Transcript Coastal Financial Tips and Tricks

Spring 2010
 Full Deferment
 Grace Period
 Capitalization of Interest
 Variable Rate
 Automated Payment Reduction
 Graduated Repayment
 e-Statements
 Up to Date Contact Information
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Automatic monthly transfers from a Coastal Federal Credit Union savings or checking account
Automatic Debit or Bill Pay monthly from other financial institution
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Routing Number/ABA#: 253175494
Telephone Banking System – AMIE 1-800-868-4262, option 1 (allows you to transfer from a Coastal
savings or checking account by phone)
Transaction Center payments using a Visa or MasterCard, debit or credit card by calling our 24 hour
member service line at 1-800-868-4262, option 2 ($15.00 fee per payment)
Transaction Center payments using a check by phone by calling our 24 hour member service line at 1800-868-4262, option 2 ($15.00 fee per payment)
Wire Transfer ($10.00 incoming wire fee)
Wiring instructions: Coastal Federal Credit Union, Raleigh, NC, ABA#253175494, your name, your account
number
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Mail a payment using the coupon provided on your monthly electronic or paper statement to:
Coastal Federal Credit Union
Payments / Deposits
P O Box 58300
Raleigh NC 27658-8300
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Make a payment in any branch office location or at a credit union service center – locations can be
found on www.Coastal24.com by using the Locations search
On-line Banking at www.Coastal24.com – Transfers tab (allows transfers from Coastal Federal or from
another financial institutions)
International Money Order
Western Union Student Loan Payment Option
Interest
InterestRate
Rate
Balance
Balance
Payment
Payment
Term
Term
Interest
InterestPaid
Paid
Savings
Savings
Payback
Payback
Paybackby
by
byTerms
Terms
Terms
8.25%
8.25%
$50,000
$50,000
$400
$400
25
25years
years
$68,000
$68,000
Min
Min pymt
pymt ++ $50
$50
8.25%
8.25%
$50,000
$50,000
$450
$450
17.5
17.5years
years
$45,000
$45,000
$23,000
$23,000
Min pymt + $100
8.25%
$50,000
$500
14 years
$35,000
$33,000
Interest
Interest Rate
Rate
Balance
Balance
Payment
Payment
Term
Term
Payback
Payback
Paybackby
by
byTerms
Terms
Terms
9.25%
9.25%
$50,000
$50,000
$400
$400
42
42years
years
$108,000
$108,000
$40,000
Min
Min pymt
pymt ++ $50
$50
9.25%
9.25%
$50,000
$50,000
$450
$450
21
21years
years
$64,000
$64,000
$44,000
Min pymt + $100
9.25%
$50,000
$500
16 years
$46,000
$62,000
Interest
InterestPaid
Paid Interest
Savings
Increase
 What Is a Credit Report?
How A Score Breaks Down
 What Is Reported in a Credit Report?
Types of
Credit In
Use, 10%
 What Are My Rights?
 How Long Does Information Stay on the
New Credit,
10%
Payment
History, 35%
Credit Report?
Credit
History, 15%
 How Can I Obtain a Copy of My Report?
 How Can I Dispute Information?
 What Is My Credit Score?
 How Can I Improve My Credit Score?
Amount
Owed, 30%
 Open a checking and savings account
 Apply for a loan that has collateral
 Obtain a co-signer
 Apply for a secured credit card
 Use your savings account as collateral
 Open a charge account at a local
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department store
Don’t apply for credit too often
Make a larger down payment than
required
Avoid trying to establish credit
through a rent-to-own company
Prepare to pay a higher interest rate
Consider payroll deducted loans or
automatic bank drafts
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Is the rate fixed or variable?
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Does my payment amount change if the variable rate fluctuates?
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The rate is variable and can change the 1st day of each year. It is based on the highest Prime Rate
as stated in the Wall Street Journal (index) plus a margin of 5.00% to the value of the index. We
will use the index value available to us as of 10 days before the date of any APR adjustment.
No, the payment remains constant. An increase in the rate will result in more payments of the
same amount until what you owe has been repaid.
Why does the amount of interest I pay vary from month to month and how do I
determine my daily interest or per diem charge?
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Interest accrues on a daily basis on your loan. Factors such as: the number of days between your
last payment, the interest rate, and the amount of your loan balance, determine the amount of
interest that accrues each month.
APR
Days in a Year
Daily Interest Accrued = Daily Interest Rate X Current Balance
Monthly Interest Owed = Daily Interest Accured X Days in Current Month
Daily Interest Rate =
8.25%
365
$13.959 = 0.022603% X $61,756
$418.76 = $13.959 X 30
0.022603% =
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How do I qualify for the 0.125% discount off my loan rate?
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Can one prepay any amount at any time without any fees, etc?
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Once your grace period is over and repayment begins, if you opt to have your payment transferred
from a Coastal Federal savings or checking account automatically, we will reduce your rate by
0.125%. Automatic drafts/payments from other financial institutions do not qualify for the
discount.
You can make early payments any time – there is no prepayment penalty. The loan is simple
interest and your payment satisfies the accrued interest first, then the remainder goes towards
principal. If you pay more than the minimum when making your normally scheduled payment, the
extra (anything over and above the accrued interest) automatically goes to principal. There is no
early payoff fee.
If I make more than one payment at the time, is a payment still required every month?
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You can make as many payments at one time as you would like, however, the loan due date will not
advance more than three months, regardless of the number of payments made in excess of three.
Please keep in mind ,the interest continues to accrue from the date of last payment until you make
your next payment.