HOW TO LOWER YOUR INTEREST RATE

Any member of Tyler City Employees Credit Union may initiate a written request to the Board of Directors for an annual rate review on a loan.  In order for the member to make the request, the following criteria must be met:

1.      The loan must be one (1) year or older.

2.      All payments must be current loans with the Tyler City Employees Credit Union.

3.      All payments must have been made on time on all current loans with the Tyler City Employees Credit Union.

4.      There have been no extensions granted on any current loan with the Tyler City Employees Credit Union.

5.      The member must have consistently raised his/her credit score beginning from the date the loan was approved (and since last rate review if this is a subsequent request).

6.      The member submits the request within 10 working days of the anniversary of the date the loan was approved.

Any member's loan that has a vehicle(s) listed as collateral must provide current proof of insurance on that vehicle(s) to the Tyler City Employee' Credit Union Manager or Loan Officer at the time of the request for a rate review.

The written member initiated request must be submitted to the Board of Directors for the board's consideration.  The board with a quorum present will, by majority vote, either agree to reduce the rate or deny the request.  If the board grants the rate reduction, the reduction shall be based on the difference in the rate from the next risk based level divided by the term of the loan.  The new rate will be effective on a date set by the board.

This policy is effective on February 22, 2008, and will be considered for any loan granted on or after this date.  This means that a member will not be able to request a rate review until February 22, 2009 or later.  However, the member can use this year to make sure the above requirements are met.  If you have any questions, please contact us at (903) 592-8012 or at tylercecu@swbell.net.