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Information
HCTA Federal Credit Union
3454 Ellicott Center Drive
Ellicott City, MDland 21043
410-461-2257
Fax: 410-461-4691
www.info@hctafcu.org
Office hours: Monday thru Friday, 9 a.m. - 5
p.m.
Membership
- The membership is open to all full-time and regular part-time
employees of the Howard County Public School System and educational
affiliates. Family members and retirees are eligible for savings,
as well as loan services, if credit worthy.
-
A $5.00 minimum deposit is required to join the Credit Union.
Shares, CDs and IRAs
- Share dividends are paid quarterly, statements are sent quarterly,
and shares are insured up to $100,000 per account by the National
Credit Union Administration.
- CD's and IRA's are available rates and terms are reviewed
monthly.
Eligibility for Loans
- There is no minimum employment requirement to apply for a
loan. We calculate Debt/Income ratio, and pull a credit report
with other companies to determine eligibility.
-
Loans for family members must be cosigned by the Howard County
School System employee under whose patronage membership was obtained.
Types of Loans
- Pledge of Shares Loan - This type of loan may
be obtained by any member up to the amount of their shares on
deposit.
- Collateral Loan - The Credit Union may finance up
to 100% of the purchase price of a new or used vehicle, depending
on value. Maximum $45,000 total loans per member.
- Unsecured Loan - Signature loans may be obtained from
$1000 up to $6000 for any worthwhile purpose. Loans in excess
of $6000 require a cosigner and a clear vehicle title as collateral.
Loan Conditions
- Repayment of loans is made by the payroll deduction plan
of the Howard County Public School System and educational affiliates.
- Size of the loan is determined by the member's ability to
repay.
- The total indebtedness of all loans, including co-maker loans,
cannot exceed $45,000 per member (Pledge of Shares loans are
not included).
- Signature and co-maker loans must be two-thirds (2/3) paid
before applying for renewal of the loan; the total of all signature
loans cannot exceed $6000.
- All loan applications are subject to a credit check ($5.00
fee) and Credit Committee review.
All members of the credit union must have a
required amount of 10% (for unsecured loans) of the original loan amount
maintained in their shares until the loan is paid.
Members may save with the credit union through
payroll deduction. |
