DOCSLIB.ORG

BECU Report to Membership 2015

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
BECU Report to Membership 2015 TOGETHER. MAKING A DIFFERENCE. REPORT TO MEMBERSHIP 2015 Federally insured by NCUA At BECU, our focus is on making a difference for our members and our communities. As a not-for-profit credit union, serving meaning we have greater resources to during 2015, donating even more hours members and helping them achieve their deliver even more value and benefits to than the previous year in support of financial goals are at the core of who our members and communities. That financial literacy and other causes that we are and why we exist. Whether said, we're not about growth for growth’s deliver lasting value. it’s offering innovative and affordable sake, because we don’t measure our products and services, providing financial success in terms of financial return. Looking ahead, in 2016, you will see education and tools, or supporting our Rather, we think Return to Members a steady stream of mobile and online communities, we always strive to deliver (RTM) is why we exist. And in 2015 we banking enhancements. Already in 2016 real value to our members. returned over $169 million in the form we have launched digital tax statements, of better rates, lower fees and more and that's just the start. In addition to We love what we do, and we have much affordable services, as compared to a many digital enhancements, we plan TOGETHER. to share about the progress we made in typical bank. That means a return of to add new financial centers and ATMs 2015. This report will provide details on nearly $184 per member on average, around the Puget Sound region and our efforts and successes, but let's begin and members who do more with BECU have announced our expansion in the with a few highlights from the year. save even more. Spokane, Washington, and Charleston, South Carolina, areas later this year. WE ARE BECU. THE BENEFITS OF We realized strong overall financial You may have also noticed we’re hard GROWING TOGETHER. performance in 2015 and ended the year at work refreshing the Tukwila Financial We ended 2015 with more than 940,600 with a net worth ratio of 10.6 percent, well Center to improve both the member members—including 7,000 new small above the regulatory well-capitalized level and employee experience at our head- business members—and we expect to of 7 percent. This financial strength allows quarters. In 2016, we will continue our reach the 1 million-member milestone us to explore ways to make banking with work to making banking with BECU even in the coming year. Over the past year, BECU even easier, and to innovate with easier and more convenient across all we have launched a new, user-friendly products you won’t find anywhere else. of our delivery channels. website and mobile banking app for iOS (with touch ID), Android and Windows INVESTING IN EACH OTHER. BECU is your credit union, and your devices that lets members manage and Strengthening the fabric of our com- membership is vital to support efforts like set alerts for all of their accounts, whether munities is another way we support our these that enrich lives and communities. the accounts are with BECU or not. We members. Our heart is in our communities, We invite you to engage with us in 2016 also introduced Apple Pay and Samsung and in 2015 we continued to deepen by sharing your ideas and comments on Pay, partnered with both the University our impact. We provided more than becu.org via the Send a Suggestion link. of Washington and Boeing to introduce $3.5 million in philanthropic donations co-branded credit cards, and enhanced to worthy organizations. At the same Together, we're making a difference the security of our credit cards by adding time, we increased the number of in so many ways. Thank you for being chip-and-pin technology to every card. scholarships we granted by 7 percent, part of BECU. BECU is among the only financial with more than $2 million in college providers who will look to lower your scholarships awarded to our members interest rate on credit cards and loans since the program began in 1995. when your credit score improves, and in 2015 we reduced interest rates on You may have heard last fall that BECU David Yonce more than 35,800 accounts, resulting was “Closing for Good”—and we did Chairman , BECU Board of Directors in more than $2.5 million in combined just that—closing for one day to deliver savings for those members. financial literacy education to more than 3,000 students in 21 schools By being a vibrant, forward-thinking around the region. In addition, more Benson Porter organization, BECU has become one of than 25 percent of all BECU employees President & Chief Executive Officer the largest credit unions in the country, volunteered time in their communities 1 LETTER In 1935, eighteen Boeing workers made a commitment to support each other. They pooled their money and made affordable loans to co-workers so they could buy the tools they needed to do their jobs. This simple concept is the cooperative spirit upon which BECU was founded, and it remains our commitment to every member today. WE’RE ABOUT COOPERATION, FOUNDED TO HERE FOR YOU, NOT COMPETITION. BENEFIT MEMBERS. WHEREVER YOU ARE. There’s a spirit of cooperation The cooperative model enables BECU now has more than 40 COOPERATIVE. among credit unions not found in BECU to provide members with Neighborhood Financial Centers many other industries. The credit unique benefits that are unmatched and more than 210 ATMs around union movement was founded on in the marketplace. Overall, compared the Puget Sound region. In addition, a commitment to the cooperative to an average bank, BECU members BECU members have access to THE OPERATIVE nature of not-for-profit member- received over $169 million in 2015 more than 30,000 surcharge-free ownership, and a partnership among in the form of better rates and lower ATMs nationwide through the all credit unions. BECU works to fees. Whether it's paying higher CO-OP network, as well as more DIFFERENCE. build and strengthen partner credit rates of interest on deposit accounts than 5,000 partner credit unions unions by providing financial to encourage savings, eliminating worldwide through the Shared support, guidance, innovation and fees on our credit card, or auto- Branching network. Throughout encouragement to help serve matically reducing your loan rate Washington, an additional 138 ATMs members from all walks of life. if your credit score improves, BECU are available in Rite Aid stores to In 2015, our philanthropic support continually looks for ways to increase enhance member access. helped more than a dozen smaller the value of your membership. In credit unions—including Seattle- addition to offering affordable based, low-income-serving Express financial products, BECU members Credit Union—evolve and meet benefit from a service culture that is 139,599 the needs of some of the under- focused on being advocates for our LOANS ORIGINATED served and unbanked in our area. members—a culture that puts 940,654 members first and strives to improve the financial well-being of every member. MEMBERS 71.4% NET PROMOTER $169 MILLION SCORE RETURN TO MEMBERSHIP AVERAGE BANK NET PROMOTER SCORE: 35% 3 COOPERATIVE SPIRIT MAKING A DIFFERENCE IN LIVES AND COMMUNITIES. 21 LOCAL HIGH SCHOOLS FINANCIAL EMPOWERMENT Belonging to BECU is like having your own financial CLOSING FOR GOOD Since our founding in 1935, advocate—who also happens to be your cheerleader. In October, we closed our doors and sent all of BECU has been committed to our We’re all about financial empowerment—helping our our employees to volunteer. They hosted Financial members build financial strength so they can reach Reality Fairs, teaching smart money management credit union philosophy of “people their goals, achieve their dreams and create a lifetime at 21 local high schools. That’s more than 3,000 3,018 of financial security. students experiencing real-life budgeting decisions helping people.” This philosophy people face every day. Teaching financial literacy to STUDENTS MAKING SAVING EVEN SIMPLER. teens before they embark on their adult lives helps goes hand-in-hand with our other To make good savings habits a no-brainer, BECU offers them make educated saving and spending decisions INVOLVED that will have lasting benefits. core operating principle of social members a higher dividend rate on the first $500 in deposits in their Member Advantage Checking and “We want to make sure that the teens in our Savings accounts. Member Advantage members also responsibility. We focus our community understand personal finances and are enjoy better earnings on CDs, IRAs and higher balance prepared as they enter the next stage of their lives,” community efforts in three areas: Money Market accounts. For BECU members under said BECU CEO Benson Porter. “Investing in the 18, we offer the Early Saver savings account, which Financial Empowerment, financial well-being of students is the right move features an even higher dividend rate on their first as a community member and as a business. Starting Member-Inspired Giving and $500 in deposits. adulthood on firm financial footing makes for healthier, happier lives and a healthier, happier economy.” Employee-Inspired Giving. GIVING CREDIT TO SMART CREDIT MANAGEMENT. We think good credit management is worth a lot. Which is why we annually look to lower the interest rate on 56 FINANCIAL BECU VISAs or lines of credit, and, new this year, auto loans. In total, interest rate reductions saved qualified REALITY FAIRS members more than $2.5 million in 2015.
Load more

Recommended publications
  • Credit and Security Agreement
    CREDIT AND SECURITY AGREEMENT Personal Line of Credit and Credit Card Agreement, Disclosures, and Billing Rights Statement Effective March 2018 PO Box 97050, Seattle WA 98124-9750 or toll-free 800.223.2328 KEEP THIS BOOKLET FOR YOUR RECORDS CONTENTS I. CREDIT AND SECURITY AGREEMENT...............................................................Page A. Personal Line of Credit and Credit Card...............................................................1 B. Additional Terms Applicable to Personal Lines of Credit....................................5 C. Additional Terms Applicable to Credit Cards........................................................8 II. YOUR BILLING RIGHTS............................................................................................13 I. CREDIT AND SECURITY AGREEMENT A. PERSONAL LINE OF CREDIT AND CREDIT CARD. This Credit and Security Agreement (“Agreement”), which includes Truth in Lending Act and Fair Credit Billing Disclosures, governs your consumer loan plan (“Plan”) with Boeing Employees’ Credit Union (“BECU”). Your Plan involves open-end personal line of credit and credit card extensions of credit for personal, family, or household purposes. In this Agreement the words “you,” and “your” mean any person who signs in acceptance of the Plan and the words “we,” “us,”and “our” mean BECU. When you sign as a loan applicant, you agree, jointly and severally with any other person who signs as a loan applicant (thus establishing a “Joint Plan”), to be bound by all the terms and conditions set out in this Credit
    [Show full text]
  • Army Aviation Federal Credit Union Direct Deposit
    Army Aviation Federal Credit Union Direct Deposit Insolent and uveous Christorpher redrove her yuccas outbarring coercively or postponing eventfully, is Anatollo pardine? Seraphical and unwiped Darth pill while direr Smitty pills her purchase urbanely and shaking pleonastically. Terrance primps inanimately if likeliest Spike dramatise or pistols. When the credit union merger are savings account review begin only for ease pain points does the union deposit information we may The Savannah Technical College Direct Deposit Authorization Agreement and. AUSA Eligible Through Association Of The United States Army Francis Scott Key. The Best Credit Unions Of 2020 Bankrate Bankratecom. We exist not pregnant for direct deposits to bond type of account We ill not. We rib a Financial Cooperative That Exists to Actively Serve Our Membership. Munitions on trucks and canvas for movement off post makes and repairs supply. I recently received a look check air of direct deposit. Get 25 For Joining Navy Federal Credit Union NFCU. Achieva Credit Union Alaska USA Federal Credit Union Altura Credit Union A Federal Credit Union Army Aviation Center Federal Credit Union AL Affinity Federal Credit Union. Quicken Windows Intuit. PAYROLL PLEASE DEPOSIT MY ENTIRE guest CHECK TO BANKFINANCIAL INSTITUTION NAME CHECKING SAVINGS Kinecta Federal Credit Union. Patt credit unions are posted previously about your statement to consistently seeks to impose a army aviation federal credit union direct deposit slip for electronic statements you: help would the original check less traveled to time! 27 Pen Air Federal Credit Union Pensacola Florida If you don't meet the. North Dakota Army National Guard Master Sgt Robert Lawson.
    [Show full text]
  • BECU Curricula Guide
    BECU Curricula Guide HOW TO BE A FINANCIALLY STABLE ADULT Curricula Guide BECU Curricula Guide 1 BECU Curricula Guide LESSON 1 How to be a self-sufficient and financially stable adult Going to college is more important than ever. By setting goals for higher education when A college master’s degree you’re young, and creating a good career path that you enjoy and pays well can prepare is worth an average of you for the lifestyle you desire. For many, graduating from college is a step in the right $1.3 million more in direction toward a bright future. lifetime earnings than a high school diploma, Pre-Lesson Discussion/Journal Write according to a recent What kind of lifestyle do you want for your future? Do you want to own a home? Have a car? report from the U.S. Take vacations? Do you enjoy skiing or golf? What are the hobbies you enjoy now? Do you Census Bureau. want to be able to afford them later? What are your future goals? What things do you want to be able to have for yourself and your future family? Class Discussion Did your parents go to college? Your grandparents? Will you be the first in your family to go? Is education and higher-education discussed regularly in your home? Have you been to different college campuses? Why or why not? Discussion Questions/Journal Write What are you passionate about? What do you enjoy doing? What are your favorite subjects in school? What are you curious and excited to learn more about? What careers interest you? What are your goals for the future? What kind of lifestyle do you want to have? How are the goals and lifestyle you want to have impacted by the future income you make for you and your future family? Extension Activities Talk to a teacher, neighbor or family member and ask them how attending college has impacted their life.
    [Show full text]
  • Consumer Account Closure Request Packet
    CONSUMER ACCOUNT CLOSURE REQUEST CHECKLIST HELP US PROCESS YOUR CONSUMER ACCOUNT CLOSURE REQUEST FASTER BY PROVIDING A FEW THINGS TO GET STARTED: Print and complete a Consumer Account Closure Request form located on becu.org. Gather the required documents and information (see below). Return the completed form and required documents and information by one of the following: • In person to any BECU location • Fax to 206-805-5612 • Mail to: BECU Attn: Account Servicing M/S 1094-2 PO Box 97050 Seattle, WA 98124 (Note: If returning form by fax or mail, please provide a photocopy of the required documents including photocopies of identification from all required signers.) HERE’S HELPFUL INFORMATION REGARDING CLOSING ACCOUNTS: There are times when we are unable to close member share savings, checking, or other deposit account(s) and may require an account or loan to be closed, paid in full, or other issue resolved first. Accounts with negative balances must be brought positive before they can be closed. SOME REASONS WE ARE UNABLE TO CLOSE A SAVINGS ACCOUNT: • Active loan, line of credit or Visa account with a balance • Active Visa account • Active checking account • Active IRA or Money Market account • Negative balance Federally insured by NCUA 800-233-2328 BECU 1503 10/2019 becu.org SOME REASONS WE ARE UNABLE TO CLOSE A CHECKING ACCOUNT: • Active line of credit • Negative balance • Pending debit card transactions (unless the checking account is being replaced with a new account because of fraud) WHAT’S NEXT? Thank you for providing the requested information and documentation. Upon review of your request, a representative may contact you to review the information provided.
    [Show full text]
  • People Helping People Table of Contents
    2012 Sustainability Report PEOPLE HELPING PEOPLE TABLE OF CONTENTS Letter from the CEO 3 EMPLOYEE ENGAGEMENT 22 Code of Ethics 23 About This Report 5 Performance Competencies 23 About BECU 6 Employee Survey 24 Quick Facts 6 Control Environment Assessment 25 BECU Vision and Guidance Statements 7 EMPLOYEE BENEFIT PROGRAMS 26 Credit Union Difference 9 Workforce 26 2012 Financial Results 10 Workforce Breakdown 26 BECU Governance 11 Remote Workforce and Telework Program 26 Confidentiality of Member Information 11 Employee Turnover 26 AFFORDABLE HOUSING / ASSET BUILDING 12 Volunteerism and Fundraising 27 Affordable Housing 13 Gift Match Program 27 BECU HLPR Loans 13 Team Leader Volunteer Program 27 FHA Loans 13 Employee Involvement Committee 27 BECU Member Assistance / Loan Modifications 13 Employee Volunteer Recognition 28 Affordable Housing Community Partners 14 CREDIT UNION SYSTEM 29 Member Advantage and Early Saver Account Benefits 15 LISTENING TO OUR MEMBERS 33 Visa Re-price Program 15 Net Promoter Score and Member Comments 34 Return to Member 15 ENVIRONMENTAL STEWARDS / SUSTAINABLE OPERATIONS 35 EDUCATION AND FINANCIAL LITERACY 16 Carbon Footprint 36 Education 17 Tracking our Environmental Performance 39 School Grants 17 Carbon Reduction 40 BECU Foundation Scholarships 18 Measuring the GHG Impact of our Loans 40 BECU Scholarships to Partner Colleges 18 Financial Literacy 19 BECU GOALS 43 Seminars 19 Supporting Key Partners 19 BALANCE 21 Financial Calculators 21 Financial Articles 21 BRASS Magazine 21 PEOPLE HELPING PEOPLE I AM PLEASED to share with you BECU’s 2012 Sustainability Report. BECU continues to strive to be cooperatively engaged in improving the financial, environmental and social vitality of the communities we serve.
    [Show full text]
  • BECU Consumer Lending Rates & Related Disclosures
    BECU CONSUMER LENDING RATES & RELATED DISCLOSURES Boeing Employees’ Credit Union (BECU) is one of the nation’s leading not-for-profit credit unions. We are committed to offering better rates, fewer fees and more affordable financial services. Learn more at becu.org. Rate Schedule Effective September 1, 2021 Vehicle Loans APR Estimated Monthly Payment Examples New Auto (2019 and newer) Up to 18% $355.32 a month based on a 5-year, $20,000 loan at 2.54% APR Used Auto (2018 - 2006) Up to 18% $360.65 a month based on a 5-year, $20,000 loan at 3.14% APR Motorcycle 4.24% – 18% $185.27 a month based on a 5-year, $10,000 loan at 4.24% APR Sports Vehicle 4.49% – 18% $186.41 a month based on a 5-year, $10,000 loan at 4.49% APR Boat 3.74% – 18% $300.09 a month based on a 10-year, $30,000 loan at 3.74% APR RV 3.99% – 18% $303.64 a month based on a 10-year, $30,000 loan at 3.99% APR Credit Cards For important information, see BECU Consumer Lending Rates & Related Disclosures – Credit Cards at becu.org Personal Loans APR Estimated Monthly Payment Examples Personal Line of Credit 10.40% – 17.90% For important information, see Personal Lines of Credit table below Personal Loan 7.49% – 18% $241.77 a month based on a 4-year, $10,000 loan at 7.49% APR Share Secured 3.02% $221.44 a month based on a 4-year, $10,000 loan at 3.02% APR CD Secured Total of pledged CD account interest $176.16 a month based on a 5-year, $10,000 loan at 2.20% APR rate plus 2% margin Student Loans BECU offers Private Student Loans for current students and Refinance Loans for graduated students and parents.
    [Show full text]
  • Becu Business Account Disclosure
    BECU BUSINESS ACCOUNT DISCLOSURE BECU (Boeing Employees’ Credit Union) is Washington’s leading not-for-profit credit union. We are committed to offering better rates, fewer fees and more affordable financial services. Learn more about BECU business accounts and services at becu.org/business. The following deposit product information is applicable to Business accounts at BECU as of the effective date shown below. BECU may add to or change the disclosures, rates and fees contained in this schedule from time to time. Each Account Holder, Authorized Signer, and any authorized user of the account agrees to the terms and conditions in this Business Account Disclosure and acknowledges that it is a part of the Account Agreements. Rate Schedule Effective October 1, 2021 Business Checking Business Basic Checking* Business Interest Checking* Interest Earning No Yes Monthly Maintenance Fees No Fee No Fee Balance less than $25,000 in 350 transactions per month without a fee 200 transactions per month without a fee combined accounts** $0.20 per item thereafter $0.20 per item thereafter Balance more than $25,000+ in 600 transactions per month without a fee 450 transactions per month without a fee combined accounts** $0.20 per item thereafter $0.20 per item thereafter *The following transaction types have no threshold and no per item fee: all electronic debits and credits, including debit card, ACH, wires, transfers, bill payment and ATM withdrawals. For deposits made using online banking or an ATM, the entire transaction is considered one deposited item. **Balance is the average balance of the combined checking, savings, money market and CD accounts plus the outstanding principal balance of any loan and line of credit accounts.
    [Show full text]
  • Becu Fact Sheet
    BECU FACT SHEET Headquarters: Washington state (12770 Gateway Drive, Tukwila, Washington 98168) Employees: 2,500+ (full-time) Year Established: 1935 Industry: Financial Services Website: www.becu.org About BECU: As a member-owned, not-for-profit, financial cooperative with more than 1.28 million members, BECU is guided by the credit union philosophy of “people helping people.” Founded more than 85 years ago, BECU has grown to include members from across Washington state, 11 counties in western Oregon and 10 in northern Idaho, in addition to Boeing employees and their families wherever they live, such as South Carolina. BECU does not have stockholders. Profits are returned to its members in the form of better rates and fewer fees, which totaled a return of over $372.1 million (an average of $294 per member) to its members in 2020. Decisions are based upon what is best for its membership. The credit union is committed to empowering its members to reach their financial goals and to making the communities in which they reside a better place. As part of that commitment, BECU donated $6.4 million last year with its local communities through philanthropic giving and community programs. Today, BECU is the third largest credit union in the United States with nearly $26.8 billion in assets, more than 1.28 million members, 50+ branches and more than 245 ATM locations. Services and Products: • Checking and savings accounts • Certificates of deposit • Individual Retirement Accounts (IRAs) • Home, home equity, auto, boat, RV and motorcycle loans •
    [Show full text]
  • BECU Account Agreements
    ACCOUNT AGREEMENTS This Booklet Contains: • Membership and Account Information • Funds Availability Policy • Electronic Funds Transfer Statement and Agreement • Rules Regarding Certain Funds Transfers Effective July 2020 PO BOX 97050, SEATTLE WA 98124-9750 OR TOLL-FREE 800-223-2328 KEEP THIS BOOKLET FOR YOUR RECORDS CONTENTS I. MEMBERSHIP AND ACCOUNT INFORMATION...........................................................................................Page 1. General..............................................................................................................................................................1 2. Definitions..........................................................................................................................................................1 3. Membership Eligibility........................................................................................................................................3 4. Ownership and Account Structures....................................................................................................................3 5. Account Types...................................................................................................................................................7 6. Requirements for Delivery of Funds for Shares and Deposits...........................................................................8 7. Consumer Account Disclosure............................................................................................................................9
    [Show full text]
  • Blocked Account Application and Change Request
    REQUEST TO OPEN A BLOCKED ACCOUNT Blocked accounts are court-ordered accounts that are set up as a result of a settlement or judgment. They are generally used for funds that belong to a minor/incapacitated person. HELP US TO QUICKLY PROCESS YOUR REQUEST TO OPEN A BLOCKED ACCOUNT BY PROVIDING A FEW THINGS TO GET STARTED: Print and complete the Blocked Account Application located on becu.org. Gather the required documents and information (see below). DOCUMENTS REQUIRED: Blocked Account Application Unsigned Receipt of Funds Copy of the Court Order approving the settlement or judgement IMPORTANT INFORMATION ABOUT OPENING A BLOCKED ACCOUNT: • Provide the Social Security number (SSN) or Taxpayer Identification number (TIN) for the person who will benefit from the funds deposited in the Blocked account. • A monthly statement is generated for the Blocked account. It is mailed in the tax owner’s name to the primary address on file. • Available Blocked account types: Member Share Savings, Savings, and Certificate of Deposit (CD). • Blocked accounts cannot be set up immediately because they require a document review before they can be set up. • Both the person who established the account and the minor/incapacitated person have inquiry access to the account. • The deposit of funds may only be completed at either the Everett Financial Center or Tukwila Financial Center locations, or by mail to the address below. The check for deposit must be accompanied by the unsigned Receipt of Funds. Federally insured by NCUA 800-233-2328 BECU 1534 03/2020 becu.org WHAT’S NEXT? Return the completed application, required documents, and information by one of the following: • In person to any BECU location.
    [Show full text]
  • 2013 Community and Membership Annual Report
    20132 013 ANNUAL REPORT COMMUNITY & MEMBERSHIP ANNUAL REPORT 04/14 ©2014 BECU. All Rights Reserved. www.facebook.com/becu www.twitter.com/becu www.youtube.com/BECUVideo www.pinterest.com/becu www.instagram.com/becu CHAIRMAN’S STATEMENT A COMMITMENT TO SERVICE Understanding and responding to our members’ unique needs were the keys to a successful 2013 for BECU. When we look back at last year, member input played a signi cant role in the development of new services, products and resources. Hearing from our members helps to provide valuable guidance and direction. We are thankful to have so many long-time loyal and new members who share in the cooperative spirit of people helping people. 843,440 Members Strong 6 New Larger BECU Locations BECU’s loyal membership represents the Last year, we opened a agship state-of- largest credit union in Washington State and the-art nancial center in Bellevue to the largest non-government credit union in serve the greater eastside community. At the nation. And, last year, we welcomed 83,152 approximately 6,000 square feet with a new members to the credit union. Whether new and innovative high-tech design, the it was a family savings plan, buying a home, location has three ATMs with 24-hour nancing for a business or planning for access, and a concierge to help direct retirement, we are helping more and more service needs. This location also features members with affordable and responsible teams of specialists focused on Mortgages, nancial services. BECU’s membership saved Investments and Business Services.
    [Show full text]
  • Home Equity Line of Credit and Home Improvement
    HOME EQUITY LINE OF CREDIT AND HOME IMPROVEMENT BECU MEMBER: Denita H., Seattle FINANCING SOLUTIONS FOR HOMEOWNERS IF YOU ARE A HOMEOWNER looking for financing options for home repairs, remodeling, debt consolidation, etc. BECU provides home equity lines of credit and home improvement loans that can provide you with a financing solution. Home Equity Line of Credit HELOC BENEFITS A Home Equity Credit Line is a revolving variable rate Home Equity >> Use it as needed, e.g., home improvement, Line of Credit where you can withdraw tuition, debt consolidation or investments funds whenever you need without >> Withdraw up to your available credit limit reapplying and you can lock in rates without reapplying with the Fixed Rate Advance Option. >> Transfer easily from the loan account to your personal checking Tax Benefit >> Opt for a fixed-rate advance with a set loan Depending on your specific situation, amount and payment (three fixed-rate advance loans can be active at once) under tax laws you may be allowed to deduct the interest on a Home Equity >> Pay ZERO prepayment penalties Line of Credit because the debt is >> Pay ZERO annual fees secured by your home. Consult your tax advisor for further information regarding the tax deductibility of interest and charges. Home Equity Line of Credit: You may have to pay certain fees to third parties that range between $0 to $2,756. Additional fee and closing costs including property insurance and, if applicable, flood insurance, state or local mortgage fees or taxes may apply. Owner occupied property must be located in one of the following states: Washington, Oregon, California, Arizona, Kansas, Missouri, Illinois, and Pennsylvania.
    [Show full text]