Account & Loan Information

Loans

Commercial Loans

Non-Owner occupied real estate mortgages. Assignment of Rents and Tax Returns are required.

  • Loan Maximum: up to 75% loan to value for Non-Owner Occupied with no PMI. Escrow required.
  • Maximum Amount: Non-Owner occupied mortgages cannot exceed $50,000.00 per individual.
  • Maximum Term: Repayment terms up to 240 months. (20 years)
  • Fixed Interest Rate: Based on risk based lending

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Personal Loans

Personal loans are granted on the borrower’s signature. A co-signer and/or collateral may be required for members that do not have payment history with the Cadets FCU.

  • Single Loan Maximum: $5,000.00
  • Joint Loan Maximum: $10,000.00
  • Maximum Term: Repayment terms up to 48 months. (4 years)
  • Fixed Interest Rate: Based on risk based lending

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Debt Consolidation Loans

Debt consolidation loans are granted to the borrowers for the benefit of consolidating credit. Members are required to make payments directly from the credit union to their creditors.

  • Loan Maximum: up to $10,000.00
  • Maximum Term: Repayment terms up to 60 months. (5 years)
  • Fixed Interest Rate: Based on risk based lending

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12/9 Consumer Loans

12/9 short term loan is a 12 month loan with only 9 payments. Zero payments for the first 3 months.

  • Loan Maximum: up to $5,000.00
  • Maximum Term: 12 months from start of loan
  • Fixed Interest Rate: Based on risk based lending

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Holiday Loans

A Holiday Loan is 12 month loan used for holiday shopping or taking a vacation and paying through-out the following year.

  • Loan Maximum: up to $2,500.00
  • Maximum Term: 12 months from start of loan
  • Fixed Interest Rate: Based on risk based lending

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Loan Specials

These loans will usually be advertised quarterly and have a variety of themes associated with them.

  • Loan Maximum: varies upon product advertising
  • Maximum Term: varies upon product advertising
  • Fixed Interest Rate: Based on risk based lending

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New Auto Loans

Eligible vehicles include: Auto’s purchased new within 120 days of the loan date and have less than 7,500 miles.

  • Loan Maximum: 100% of vehicle purchase price including sales tax and/or extended warranty.
  • Maximum Term: Repayment terms up to 72 months. (6 years)
  • Fixed Interest Rate: Based on risk based lending
  • Members are required to provide a copy of the dealer invoice and name of insurance company.
  • The Credit Union requires that comprehensive and collision coverage be maintained for the life of the loan and that the Cadets Federal Credit Union be listed as loss payee. Cadets FCU must also be included on DMV Title as lien holder.

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Used Auto Loans

Eligible vehicles include: Used auto’s that the year of the auto does not exceed 7 years of age.

  • Loan Maximum: 100% of vehicle purchase price including sales tax and/or extended warranty as long as the vehicle purchase price does not exceed the retail price in the Red Book or the Kelly Blue Book.
  • Maximum Term: Repayment terms up to 72 months. (6 years)
  • Fixed Interest Rate: Based on risk based lending
  • Members are required to provide a copy of the dealer invoice and name of insurance company.
  • The Credit Union requires that comprehensive and collision coverage be maintained for the life of the loan and that the Cadets Federal Credit Union be listed as loss payee. Cadets FCU must also be included on DMV Title as lien holder.

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Employee LOC Loans

This loan is designed for employers/employees in order to have a Line of Credit (LOC) for employees to purchase Tools, Shoes, Clothing Items, and Personal Protective Equipment. Payments can be made through payroll direct deposit.

  • Minimum Weekly Payment: $25.00
  • Loan Maximum: up to $1,000.00
  • Maximum Term: Revolving Credit Line
  • Fixed Interest Rate: Based on risk based lending

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Home Equity Loans

The easiest way for members to use the equity in their homes for whatever needs may arise.

  • Loan Maximum: up to 85% loan to value for credit scores 680 or higher
  • Loan Maximum: up to 80% loan to value for credit scores 679 or below
  • Maximum Term: Repayment terms up to 180 months. (15 years)
  • Fixed Interest Rate: Based on risk based lending

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Home Improvement Loans

A Home Improvement Loan is based on a written estimate or contract of the work to be performed on a specific property. Acceptable secured collateral mortgage is determined by the risk factor within the guidelines of the Credit Union.

  • Loan Maximum: Based on the improvements of the property not to exceed $50,000.00
  • Maximum Term: Repayment terms up to 120 months. (10 years)
  • Fixed Interest Rate: Based on risk based lending

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Recreational, Pool & Spa Loans

All recreational pool & spa loans will come with a Cash Back Reward Bonus of 1% to 2% of the signed loan agreement and based on the term of the loan. All recreational pool & spa loans must remain in good standing for at least one year from first payment due date. Any delinquency, prepayments or refinancing before the first year will require 100% repayment of Cash Back Reward Bonus to Cadets FCU. Other restrictions may apply and are subject to change.

  • Loan Minimum:  $5,000 minimum financing
  • Loan Maximum:  $50,000.00 maximum per customer  (A credit score of 680 or better to be eligible for loans of $25,000 or more)
  • Minimum Term:  Repayment terms up to 60 months. (5 years)
  • Maximum Term:  Repayment terms up to 144 months. (12 years)
  • Minimum Cash Back:  $100.00
  • Maximum Cash Back:  $1,000.00
  • 10% down payment may be required
  • Fixed Interest Rate:  Risk based lending rates apply

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Revolving Line of Credit Loans

  • Loan Maximum: up to $7,500.00
  • Maximum Term: Revolving Credit Line
  • Variable Interest Rate: Based on risk based lending

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Mortgage Loans

First and second mortgages may be granted to members as long as they are in good standing.

  • Loan Maximum: up to 90% loan to value with PMI and Escrow. Minimum credit score of 680 required to qualify.
  • Loan Maximum: up to 85% loan to value with no PMI for credit scores 680 or higher to qualify.
  • Loan Maximum: up to 80% loan to value with no PMI for credit scores 679 or below to qualify.
  • Loan Maximum: up to 75% loan to value for Non-Owner Occupied with no PMI. Escrow required.
  • Maximum Term: Repayment terms up to 360 months. (30 years)
  • CFCU Fixed Interest Rate: Based on risk based lending
  • Owners Choice Funding Mortgage Rates go to:  https://ownerschoicebuffalo.mortgagewebcenter.com

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Mobile Home Loans

Mobile Homes Loans are for permanent locations and are generally a person’s residence or second home.

  • Loan Maximum: 100% of Mobile Home purchase price including sales tax and/or extended warranty up to $125,000.00
  • Maximum Term: Repayment terms up to 180 months. (15 years) for non-primary residence.
  • Maximum Term: Repayment terms up to 240 months. (20 years) for primary residence.
  • Fixed Interest Rate: Based on risk based lending

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Recreational Vehicle Loans

Eligible vehicles include: ATV’s, Boats, Campers, Motorcycles, Snowmobiles, etc.

  • Loan Maximum: 100% of vehicle purchase price including sales tax and/or extended warranty up to $50,000.00
  • Maximum Term: Repayment terms up to 180 months. (15 years)
  • Fixed Interest Rate: Based on risk based lending
  • Members are required to provide a copy of the dealer invoice and name of insurance company.
  • The Credit Union requires that comprehensive and collision coverage be maintained for the life of the loan and that the Cadets Federal Credit Union be listed as loss payee. Cadets FCU must also be included on RV Title as lien holder.

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Share Secured / Passbook Loans

Loan is fully secured and backed by the shares in your account.

  • Loan Maximum: 100% of your account balance
  • Maximum Term: Based on amount borrowed
  • Fixed Interest Rate

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Overdraft Protection Line of Credit

Added protection for your share draft checking account to fund Non-Sufficient Funds

  • Loan Maximum: up to $7,500.00
  • Maximum Term: Revolving Credit Line
  • Fixed Interest Rate

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Shares

Eligibility Requirements

  • Join and become a member through one of our current affiliated Field of Memberships.
  • Family of a current member can also become a member and join the credit union
  • Accounts may be single or joint.
  • Once a Member always a Member.

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Regular Share Savings Accounts

  • This account is your main account and establishes you as a member of Cadets Federal Credit Union.
  • Members must maintain a minimum balance of $25.00 at all times.
  • Minimum average daily balance to earn dividends is $100.00.
  • This account allows members to access all other credit union services.
  • Dividends are calculated using average daily balances and are paid quarterly.

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Premium Share Savings Accounts

  • Earn a higher dividend rate than on a Regular Share Savings Account.
  • Members must maintain a minimum average daily balance of $2,500.00.
  • Dividends are calculated using average daily balances and are paid quarterly.

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Regular Share Draft Checking Accounts

  • This is a no fee checking account and no dividends are paid on this account.
  • Members must maintain a minimum balance of $25.00 in regular share accounts at all times.

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Premium Share Draft Checking Accounts (Ultimate Checking)

  • This is a no fee checking account and dividends are earned for maintaining minimum balances.
    • Members who maintain a minimum average daily balance of $2,500.00 will earn dividends based on the Regular Share Savings Account dividend rate.
    • Members who maintain a minimum average daily balance of $5,000.00 will earn dividends based on the Premium Share Savings Account dividend rate.

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Share Certificate Accounts

  • Earn a higher dividend rate based on length of term.
  • Share Certificate terms are offered from 1 to 5 years.
  • Dividends earned are posted to the Certificate of Deposit quarterly and at maturity.
  • Members are sent notice prior to maturity of their certificate.
  • Dividend rate is locked in at the time of purchasing certificate.
  • Penalties may be imposed on Share Certificates for any early withdrawals.
  • Dividends can be transferred to a share account or a check may be mailed to you.
  • Dividends are compounded quarterly and credited quarterly.

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Club Accounts        "STASH YOUR CASH"

  • Save for Vacation, Camping or the Holidays and take advantage of Payroll Deduction to make deposits each pay period.
  • Club accounts earn a higher dividend. $5.00 fee for withdrawals.
  • Minimum deposit of $5.00 required to open this account. Deposits can be made at any time.
  • The Spring Club Account runs from March 1st to February 28th each year.  (Vacation Club)
  • The Summer Club Account runs from July 1st to June 30th each year.  (Camping Club)
  • The Fall Club Account runs from November 1st to October 31st each year.  (Christmas Club)
  • Payouts can transfer to your checking, savings or by check any time after each club period.
  • Dividends are declared and credited at maturity.

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Escrow Accounts

  • Escrow accounts are setup to pay real estate taxes and property insurance on a mortgage.
  • A $3.00 per month fee will be added to escrow payments for servicing.
  • Escrow accounts pay a 2% annual percentage rate.
  • Dividends are compounded quarterly and credited quarterly.

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HSA Accounts

A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment.

To be eligible and qualify for an HSA, you must meet the following requirements:

  1. You must have coverage under an HSA-qualified "high deductible health plan" (HDHP).
  2. Have no other first dollar medical health coverage except what is permitted under, (Other Health Coverage: disability, dental care, vision care, or long-term care insurance are permitted).
  3. Are not enrolled in Medicare.
  4. Cannot be claimed as a dependent on someone else’s tax return.

You, your employer, or both can make contributions to your HSA. However, the total contributions are limited annually. If you make a contribution, you can deduct the contributions (even if you do not itemize deductions) when completing your federal income tax return.

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Roth IRA Accounts

The Roth IRA is a personal retirement savings plan that offers: See IRS Publication 590.

  • The ability to contribute up to $5,000 to your retirement plan, some of which may be deductible from your taxes – contributions may be made now through April 15th.
  • Tax-deferred earnings on your contributions, which help grow your savings since taxes don’t get paid until you withdraw the funds.
  • The ability to withdraw funds without IRS penalty prior to age 59 ½ for certain qualifying expenses such as the purchase of a home, higher education, Death or Disability or certain medical expenses.
  • The ability to contribute up to an additional $1,000 "catch-up" contribution for taxpayer’s age 50 or older by December 31st – that contribution may be made through April 15st.
  • A simplified employee pension (SEP) is a written arrangement that allows your employer to make deductible contributions to a traditional IRA (a SEP IRA).
  • Generally, distributions from SEP IRAs are subject to the withdrawal and tax rules that apply to traditional IRAs. See IRS Publication 560.

How Are a Traditional IRA and a Roth IRA Different?

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Rollover Individual Retirement Account

When you leave a job or retire, you are allowed to "roll over" funds from an employer-sponsored plan, such as a 401(k) or pension plan, into a Rollover IRA. The Rollover IRA allows:

  • Retirement savings to continue growing tax-deferred.
  • Greater flexibility in choosing your investments.
  • The ability to move or transfer you individual retirement account from one IRA provider to another.
  • The ability to withdraw money from your IRA more easily than from an employer plan.

Rollover Individual Retirement Account

When you leave a job or retire, you are allowed to "roll over" funds from an employer-sponsored plan, such as a 401(k) or pension plan, into a Rollover IRA. The Rollover IRA allows:

  • Retirement savings to continue growing tax-deferred.
  • Greater flexibility in choosing your investments.
  • The ability to move or transfer you individual retirement account from one IRA provider to another.
  • The ability to withdraw money from your IRA more easily than from an employer plan.
                                                                      

ROLLOVER CHART                                                     06/07/2011

 

Roll To

 

 

Roth IRA

 

IRA

(traditional)

 

SIMPLE IRA

 

 

SEP-IRA

 

457(b)

(government)

 

Qualified Plan 1 (pre-tax)

 

403(b)

(pre-tax)

Designated Roth Account (401(k), 403(b) or

457(b)2)

 

Roll From

Roth IRA

YES

NO

NO

NO

NO

NO

NO

NO

IRA

(traditional)

YES3

YES

NO

YES

YES4

YES

YES

NO

 

SIMPLE IRA

3

two years

YES, after two years

YES

YES, after two years

4

two years

YES, after two years

YES, after two years

NO

SEP-IRA

YES3

YES

NO

YES

YES4

YES

YES

NO

457(b)

(government)

YES3

YES

NO

YES

YES

YES

YES

YES,3,5 after

12/31/10

Qualified Plan1

(pre-tax)

YES3

YES

NO

YES

YES4

YES

YES

YES,3,5 after

9/27/10

403(b)

(pre-tax)

YES3

YES

NO

YES

YES4

YES

YES

YES,3,5 after

9/27/10

Designated Roth

Account

(401(k), 403(b) or

457(b)2)

YES

NO

NO

NO

NO

NO

NO

Yes, if a direct trustee to trustee transfer

 

1 Qualified plans include, for example, profit-sharing, 401(k), money purchase, and defined benefit plans

2 Governmental 457(b) plans, after December 31, 201

3 Must include in income

4 Must have separate accounts

5 Must be an in-plan rollover

For more information regarding retirement plans and rollovers,

visit Tax Information for Retirement  Plans Community.

 

 

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