How to Join
Our Credit Union is a non-profit organization, which is owned, and operated by its members, who elect a Board of Directors annually. As a member of Cambridge Teachers Federal Credit Union, you have a say in how you receive financial services.

Net Income is distributed to the membership in the form of dividends. Historically, the Credit Union's Dividend Rates are paid well above current market rates for similar products. In addition, our Loan Rates are normally below market rates for similar products.

Membership is the heart of the Credit Union. You are eligible to join our family if you belong to the following group:

All permanent or provisional employees and family members of the
Cambridge School Department.

A minimum deposit of $25.00 and a completed membership card are required to join. Call our office at 617.492.3212, and we will be happy to send out a new member packet.

MARS
M.A.R.S. 24-Hour Members Audio Response System.
617.492.5603 or 617.492.3670

M.A.R.S. is our 24-Hour Members Audio Response System that can access your account, give balances, check clearing information and withdrawal requests. Everything you need to know about M.A.R.S. is listed below.

Getting Started
Transaction Codes
Helpful Hints

Home Financial Services

HFS is our  24- Hour computer access to your account.

Regular Shares (Savings)
A regular share account is a traditional savings account that is required to utilize any of our services i.e. Share drafts accounts, certificates of deposit, loan, etc.) The opening minimum deposit is $25.00 and a completed membership application is all you need. Full account disclosures are available upon request. Interest is declared and paid quarterly on the average daily balance.

Certificates of Deposit (CD)
CDs are the safest way to earn a premium rate on your savings. A minimum deposit of $1,000 with terms ranging from six months to five years. Full account disclosures are available upon request. Please call the office for more details.

Share Draft Accounts (Checking)
Checking accounts at the credit union have become a hot item!
Check us out:

• Dividends Pay Monthly on the Average Balance
• No Minimum Balance Requirement
• No Per Check Fees
• Debit Card 
• Over Draft line of Credit available to any member who qualifies.
  
• Member of the "SUM" Program
• 24-Hour History Access through M.A.R.S.
• Have Part of All of your Payroll Direct Deposited.
• Monthly Service Charge of $6.50 (waived with direct deposit of your net pay or maintaining a balance of $1,500)

Holiday & Vacation Club Accounts
The Credit Union offers both a Holidays and Vacation Club to those interested members. The Vacation Club traditionally matures on July 1st. However, you can determine the maturity if you chose to do so. Our Holiday Club matures November 15th. There are no limitations on periodic payment amounts, or start dates. Call the office to start a Club Account today.

IRA Savings
IRA Savings Accounts helps build retirement security. There is no minimum balance requirement. Deposit amounts are limited to current Internal Revenue Service Regulations.

Shared Secured
A share secured loan is secured by a member pledging Credit Union shares or share certificate as collateral. Share secured loans are just 3% above the stated rate. All account owners are required to sign all loan documents.

New Auto Loan
A new auto loan is secured entirely by the vehicles. A new vehicle is defined as a vehicle that has never been registered or a current model year auto with less than 10,000 miles. The member must provide the original dealer purchase order, auto insurance binder (with CTFCU listed as the lienholder), and title to the vehicle with the Credit Union listed as the lien holder. The Maximum loan amount is 100% of the purchase price.

Up to 60 months financing
Up to 72 months for loans over $30,000 (5% deposit on auto or on hand at the credit Union)

Used Auto Loan
A used auto loan is secured entirely by the vehicle. To be financed, the auto listed in the current N.A.D.A. Book. The maximum amount of the loan is 100% of the retail value as stated in the N.A.D.A book.

The Credit Union requires the original dealer purchase order, auto insurance binder (with CTFCU listed as the lien holder), and title to the vehicle with the Credit Union listed as the lien holder.

If the vehicle is purchased from a private party the member must have a copy of the title.

Up to 48 months for auto less than 3 years old.
Up to 36 months for auto more than 3 years old.

Boat / RV Loan
The Credit Union offers low-rate financing on new and used boats and RVs. A 10% down payment is required for all loans.

The Maximum term for new boats and RVs is based on the amount financed.
Up to 84 months over $35,000
Up to 72 months over $25,000
Up to 60 months under $25,000

The Maximum term for used boats and RVs is based on the amount financed.
Up to 72 months over $25,000
Up to 60 months under $25,000

Visa Card
The Credit Union offers a very competitive Visa card to assist you in your credit needs. The Visa card is an unsecured line of credit. Upon approval a credit card and pin will be issued. We offer a great balance transfer program at an even lower rate.

• Annual Percentage Rate is 11.25%.
• Grace period for repayment of balance is 25 days for purchases and immediately for cash advances.
• Annual Fee is $10 per year except for "Superchecking" members.
• Method of computing balance is average daily balance including new purchases.
• Payment amount is 2% of the balance or $25 whichever is greater.
• Late payment fee is $10.

VISA Credit Card Manager

Personal Loans
A signature loan is an unsecured loan requiring only the signature of the applicant and/or spouse, co-applicant, or guarantor. The maximum loan amount is $10,000 with a repayment of 36 months.

Vacation
A signature loan is an unsecured loan requiring only the signature. The maximum loan amount $2,500 repaid over one year at a reduced interest rate.

Vacation loans are available all year long.  

Home Equity Loans
Home Equity loans provide a good, convenient method for paying tuition, home improvements and even that new car or boat. The interest on these loans is usually tax deductible. Home Equity loans are secured by a piece of property which Cambridge Teachers Federal Credit Union has placed a lien no lower than 2nd position.

The maximum home equity loan amount is 80 % of the appraised value, not to exceed $100,000. All home's that are not owner occupied cannot exceed 70% of the appraised value. All liens on the property cannot exceed 80% of the value.

Borrower Requirements:
1. Copy of Deed to property
2. Copy of most recent tax bill
3. Copy of 1st Mortgage Statement listing current principal balance.
4. Copies of W-2 or recent pay stubs.
5. Insurance binder; adding CTFCU as a lien holder
6. $175.00 Processing fee

The following two home equity loans are available:

LINE OF CREDIT
Maximum Line of Credit: $100,000
Minimum Line of Credit: $10,000
Interest Rate
Prime for the life of the loan. Minimum rate is 5.00 %
Interest rate can change monthly with a cap rate of 18%, and a floor of 5.00 %
Access Method
Credit Union issues a checkbook to be used at members' discretion.
Mortgage Period
7 year draw period, 8 year repayment period. Total loan term is 15 years.
Minimum Payment (Monthly)
During the draw period, the minimum payment is 1% of the principal loan balance. During the repayment period the minimum payment is 2% of the principal loan balance.
The minimum payment: $50.00

FIXED RATE  EQUITY LOAN
Maximum Line of Credit: $100,000

Minimum loan amount $10,000
Maximum Repayment Term: 15 years

Interest Rate

Fixed Rate 6.25 %

Repayment Schedule
$10,001-25,000 Max Repayment 7 years
$25,001-50,000 Max Repayment 10 years
$50,001-100,000 Max Repayment 15 years

.

Debit Cards
Members can access their accounts 24 hours a day at any  ATM or participating "Sum" programs member. Withdrawals, Balance Inquiries, Transfers can be preformed around the clock. Deposits are allowed at "SUM" deposit taking ATMs.  In addition, thousands of local retailers accept Debit Mastercard for purchases and "extra cash back."

Direct Deposit
Direct Deposit is one of the best ways to save yourself time and money. You can automatically deposit 100% of your paycheck into your Cambridge Teachers Federal Credit Union accounts. Members who have direct deposit receive reduced rates on auto loans.

Payroll Deduction
You can deposit any fixed amount into any or all of your Cambridge Teachers Federal Credit Union accounts. All you need is a payroll deduction form. Stop by or call the office and give us the information and we will do the rest. It is the best way to save.

American Express Traveler's Cheques
The credit union is proud to offer American Express Traveler's Cheques. In addition, we offer American Express Traveler's Cheques for two. Travelers Cheques are $1.00 per hundred bought.

The credit Union also offers American Express Gift Cheques.  They are available in amounts of $25, $50 and $100.  There is a $2.50 per cheque charge.

Wire Transfers
Domestic (United States) - Wire transfers can be handled on a same day basis if you are able to provide the credit union with the proper information by 12:00 noon. EST. The fee for Domestic Wire Transfers is $13.00. Be prepared to provide the credit union with the following information:

• Your Name and Account Number with us;
• Amount of Transfer;
• Name, Branch Name, Address and Routing Number (ABA Number) of the Bank Receiving the Transfer;
• The Full Name of Recipient as it Appears in the Bank's Records; their Address and Phone Number;
• The Account Number to be credited.
  (We strongly suggest you contact the institution receiving the wire and ask specifically for their "Incoming Wire Instructions." This will ensure a smooth transfer.)

Foreign - Depending on the destination, a Foreign Transfer may take up to an additional 24 hours to arrive. Please keep this in mind when timing your request. The fee for Foreign Wire Transfers is $26.00. In addition to the above information, we need to have the following information to have a Foreign Wire Transfer request

• The Name of the Foreign Bank's United States Correspondent Bank, Branch Name, Branch Code and the Routing and Transit Number used in foreign transfers.
• Any Other Identifying Numbers Required to Transmit Funds.
  (We strongly suggest you contact the Institution receiving the wire and ask specifically for their "Incoming Foreign Wire Instructions." This will ensure a smooth transfer.)

Incoming Wire Transfers
There are no service fees for Incoming Wire Transfers. To ensure a smooth transfer, please follow the instructions below:

Credit:
EasCorp
Burlington, Ma
ABA Number: 211-391-773

Further Credit To:
Cambridge Teachers Federal Credit Union
Cambridge, MA
ABA Number: 211-381-631

Final Credit To:
Your Name as it appears on the account. Your account number and suffix in which you want the funds deposited.