Saving Services
Your savings are Federally insured up to $250,000 by the National Credit Union Administration (NCUA). We offer single, joint, trust business and organization accounts. We offer full family membership. The Board of Directors declares all dividends based on the earnings of the credit union. We offer a variety of accounts to meet all your financial needs.
Share Savings Account
By opening a Share Savings Account, you establish membership with the credit union. To become a member of the Mohawk Progressive Federal Credit Union, you must open your account with a deposit of at least $5.00. You must maintain this balance to use any other credit union services. Payroll deduction and direct deposit are available. You will receive a statement at least quarterly. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.
Share Draft Account
This is the credit union term for checking. There is no minimum balance requirement. No monthly service charge and no per check fees. For personal accounts, the first 50 checks are FREE. Overdraft privileges are available with limits up to $2,000.00. VISA ATM/Debit cards are available. With a credit union Share Draft Account, you will always have a carbonless copy of each check you write with our duplicate check style. The charge for your checks vary, depending on the style you select. Payroll deduction and direct deposit are available.
Holiday Club
This account is a convenient way to save for those many holiday expenses. You may start a holiday club anytime, but to get a full year of contributions you need to start by the first pay period in October. Checks are automatically sent out as soon after September 30 as possible. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.
Vacation Club
This club is a great way to save for that long awaited vacation. Start it anytime. Withdraw it any time. You decide. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.
Escrow Savings Account
Whether your mortgage is paid or not, this account is for you. Put your tax money in an account that pays a dividend. You make the tax payments from this account. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.
Escrow Tax Account
This escrow account is used for members who are required to escrow their taxes for a home equity loan they have at the credit union. Payments to this account are made from your home equity loan payment. Dividends are calculated on the average daily balance, compounded quarterly and credited on the first day of the next quarter.
Money Market Accounts
The minimum required to open this account is $1,000.00. You must maintain this balance to avoid a service fee. During any month, you may not make more than three withdrawals or transfers. The minimum withdrawal for this account is $250.00, and after the initial deposit of $1,000.00, deposits must be for at least $50.00. Fees will be charged if your account falls below the required minimum. Dividends are calculated on the average daily balance, compounded monthly and credited on the last day of each month.
Term Share (Certificate) Account
By purchasing a Term Share Certificate, you are guaranteed a fixed rate of interest for a specific period of time. Minimum balance of our certificates is $1,000. Our terms are 6, 12, 24, 36 or 48 months. Competitive rates. They are non-renewable, unless otherwise specified. Penalty will apply if redeemed before maturity. Dividends are calculated on the average daily balance, compounded quarterly, paid on the last day of the quarter and/or at maturity.
IRA Share Account – Traditional, Roth or Educational
A deposit in an IRA Share Account allows you to build retirement dollars and defer taxes on the dividends you earn. This account is insured up to $250,000 by the National Credit Union Administration (NCUA). Competitive rates. Contact your tax advisor as to the deductibility of your contribution. Deposits may be made at any time through payroll deduction, direct deposit, by transfer on line, by mail or right at the credit union office. Dividends are calculated on the average daily balance, compounded quarterly and credited the first day of the next quarter.
IRA Term Share(Certificate)Account – Traditional, Roth or Educational
Minimum balance of our IRA Certificates is $1,000. Terms are 12, 24 or 36 months. This account is insured up to $250,000 by the National Credit Union Administration (NCUA). Competitive rates. They are non-renewable, unless otherwise specified. Penalty will apply if redeemed before maturity. Dividends are calculated on the average daily balance, compounded quarterly, paid on the last day of the quarter and/or at maturity. Consult your tax advisor as to the deductibility of your contribution.
Your Federal Share Insurance
Your savings are insured by the National Credit Union Administration (NCUA), an agency of the United States Government, up to $250,000. IRA's are insured for an additional $250,000. A three-member board appointed by the President of the United States governs the National Credit Union Administration. NCUA is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of over 80 million account holders in all federal credit unions and many state chartered credit unions. Check with your credit union to find out how we insure your shares and how you can maximize your coverage.
Loan Services
The Mohawk Progressive Federal Credit Union loans money for a variety of reasons. The policies are established by the Board of Directors, and are subject to continuous review. Loan Officers review loans daily. There is an 11:00 am cutoff for same day approval. Rates fluctuate according to the type of loan, duration, collateral and the prevailing rates at the time of issuance. Some of our loans receive a discount of .25% just for paying the loan with automatic payments. To apply for a loan, you can either stop in, call or go online to complete an application. As always, if you have any questions, contact the credit union at (518) 372-0828 or by email at: mohawkprogfcu@empireone.net.
Personal (Signature) Loans
A personal loan, also known as a signature loan, is a loan for any valid reason. You may want to buy furniture or do some home improvement, pay your taxes, or consolidate your debts. Whatever the reason, you will find our rate of interest competitive. All members are eligible to apply. Check with us about limits, rates and requirements. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
VISA Classic, Classic Secured and Gold
It is everywhere you want to be and we want to be there too! Choose from our Visa Classic Card with limits up to $10,000 or our Visa Gold Card with limits up to $20,000. Our rates are very competitive. No added fees for cash advances. No annual fees. Easy to apply for. Payroll deduction - a plus.
New Automobile, Truck and Motorcycle Loans
Up to 100% financing for up to 72 months is available. Check our new car cost guide and apply for credit approval before you go shopping. You will have better bargaining power. Compare rates. You’ll see at the credit union our rates are highly competitive. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
New Recreational Vehicle
They include boats, motor homes, campers and travel trailers. The credit union will loan up to 100% for up to 180 months depending on the amount being borrowed. Same great rates as our new auto and truck loans. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Used Automobile, Truck and Motorcycle Loans
The credit union loans up to 100% of the NADA retail value for up to 60 months depending on the amount being borrowed. Used vehicles up to 3 model years old will receive the new vehicle rate. Give us a call to value the vehicle you wish to purchase or go to our web site to the Links page to value your vehicle on line. Competitive rates. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Used Recreational Vehicle
Purchase a used boat, motor home, camper or travel trailer and finance it at the credit union. You’ll get the same great rates as our used auto or truck loans. We will finance up to 100% of the NADA retail value for up to 120 months depending on the amount being borrowed. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Untitled New or Used Vehicle
This category of loans will typically include loans for the purpose of purchasing a new or used recreational vehicle that do not have a title issued to them. These vehicles will include 4 wheelers, snowmobiles, jet skis and other untitled vehicles. We will loan you up to 100% of the purchase price for new and up to 100% of the NADA retail value for used with up to 36 months to repay. Competitive rates. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
1st Mortgages
We have joined forces with two different local credit union mortgage corporations to provide you with mortgage loans that offer both competitive rates and convenience. Whether you are looking to purchase a home or refinance, together we can meet your mortgage needs. Give us a call to set up an appointment with one of our mortgage specialists.
Home Equity Loan
The credit union offers both fixed and adjustable rate home equity loans. We loan up to 90% of the available equity for up to 15 years. For loans up to $100,000, you will close at the credit union and only need to pay the mortgage tax. For loans over $100,000, some closing costs may apply. Check with the credit union for all the details.
Home Equity VISA Line of Credit
This home equity loan gives you the same tax advantage as our other home equity loan, and gives you the convenience of a VISA Credit Card to access funds up to your available limit. With this home equity loan, we will loan you up to 80% of the available equity, give you 10 years to draw on it and 15 years to repay. Maximum limit is $150,000. As with our other home equity loan, for loans up to $100,000, you will only pay for the mortgage tax. Check with us about rates and other terms and conditions. We know you’ll be glad you did.
Share Secured
Borrow against the money you have saved or deposited in your accounts. You pay a nominal interest rate and get to keep your savings intact. You can borrow up to 100% of your savings balance and can have up to 120 months to repay. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Partial Share Secured Loan
A partial share secured loan is a loan where you have a minimum of 30% of the loan balance pledged as security for the loan. That amount will be held as collateral until that portion of the loan is paid. The interest rate charged on this type of loan will be the personal loan rate, discounted by 2.5%, with a minimum rate of 5%. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Stock Secured
We loan 75% of the value of any common or preferred stock. We offer a fixed rate up to 5 years. Over 5 years up to 12 years, we offer a variable rate of 1.25% over the prime rate as published in The Wall Street Journal. Stocks must be maintained at the credit union office while there is a balance on your loan.
Holiday Loans
Our Holiday loans have a limit of $2,000 with up to 12 months to repay. Minimum payment is $50.00. Great rate. Holiday loans are only available October through January. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Vacation Loans
Our vacation loans have a limit of $2,500 with up to 12 months to repay. Minimum payment is $50.00. Great rate. Vacation loans are available all year round. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Overdraft Protection
Overdraft protection automatically advances a loan to cover any share draft written in excess of your balance up to your approved limit. Choose from a $300 limit to $2,000 limit. Advances are made in $100 increments. Minimum payment is $50.00 per month. Apply by 11:00 am and the funds will be available on the same day after 1:00 pm.
Monthly Renewable Credit Life Insurance
Affordable life insurance for loan protection in case of a members death. The premium is added to your loan balance monthly, based on the unpaid balance of your loan. The maximum amount of loan balance insurable is $55,000. Ask about qualifications and restrictions.
Monthly Renewable Credit Disability Insurance
This insurance makes your monthly payments in case of an accident or illness. If you are disabled for more than 30 days, then the disability benefit will begin with the 31st day of disability. The premium is added to your loan balance monthly, based on the unpaid balance of your loan. The maximum amount of loan balance insurable is $30,000. Ask about qualifications and restrictions.
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