About the Plan. 

Each extension of credit under the Plan is a separate closed-end (term) loan subject to a fixed interest rate. Offers of credit under the Plan are made to qualifying members through the Credit Union’s Digital Banking Platform, and may be accepted by the member only through the Digital Banking Platform. Qualifying offers will be made only to the primary Account Owner. Joint account holders are not eligible to receive offers of credit under the Plan.

Under the Plan, if a member accepts an offer of credit, the Credit Union will deposit funds into the member’s Deposit Account. Our underwriting guidelines establish the interest rate and loan term (duration) that will apply to each loan made under the Plan. Based on our underwriting guidelines and the Plan, and subject to limitations on the amount and number of credit extensions that may be outstanding under the Plan at any time, qualifying members may be offered one or more opportunities to obtain an extension of credit, and may have one or more loans outstanding under the Plan at any time.

Qualifying plan amount must be greater than $100.00 and less than $3,000.00. Although many purchase transactions and other charges are eligible to receive an offer of credit under the Plan, certain transactions are ineligible to receive an offer under the Plan, including, but not limited to, cash withdrawals, purchases of cash or cash equivalents, or transactions that involve any payment or fee owed to the Credit Union. If a debit card transaction does not qualify under the Plan, even if it is in an amount that falls within the dollar range set forth above, the Credit Union will not extend an offer of credit under the Plan for that transaction. Only debit card transactions or other eligible amounts that result in an offer by the Credit Union under the Plan are eligible to be replenished by an extension of credit under the Plan. The repayment term of a loan under the Plan may vary depending on the total dollar amount of credit that has been extended under the Plan, and not all loan offers are eligible to be repaid over all available terms to maturity.

When a member receives an offer of credit under the Plan, if the qualifying amount is chosen by the member to be replenished by a loan under the Plan, then the interest rate, finance charge, payment schedule, together with other disclosures required by applicable law and the related contract terms, will be disclosed in writing prior to the loan being made. This disclosure is in the form of a Consumer Loan Agreement, Truth-In-Lending Disclosure, and Itemization of Amount Financed (“Agreement”) document (this document). A separate Agreement will be furnished for each loan offered under the Plan. After this information has been provided, if a member agrees to the loan by executing the Agreement, then the proceeds of the loan are deposited into the member’s deposit account with the Credit Union. At that time, the member is obligated to repay the loan according to the terms of the applicable Agreement.