AUTOMATIC PAYMENT DISCLOSURES
The County Federal Credit Union is pleased to offer an automatic loan payment discount plan to simplify the repayment of your loan(s). With automatic payments, we deduct your loan payments from a designated share draft/checking or share/savings account on or before the due date. As an additional benefit, you may be eligible for an interest rate reduction depending on the terms and type of loan. Please review the details below for information about available discounts, terms, and requirements.
TERMS AND CONDITIONS FOR 0.10% RATE REDUCTION
If the loan is eligible, the interest rate reduction will reduce the amount of interest paid over the life of the loan. This does not reduce the current payment amount, but it may reduce the number of payments or the final payment amount.
This accommodation is solely at the discretion of the credit union and does not alter the terms of your legal obligation, which is set forth in the note. Therefore, the credit union may discontinue the discount and charge the interest rate otherwise in effect under the terms of your loan if the requirements below are not met.
1. Eligible loan will receive a 0.10% discount when the borrower(s) establish an automatic payment from a share draft/checking or share/savings account at the credit union subject to the following:
- The original loan interest rate will be discounted by 0.10% on each month an automatic payment is made.
- Timely automatic payments shall be applied to accrued interest first and the balance to the principal.
- Automatic payments must be implemented on the loan within 60 days of the original loan date.
- Discount may be canceled if one or more of the following occurs:
- There are insufficient funds in the account to make the full payment on the loan timely;
- Member cancels automatic payments on the loan at any time after repayment begins;
- Any loan at The County Federal Credit Union for which the borrower(s) is/are obligated becomes past due (greater than 30 days past the Payment Due Date)
If the automatic payment withdrawal attempt is returned or rejected because of insufficient funds, it will not be resubmitted. The loan(s) will need to be brought current using another payment method in order to resume automatic payments. The County Federal Credit Union reserves the right to cancel automatic payments from your account at any time.
TERMS AND CONDITIONS FOR 0.50% RATE REDUCTION
If the loan is eligible, the interest rate reduction will reduce the amount of interest paid over the life of the loan. This does not reduce the current payment amount, but it may reduce the number of payments or the final payment amount.
1. Eligible loan will receive a 0.50% discount when the borrower(s) establish an automatic payment from a checking account at The County Federal Credit Union to which their direct deposit is electronically sent every month:
- The original loan interest rate will be discounted by 0.50% on each month an automatic payment is made.
- Timely automatic payments shall be applied to accrued interest first and the balance to the principal.
- Automatic payments must be implemented on the loan within 60 days of the original loan date.
- Discount may be canceled if one or more of the following occurs:
- There are insufficient funds in the account to make the full payment on the loan timely;
- Member cancels automatic payments on the loan at any time after repayment begins;
- Any loan at The County Federal Credit Union for which the borrower(s) is/are obligated becomes past due (greater than 30 days past the Payment Due Date)
If you would like to make arrangements for automatic payments of your loan or have questions about how the interest rate reduction will impact an individual loan(s) you can contact us at 1-877-318-3838, Monday through Friday, 8:30 a.m. to 4:30 p.m. Eastern Time.