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Rates

chartsSHARE ACCOUNT DIVIDEND RATES:

AMOUNT:  APY:
$0.01 - $2,500.99 0.05%
$2,501.00 - 10,000.99 0.15%
$10,001.00 - 20,000.99 0.30%
$20,001.00 and > 0.60%

These rates effective January 1, 2010

SHARE CERTIFICATES OF DEPOSIT:
$5000 minimum deposit      12 month term   1.50% APY

LOAN RATES:

Rates will be dependent upon the member's qualifications based on the Credit Union's credit scoring system. 

LOANLINER Addendum

 INSTRUCTIONS      This addendum is incorporated into and becomes a part of your LOANLINER Credit Agreement.  Please keep this attached to your LOANLINER Credit Agreement.

 The ANNUAL PERCENTAGE RATES, corresponding daily periodic rates and amount and due date of payments for each loan sub-account are shown below.  If there is no payment schedule, the amount and due date of payments will be determined at the time of each advance and disclosed on the Advance Request Voucher.  Other charges that may be imposed are also shown below (i.e., late charges, filing fees, collection costs).

LOAN TYPE::

SECURED                             Borrower Category: Annual Percentage Rate:                   Daily Periodic Rate:

Collateral is Given                      *Lowest Rate
Loan amount is 100% of Retail Value
plus Sales Tax, Licensing & GAP                                                                       

Term of 0-48 months                    **Tier A                                  5.25%                 .014383                        
Term of 49-60 months                                                               5.50%                 .150684                        
Term of 61-72 months                                                               5.75%                 .015753                        

Term of 0-48 months                    **Tier B                                 6.25%                  .017123
Term of 49-60 months                                                               6.50%                  .017808                            Term of 61-72 months                                                               6.75%                  .018493                           

Term of 0-48 months                        Tier C                                7.25%                  .019863
Term of 49-60 months                                                               7.50%                  .020547
Term of 61-72 months                                                               7.75%                  .021232

Term of 0-48 months                        Tier D                                 10.00%                 .027397
Term of 49-60 months                                                                10.25%                 .028082
Term of 61-72 months                                                                10.50%                 .028767

 **MATCH RATE PROGRAM:

SODES FCU staff can match an interest rate on a new secured loan when the member qualifies for A or B tier and proves they can obtain a lower rate through another financial institution.
 *Lowest rate assumes maximum discounts applies
     .25% for having an active checking account with direct deposit
     .25% Payroll deduction or automatic payments set up

 SHARE PLEDGE                                                                      

Term = 0 - 72 months                                                                 5.00 %                                     .013699
Maximum Loan Amount is $50,000

 UNSECURED LOANS
 

Term = 0 - 36 months                       Tier A                     10.00%                                  .027397
Maximum Loan Amount                    Tier B                     12.00%                                  .032876
is lesser of $10,000 or                       Tier C                     15.00%                                  .041095
2 times monthly gross income           Tier D                     18.00%                                  .049315         

 

OVERDRAFT PREVENTION TERMS::                  LOAN BALANCE    

Disbursed as needed to until limit is reached            $     1  -   500                   $25.00
Maximum Loan Amount is $1,000.00                       $ 501 - 1,000                   $50.00

              The Overdraft prevent loan rate is         18.00%                                 .049315

Your minimum payment is calculated after each advance.  The amount and due date of your payment will be established at the time of each advance and will be disclosed on the voucher accompanying the advance.  However, your minimum payment will never be less than $25.00 monthly.

 OTHER CHARGES:
You will be charged a $25.00 fee at the time of a new loan application.

If you elect member pay credit disability insurance, and/or single or joint credit life, the premiums will be added monthly to your loan.

 Any loan payment more than 10 days past due will be charged a $20.00 late fee.

Collection Costs:  You agree to pay all costs of collecting the amount you owe under this agreement to the extent permitted by state law.

You will be charged $20.00 service fee to skip one payment. You may not skip payments more than two times in a twelve month period. A completed Subsequent Action Form will need to be completed for approval.   

MATCH RATE PROGRAM:

Members in good standing rated Tier A or B qualify for this benefit.  SODES Federal Credit Union staff can match an interest rate on a new secured loan when the member proves they can obtain a lower rate through another financial institution.

carAre you planning on purchasing a vehicle?  Use NADA's website to find the retail value of the vehicle to make sure you are getting a fair price.  Click on the car to enter NADA's website.
 
 
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For Customer Service, contact us at 605-626-2330 or SODESFCU@state.sd.us
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