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High Yield Checking

High Yield Checking is an interest earning checking account eligible for up to 5% APY interest on the average daily balance in the checking account up to $5000 (five thousand dollars) and 0.3% on balances over $5000. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. High Yield Checking will earn up to 5% APY interest and is eligible for up to $10 (ten dollars) in ATM surcharge rebates per statement cycle subject to the following: 1) $1,000 (one thousand dollars) monthly minimum direct deposit, 2) eStatements, and 3) 15 debit card Point of Sale (PIN and Signature based) posted debit transactions using the Farmers Insurance Federal Credit Union debit card. Posted debit transactions count toward monthly minimums. Interest earned will be credited to the account at the end of the statement period. Additional restrictions apply: I must be a Member in good standing with a valid email address on file with the Credit Union and qualifying debit transactions must post and clear the account during the monthly qualification cycle. Should the account not qualify for ATM surcharge rebates and/or the 5% APY interest, and for balances in excess of $5000, the account will earn 0.30% APY (thirty basis points) on the checking account balance. Transactions may take one or more business days from the transaction date to post to the account. At the time of the statement cycle date you will verify the combined products and services used since the previous cycle date to determine the qualification for the 5% interest and the eligibility for the ATM surcharge rebate. In the event that my monthly $1,000 ACH direct deposit credit does no come in for a 60 day period, the loan discount and the rate bump-up on the certificate will be discontinued. Current interest rates and the annual percentage yield may be found at the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned, ATM surcharge rebate amounts and qualifying dollar amounts for interest earned are subject to change at any time. APYs, ATM surcharge rebate amounts and eligibility criteria are subject to change at any time. Fees may reduce earnings.

 

Auto Loans

APR=Annual Percentage Rates. Rates shown are our preferred rates based on credit worthiness and a 1.00% Direct Deposit/Folio Direct Deposit and Automatic Payment/Folio Deduction discount, if applicable, and a 0.25% discount when you purchase through the Car Shopping Service. Financing available up to 130% of the Purchase Price, including tax, license, warranties and negative equity on a trade for qualified borrowers. Please speak with a Loan Representative for complete details and qualifying criteria. Rates and terms are subject to credit approval, are subject to change at any time and without notice. All values are determined by the Credit Union using either vehicle cost or Kelly Blue Book/NADA, whichever is lower. Other rates and terms are available.

 

Money Market

APY = Annual Percentage Yield. Fees could reduce the earnings on an account. Direct Deposit (DDEP) Bonus For Money Market accounts: Money Market account holders can get an additional 0.25% if they have DDEP in the amount of $1,000.00 or more monthly. (Members paid bi-monthly can have DDEP deposits of $500 each to reach the $1,000 monthly minimum). Rate bonus will be applied upfront after account opening and subject to the APY calculations for Money Market accounts. If a qualifying DDEP cannot be verified for Money Market accounts while the account is active, the first succeeding DDEP must be received within a maximum of 60 days from the date that the promotional account is opened. If a member has direct deposit under a different account number than the account that is being used to open the new Money Market account, he/she can still qualify for the 0.25% bonus. If DDEP has not been received within the 60 day timeline the rate will be reduced by 0.25% and future earnings will be at the reduced rate. DDEP must be maintained for this bonus, and the bonus can be forfeited if DDEP is cancelled or falls below qualifying threshold.

 

Certificates

APY = Annual Percentage Yield. Rates current as of Dec 19, 2018. All rates except certificate rates are subject to change retroactively to the beginning of the month, as determined at the monthly Board of Directors meeting. Certificate rates subject to change at any time and are subject to substantial penalties for early withdrawal. Extra bonus rates apply only to certificate accounts.

Direct Deposit (DDEP) Bonus For Share Certificates & IRA Certificates: Certificate account holders can get an additional 0.25% if they have DDEP in the amount of $1,000.00 or more monthly. (Members paid bi-monthly can have DDEP deposits of $500 each to reach the $1,000 monthly minimum). Rate bonus will be applied upfront after account opening. If a qualifying DDEP cannot be verified at time of account opening, the first succeeding DDEP must be received within a maximum of 60 days from the date that the promotional account is opened. If a member has direct deposit under a different account number than the account that is being used to open the new certificate, he/she can still qualify for the 0.25% bonus. If DDEP has not been received within the 60-day timeline the bonus will be forfeited, the rate will be reduced by 0.25%, and future earnings will be at the reduced rate. DDEP must be maintained for this bonus, and the bonus can be forfeited if DDEP is cancelled or falls below qualifying threshold during the term of the certificate. There will be no Rate Bonus on current certificates, however bonus can be added at time of renewal and during the grace period.

The maximum bonus of 0.50% is inclusive of any of the three promotional bonuses: 0.25% for DDEP, 0.01% for every year starting at age 61 up to 75 years (max of 0.15%), and deposits over $100,000 earn an additional 0.15%. After all bonuses have been applied, the combined total of extra basis points cannot exceed 0.50%. Rates and terms subject to change at any time.

Share accounts are federally insured to $250,000, retirement accounts up to $250,000, by the NCUA, National Credit Union Administration, a federal government agency.

 

Home Equity

APR = annual percentage rate. Rates include discounts for Direct Deposit into a Farmers Insurance Federal Credit Union Checking Account and Automatic Payment/Folio Deduction. Rates are subject to change at anytime.

Rainy Day Savings

Rainy Day Savings is an interest earning savings account eligible for 3% APR interest on balances up to $2,000 and the standard Membership Savings rate on balances over $2,000 when funded via recurring ACH deposit or other qualifying external funds. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. Interest earned will be credited to the account at the end of the statement period. This account is limited to two withdrawals per calendar year, each withdrawal in excess of this amount will incur a $20 excessive withdrawal fee that must be paid at the time of the withdrawal. This account does not qualify for withdrawal access via debit or check and does not support transactions originating via VRU, online banking, mobile banking, or ATMs. Withdrawals can be made in person at a Credit Union branch or by calling us at 800.877.2345. This account does not qualify for overdraft protection. Account holder must be a member with a regular share account who is in good standing. Current interest rates and the annual percentage yield may be found at the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned and qualifying dollar amounts for interest earned are subject to change at any time. APRs and eligibility criteria are subject to change at any time. Fees may reduce earnings.

Lucky Savings

Lucky Savings is an interest earning prize-linked savings account that offers the chance to win a monthly monetary bonus in addition to earning regular interest at the standard Membership Savings rate when funded via recurring ACH deposit or other qualifying external funds. One entry will be given to each qualifying Lucky Savings account for every increment of $25 deposited during the drawing period ($50 total deposit receives two entries, $75 total deposit receives three entries, etc). Members with multiple accounts may receive entries for each account held. Winners will be drawn at random within three business days of the close of the drawing period. One winner will be randomly selected from amongst a pool of eligible accounts to receive a one-time $1,000 bonus. Winner will be notified via phone and email (where available) by the fifth business day after the drawing period. The bonus will be applied to the winning account’s Tax Reported Owner’s primary membership savings account within 10 business days of drawing. Once a bonus is applied to the winning member’s primary savings account a management hold will be placed on the winning Lucky Savings account’s balance at the time of the drawing. This hold will remain in effect for a period not to exceed 12 months. Should the winning member wish to close their Lucky Savings account during this hold period the $1,000 bonus will be forfeited and will be deducted from the balance paid on the Lucky Savings account. The drawing period is defined as one calendar month. Farmers Insurance Federal Credit Union reserves the right to publish the winning member’s first name, last initial, and state of residency on its website (figfcu.org), social media channels, and marketing materials including but not restricted to email, direct mail, brochures, and annual report. Employees and family members are not eligible to win the bonus. Eligibility subject to: the winning Lucky Savings account must have a person listed as the Tax Reported Owner (TRO) – those accounts with an Organization as the TRO are not eligible to win, TRO member must be at least 18 years old at the start of the drawing period, TRO member’s primary address must reflect residency in a participating state (AL, AZ, AR, CA, CT, DE, IL, IN, KS, KY, LA, ME, MD, MA, MI, MN, MO, MT, NE, NJ, NY, NC, OR, RI, SC, TX, VA, WA, WI), the Lucky Savings and the primary membership savings account must maintain an active status throughout the duration of the drawing period, the primary membership savings must have an active status at the time of the bonus posting, the Lucky Savings account must have received a minimum of $25 in aggregate deposits during the drawing period, TRO member may not have previously won the Lucky Savings bonus within the previous 12 months. Dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the Dividend period. Interest earned will be credited to the account at the end of the statement period. This account is limited to two withdrawals per calendar year, each withdrawal in excess of this amount will incur a $20 excessive withdrawal fee that must be paid at the time of the withdrawal. This account does not qualify for withdrawal access via debit or check and does not support transactions originating via VRU, online banking, mobile banking, or ATMs. Withdrawals can be made in person at a Credit Union branch or by calling us at 800.877.2345. This account does not qualify for overdraft protection. TRO account holder must be a member with a regular share account who is in good standing. Current interest rates and the annual percentage yield may be found at the Credit Union’s website, may be verified at a Credit Union Branch or by calling 800.877.2345. Interest rates earned and qualifying dollar amounts for interest earned are subject to change at any time. APRs and eligibility criteria are subject to change at any time. Bonus is considered interest and will be reported to the IRS.

 

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National Credit Union Administration

This Credit Union is federally insured by the National Credit Union Administration. This Credit Union is an Equal Housing Lender, we make loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

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© 2019 Farmers Insurance Group Federal Credit Union.

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