Home

Privacy Policy | Annual Disclosure | Truth-In-Savings: Certificates |
Truth-In-Savings: Share | Fee Schedule | Truth-In-Lending Disclosures |
| When Your Home is on the Line |
Consumer Handbook on Adjustable Rate Mortgages

Privacy Notice

Under current law, the Marion School Employees Credit Union is required to give you this privacy notice. In the course of conducting normal business, the credit union (referred to as 'we' or 'us' in this statement) acquires non-public personal information (referred to as 'information' in this statement) about you. We are committed to protecting our members' (and non-members') personal and financial privacy. Our employees are trained in the importance of confidentiality and we maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard this information and protect it from loss, invasion, misuse or alteration.

Sources from which we collect information:

• Applications and other forms you submit to us;
• Transactions you conduct with us, our affiliates or others; and
• Consumer reporting agencies.

We may disclose all of the information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements. Strict confidentiality provisions are part of these agreements.

Otherwise, we do not disclose (or sell) information about members (or former members) to anyone, except as permitted or required by law. For example, we share information with consumer reporting agencies, credit and debit card processors, federal examiners, auditors and our wholly owned subsidiary. We may have to share information to complete a transaction you request. For example, a funds wire transfer.

What you can do to help protect your privacy

• Protect your account numbers, card numbers, PINs (personal identification numbers) and passwords. Never keep your PIN with your debit or credit card which can provide free access to your accounts if your card is lost or stolen.

• Use caution when disclosing your account numbers, social security number, etc. to other persons. If someone calls you, explains the call is on behalf of the credit union and asks for your account number, you should beware. Official credit union staff will have access to your information and will not need to ask for it.

• Keep your information with us current. It is important that we have current information on how to reach you. If we detect potentially fraudulent or unauthorized activity or use of an account, we will attempt to contact you immediately. If your address or phone number changes, please let us know.

If you have questions concerning this notice, please do not hesitate to contact us - we are here to serve you. Phone us at 765-674-6631 or write us at 4505 S. Adams St.. Marion, IN 46953.

Rev. 01/08

back to top

back to top

Truth-In-Savings Disclosure Share Certificate Account

Rate Information - The dividend rate and annual percentage yield are on the Current Rates page. The disclosed fixed rate will be paid until maturity. The annual percentage yield is based on the assumption that dividends remain on deposit until maturity.

Accrual of Dividends - Dividends will begin to accrue on the business day you deposit items to your account.

Minimum Balance Requirements - The minimum balance required to open a certificate is stated on the Current Rates page. You must maintain the minimum balance in your account each day to obtain the annual percentage yield disclosed. We may be able to match your certificate off with a higher dividend rate if you have a minimum balance of $ 50,000.00. Call 765.674.6631 for current rate information.

Balance Computation Method - Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.

Compounding and Crediting - Dividends will be compounded monthly and will be credited monthly.

Transaction Limitations - After the account is opened, you may not make any deposits into the account until the maturity date stated on the certificate. You may not make any withdrawals of principal from your account before maturity unless we agree at the time you request the withdrawal. We may impose a penalty if we grant your request.

Maturity Date - Your account will mature on the maturity date set forth on the certificate or renewal notice.

Early Withdrawal Penalties - We may impose a penalty if you withdraw principal before the maturity date. The penalties are stated on the Current Rates page. The principal amount upon which the forfeiture is calculated is the amount withdrawn unless the amount withdrawn reduces the balance below the required minimum balance. In that event, the principal amount upon which the forfeiture is calculated is the entire amount of the certificate. There are certain circumstances, such as death or incompetence of an owner, where we may waive or reduce this penalty. If this account is part of an IRA or other tax qualified plan, see your plan disclosure for early withdrawal penalties.

Renewal Policies - Your certificate account will automatically renew at maturity. The renewal term will be the same as the original term, beginning on the maturity date. You may prevent renewal if you withdraw the funds in the account at maturity or within the grace period. The credit union will give you at least 10 days notice prior to maturity. You will have a grace period of 10 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

Nature of Dividends - Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

back to top

---

Truth-In-Lending Disclosure -- HELOC Early Disclosure

Important terms of our Home Equity Line Of Credit

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

Availability of Terms: All of the terms described below are subject to change. If these terms change (other than ANNUAL PERCENTAGE RATE [APR]) 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 have paid to us or anyone else in connection with your application.

Security Interest: We will take a mortgage on 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:

• You engage in fraud or misrepresentation in connection with the line.
• You do not meet the repayment terms.
• 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:

• The value of your dwelling securing the line declines significantly below its appraised value for purposes of the line.
• We reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances.
• You are in default of a material obligation in the agreement.
• Government action prevents us from imposing the ANNUAL PERCENTAGE RATE provided for or impairs our security interest in such that the value of the interest is less than 120 percent of the credit line.
• A regulatory agency has notified us that continued advances would constitute an unsafe and unsound practice.
• The maximum ANNUAL PERCENTAGE RATE is reached.
• The initial agreement permits us to make changes to the terms of the plan at specified times or upon the occurrence of specific events.

Minimum Payment Example: If you made only the minimum payments and took no other credit advances, it would take 64 payments to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 9.285%. During that period, you would make monthly payments of $200.00.

Minimum Payment Requirements: You can obtain credit advances for 10 years (the 'draw period'). After the draw period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance (the 'repayment period'). The length of the repayment period will depend on the balance outstanding at the beginning of the repayment period. During both the draw and repayment period, payments will equal $2.00 per hundred or fraction thereof of the outstanding principal balance, but not less than $20.00 per month.

Late Charges: A late charge of 20% of the interest due, with a minimum of ten dollars ($10.00) and a maximum of twenty dollars ($20.00) will be assessed against all loan payments delinquent fifteen (15) or more days.

back to top

---

Equal Housing Lender

American Share Insurance

We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act 12 CFR 701.31(d)(1)(i)

Created by