General Membership
This type of account features a 14 year old and an 18 year old.
What is a youth account?
What is $1000?
The number of paystubs an applicant must provide to verify their income.
What is one?
This type of business structure is where a single individual owns and operates the business, with no legal distinction between owner and business.
What is a sole proprietorship?
The lending program in which you perform a home equity loan closing.
What is Blend SAW?
This warning is found at the bottom of a credit report, which typically requires you to call a specific phone number to verify identity.
What is a fraud warning?
This type of applicant is someone who has zero credit history.
What is Path 6?
This value includes the requested loan amount and all extra add-ons, divided by the value of the vehicle.
What is OTDLTV?
A trust that gives you the ability to change the terms of the trust or to revoke the trust entirely at any time.
What is a revocable trust?
This is the minimum amount allowed for a home equity loan or line of credit.
What is $12,000?
This type of share is required to be on every type of account.
What is primary savings?
The highest interest rate members can get when getting a MACU credit card.
What is 18%?
This feature of GAP provides the member with $3,000 to go towards a new vehicle.
What is GAP Advantage?
This is when a business account can avoid the $5 monthly fee for a Business Essentials Checking share.
What is when they receive electronic statements?
The three business days members have to cancel a home equity loan without penalty.
What is the rescission period?
This requires all financial institutions to form a reasonable belief it knows the true identity of each member by obtaining certain information before account opening.
What is CIP?
This type of MACU credit card features the lowest APR of the three credit card types.
What is Platinum?
When finding comparable value, you take this amount from the average of 3 different collateral values.
What is 80%?
This is the age in which the IRS requires a minimum distribution from an IRA.
What is 73?
The max term length for a mini-mortgage loan.
What is 15 years?
These rules provide authorization to use credit reports for certain purposes.
What is permissible purpose?
The minimum number of hours a member must be actively employed to qualify for Loan Relief Involuntary Unemployment.
What is 25 hours or more per week?
The max LTV that will be accepted for rebuilt/restored auto loans.
What is 60%?
What is the minimum cash down percentage typically required for a business collateral loan?
What is 30%?
When closing a home equity loan, this document must be notarized.
What is a Deed of Trust?