters and overseas.

 

Higher Education

 

Terms & Conditions

Headquarters Employees

International Employees

Loan amount

Up to 50% of the annual educational cost with a maximum limit of $18,900 if qualify.

Up to 50% of the annual educational cost with a maximum limit of $18,900 if qualify.

Cost cover

Studies at one accredited educational institution towards the completion of one academic degree. *Private tutoring is not included in the approved costs.

Subsistence 
Allowance

Up to $8,100, only if the student lives in a different location other than the current address of the employee, the living expenses are included in the maximum approved limit of $18,900.

Repayment period

Up to 15 months with monthly interest-only payment, the loan becomes due and payable once the borrower receives payment reimbursement of the IDB educational allowance.

Payment

This loan is disbursed directly to the educational institution, if you made the payment directly, you will need to provide proof of payment for reimbursement.

Loan Restriction This product is for staff members that hold a G-4 visa only. Restriction applies to employees in headquarters and overseas.

 

* All loan limits are base on the Educational benefits approved by the Inter-American Development Bank.

Requirements to qualify:

  • Proof of annual tuition from educational institution
  • Proof of enrollment verification from student
  • Student ID
  • Eligibility from HR if student is below 5 years old or over 25 years old.
  • 2 pay stubs
  • Employment verification showing annual income
  • Copy of G4 visa for headquarters employees only.

 

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Signature Loan Disclosure

Note: These interest rates are based upon an index, the quarterly average of the six month
U.S. Treasury Bill auction discount rates, plus a fixed spread. Rates may change quarterly with
changes in the index, but the monthly payment will remain the same. This means that the
term of the loan may extend if rates increase or shorten if rates decrease.

 

 


 

USA PATRIOT ACT

The USA PATRIOT Act requires credit unions to take extra security precautions to help
the government fight the founding of terrorism and money laundering activities. Federal
law requires all financial institutions to obtain, verify, and record information that
identifies each person who opens an account. These new procedures are designed to
prevent crimes, such as identity theft and account fraud that terrorists commit to finance
their operations against the U.S. and their citizens.

When an account is opened or changed, you will be asked for your name, address, date
of birth, and other information that will allow us to identify you. We will also ask to see
your driver’s license or other identifying government issued documents. The definition
of an account covers a broad range of regular financial transactions such as deposit,
transaction, asset, or credit accounts or other extension of credit. The required verification
may be inconvenient for some but a strong deterrent for terrorists and other
criminals.

You can rest assured that we will only request the information required by the law and
that we will use the information only for the purposes of complying with the law. Your
privacy is our top concern, and we will respect and protect it as always, consistent with
the law’s requirements.

Thank you for your understanding and help in this critical effort.

 

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U.S. Laws Restrict Financial Transactions with Cuba

U.S. laws restrict financial transactions with Cuba, including the spending of money by travelers to
the island. U.S. citizens and permanent residents are prohibited from using credit cards or personal
checks, drawn from a U.S. Financial Institution, in Cuba, Cuba Shops or any other business place
with Cuba.

Banks or Credit Unions receiving unlicensed wire transfer instructions in which there is a Cuban
interest, or any instrument in which there is a Cuban interest, must freeze the funds on their own
books or block the instrument, regardless of origin or destination. “Suspense accounts” are not
permitted. Blocking imposes a complete prohibition against transfers or transactions, aside from
those authorized by the regulations. Other payments, transfers, withdrawals, or other dealings may
not take place with regard to blocked property unless authorized by the Treasury Department.

IDB-IIC FCU Members should exercise extreme caution in order not to involve themselves or the
Credit Union in unlicensed financial transactions in which Cuba or a Cuban national has an interest.
Except as authorized, no bank or Credit Union in the United States or overseas branch or subsidiary
of a U.S. financial institution may advise a letter of credit involving Cuba or a Cuban national nor
may it process documents referencing Cuba. All such property must be blocked as soon as it comes
within the financial institution’s possession or control. All persons in possession of blocked property
are required to register with OFAC. Persons subject to U.S. jurisdiction who engage in any
transaction involving Cuba or a Cuban national, either directly or indirectly, risk substantial
monetary penalties and criminal prosecution.

 

 

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Linked Third-Party Website Disclaimer

In order to provide IDB-IIC Federal Credit Union members additional information, services and resources, this
website contains links to external third-party websites.

The content of any third-party site which an IDB-IIC Federal Credit Union member visits via a link from our
site is solely the responsibility of the provider of that web site. Any business, financial or other transactions or
agreements an IDB-IIC Federal Credit Union member enters into with a vendor, merchant or other party listed
in this site or linked from this site are solely between you and that vendor, merchant or other party. The IDB-IIC
Federal Credit Union advice members that our privacy policy does not apply to linked websites and that a
viewer should consult the privacy disclosures on that site for further information.

Even though, the IDB-IIC Federal Credit Union makes a concerted effort to ensure that the information provided
by third-party sites is reliable and accurate, IDB-IIC Federal Credit Union is not responsible for any such
content or the accuracy found on any third-party site that may be accessed via a link from this site.

IDB-IIC Federal Credit Union hereby disclaims any responsibility for content found on any third-party site accessed
via a link from this site.

 

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Error Resolution and Cancellation Notice for International Remittance Transfers

What to do if you think there has been an error or problem:  

If you think there has been an error or problem with your remittance transfer:

  • Call us at 202-623-3363
  • Send us a secure message through Online Banking
  • Write us at IDB-IIC Federal Credit Union, 1300 New York Ave. , N.W. Washington, DC 20577

You must contact us within 180 days of the date we promised to you that funds would be made available to the recipient. When you do, please tell us:

1. Your name, address, and telephone number;
2. The error or problem with the transfer, and why you believe it is an error or problem;
3. The name of the person receiving the funds, and if you know it, his or her telephone number or address;
4. The dollar amount of the transfer; and
5. The confirmation code or reference number of the transaction.

We will determine whether an error occurred within 90 days after you contact us and we will correct any error promptly. We will tell you the results within three business days after completing our investigation.  If we decide that there was no error, we will send you a written explanation. You may ask for copies of any documents we used in our investigation.

What to do if you want to cancel a remittance transfer:

You have the right to cancel a remittance transfer and obtain a refund of all funds paid to us, including any fees. In order to cancel, you must contact us at 202-623-3363 within 30 minutes of authorizing payment for the transfer.

When you contact us, you must provide us with information to help us identify the transfer you wish to cancel, including the amount and location where the funds were sent. We will refund your money within three business days of your request to cancel a transfer as long as the funds have not already been picked up or deposited into a recipient’s account.

 

 

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National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.