*All rates are listed as ANNUAL PERCENTAGE RATE (APR). Certain credit criteria and restrictions apply. On consumer loans, the lowest rate is based on your credit history, loan terms, and relationship product discounts (up to 2 products with the credit union). As low as rate is based on lowest available term. Credit card rates will vary with the market based on the Prime Rate as published in the Wall Street Journal and my increase. The credit card APR is determined by adding a margin to the Prime Rate (see your credit card agreement for additional information). Credit card changes require 45 days advance notice. Texas Bay Credit Union is an Equal Housing and Equal Credit Opportunity Lender. The above rates are subject to change without notice. For current rates and more information, please call the credit union at 713-852-6700.
Collection Costs: You promise to pay all costs of collecting the amount you owe under this agreement including court costs and reasonable attorney fees.
Late Charges: A late charge of 15% of the payment due, up to a maximum of $30 each time, if the payment is delinquent 10 or more calendar days.
Minimum Payment: For Line of Credit advances, your monthly payment will be $5 for each $100 outstanding balances (rounded up to nearest $100 increment). Your minimum payment will never be less than $25. For Automatic Overdraft Protection, your monthly will be $5 for each $100 outstanding balance or the entire outstanding balance, whichever is less. LOC rates adjust quarterly. The rate cannot increase or decrease more than 1/2% in any three month period. Any increase or decrease in the APR will affect the number of monthly payments you will make under the account. Any increase in the APR will result in more payments of the same amount until what you owe has been repaid.
Minimum Advance: For Line of Credit advances, the Minimum Advance is $50 for each advance. There is no minimum fee for Automatic Overdraft Protection advances.
¹Loan amount cannot exceed 80% of the collateral value, less outstanding liens. Generally (except for Title Policy and Appraisal costs), closing costs will be paid by the Credit Union; however, in some instances, certain other costs will be paid by the member.
**Share / Money Market Secured (Variable): THE ANNUAL PERCENTAGE RATE (APR) WILL BE THE MOST RECENTLY DECLARED DIVIDEND RATE BEING PAID ON THE HIGHEST TIERED SHARE/MONEY MARKET ACCOUNT (INDEX) ON THE DATE OF THE ADVANCE PLUS A MARGIN OF 3.00% ABOVE THE INDEX. NOT WITHSTANDING THIS CALCULATION, YOUR ANNUAL PERCENTAGE RATE WILL NEVER BE MORE THAN 18.00%, OR THE MAXIMUM RATE PERMITTED BY LAW, WHICHEVER IS LESS. YOUR ANNUAL PERCENTAGE RATE WILL NEVER BE LESS THAN 3.00%. IF THERE IS AN EXISTING BALANCE AT THE DATE OF A NEW ADVANCE, THE NEW ADVANCE WILL BE ADDED TO THE EXISTING BALANCE, AND THE ENTIRE BALANCE WILL BE AT THE NEW (MOST RECENT) APR. INTEREST RATES ARE SUBJECT TO CHANGE SEMI-ANNUALLY JANUARY 1 & JULY 1 OF EACH YEAR TO REFLECT ANY CHANGE IN THE INDEX. THE RATE CANNOT INCREASE OR DECREASE MORE THAN 1/2% IN ANY SIX MONTH PERIOD. ANY INCREASE IN THE APR WILL RESULT IN MORE PAYMENTS OF THE SAME AMOUNT UNTIL WHAT YOU OWE HAS BEEN REPAID.
***Variable Rate Certificate (CD) Secured: THE ANNUAL PERCENTAGE RATE (APR) FOR ADVANCES BY SHARE CERTIFICATE OF DEPOSIT (CD) WILL BE EQUAL TO THE DIVIDEND RATE BEING PAID ON THE CD OFFERED AS SECURITY (INDEX) PLUS A MARGIN OF 3.00%. NOT WITHSTANDING THIS CALCULATION, THE APR WILL NEVER BE MORE THAN 18.00%, OR THE MAXIMUM RATE PERMITTED BY LAW, WHICHEVER IS LESS. THE APR WILL NEVER BE LESS THAN 3.00%. THE CD MUST BE CONTINUOUSLY RENEWED UNTIL THE ADVANCE HAS BEEN COMPLETELY REPAID. WHEN THE CERTIFICATE IS RENEWED, THE APR WILL BE ADJUSTED TO REFLECT THE NEW INDEX PLUS 3.00% MARGIN. FAILURE TO RENEW WILL RESULT IN DEFAULT UNDER THIS PLAN. ANY INCREASE OR DECREASE IN THE APR WILL AFFECT THE NUMBER OF MONTHLY PAYMENTS YOU WILL MAKE UNDER THE ACCOUNT. ANY INCREASE IN THE APR WILL RESULT IN MORE PAYMENTS OF THE SAME AMOUNT UNTIL WHAT YOU OWE HAS BEEN REPAID. THE APR AND DAILY PERIODIC RATE (DPR) WILL BE DISCLOSED ON THE RECEIPT (DISBURSEMENT RECEIPT/VOUCHER) AT THE TIME OF THE ADVANCE.