B. E. T. FEDERAL CREDIT UNION
P.O. BOX 474
BRONXVILLE, N.Y. 10708

FACT SHEET - SEPTEMBER 1, 2008

TREASURER/MANAGER:   Bill Turner
PHONE NUMBER: (914) 963-1554
MAILING ADDRESS: P.O. Box 474
Bronxville, N.Y. 10708		 OFFICE HOURS: By appointment
ANSWERING SERVICE:
Calls returned after 5 p.m.
Monday - Friday

LOAN POLICIES:                     [ Notice:  Change of address must be submitted in writing ! ]

A: HOME EQUITY LOANS:
 
 
B: EQUITY LINE OF CREDIT
Maximum loan is $60,000 with a fixed rate of 6.49% (APR) for a 10 year loan. A percentage of our assets are allocated to these loans, therefore, please call the office to determine whether funds are available. There are NO POINTS BUT THERE ARE CLOSING FEES. Call the office for a breakdown.
Contact credit union directly for additional information.
C. NEW CAR LOANS: Maximum loan is 100% of the  cost of the car. Rates are: 36 months=4.9%<apr>, 48 months=5.5%<apr>, and 60 months=5.9%<apr>.
D. USED CAR LOANS: Maximum loan is 100% of the cost of the used car. Same rates as new car loans. 
E. LEASE BUY-OUTS/LOAN : Same rates as New Car Loan rates.
F. SHARE SECURED LOAN: Shares pledged to collateralize 100% of the loan for the life of the loan, APR 1.50% above current dividend rate. 
G. UNSECURED LOAN: Maximum loan on your signature is $10,000; $15,000 with a co-signer depending upon length of employment. Breakdown as follows:

less than 2 years employment .............................................................Maximum = $ 2,000
2 - 5 years employment .......................................................................Maximum = $ 4,000
5 - 10 years employment......................................................................Maximum = $ 6,000
10 years + ..........................................................................................Maximum = $10,000

If the maker does not qualify for the amount requested, the co-signer must. For example, a person on the job 3 years qualifies for $4,000 but wants $6,000; the co-signer must be employed more than 5 years.

A.P.R. (Annual Percentage Rate) DEPENDS ON THE BALANCE ON DEPOSIT WITH THE CREDIT UNION. Those borrowers with less than $2,500 in savings pay 10.5% APR while those borrowers with more than $2,500 in savings pay 8.9% APR.

H. EDUCATION LOAN: 7.9% <APR>Same maximum as unsecured loans. Check must be payable to the school.
I. DEBT CONSOLIDATION: 7.9% <APR>Same maximum as unsecured loan. Check must be payable to creditor.
J. BRIDGE LOANS: A member may request a short term bridge loan for real estate purchases. The maximum is $60,000 subject to board approval and the availability of funds.

IN ORDER TO APPLY FOR ANY LOAN, MEMBERS MUST HAVE AT LEAST $200 ON DEPOSIT IN THE CREDIT UNION.

DIVIDEND POLICY:

It has been the philosophy of the BET Federal Credit Union to pay the highest dividends possible at all times to the membership after operating expenses have been met as well as the mandatory reserve requirements established by the federal government. The credit union declares semi-annual dividends and they are tiered to reward the members who use the credit union for continued savings.
$ Breakdown 06/30/2008 12/31/2007
$200 - 999.99 3.0%<APR>  3.03% (APY) 3.25%<APR>  3.28% (APY)
$1,000 - 2,499.99 3.25%<APR>  3.28% (APY) 3.50%<APR>  3.53% (APY)
$2,500 PLUS 4.5%<APR>  3.53% (APY) 3.75%<APR>  3.78% (APY)

HOW TO ACCESS:

  TO MAKE DEPOSITS:
A. Payroll deductions are available in all the school districts but all arrangements must be made through the credit union.
B. If you are retired or want to send in a check through the mail, please make the check payable to the BET FCU and write on the back FOR DEPOSIT ONLY BET FCU.
  TO MAKE WITHDRAWALS:
A. Call the credit union office and leave a message with your name, account number and social security number. A check will be mailed home.
B. Send a letter to the credit union office and a check will be sent to you at home or any other location you request.
  TO CHANGE/IMPLEMENT PAYROLL DEDUCTIONS:
  Call the credit union office or contact your school's representative for the deduction form. All forms must be mailed to the credit union office.

MISCELLANEOUS:

1. Savings are insured by the National Credit Union Share Insurance Fund up to $100,000 per member.
2. The credit union offers life insurance of up to $2,000 on savings accounts. All loans (except home equity loans) have loan protection insurance which pays off a loan in the case of the borrower's death.

CREDIT UNION REPRESENTATIVES:

Bronxville: Diane Murphy, Kay Fleming,
Eastchester: Ann Marie Morris, Ann Marie Smith
Greenburgh: Elizabeth Cherico
Tuckahoe: Jane Klein, Sandy Garufi