Fraud and Security
- How long until I reach my savings goal?
- How can I save for a big ticket item?
- How much should I save for college?
- How much will my CD be worth at maturity?
- How do taxes and inflation affect my savings?
- How long will it take to pay off my credit card(s)?
- How long will it take to pay off my loan?
- Should I consolidate my debts?
- How will extra payments affect my loan?
- How much home can I afford?
- Should I refinance my home?
- Should I pay discount points?
- Should I make extra payments on my mortgage?
- How much of a down payment should I make on my new home?
- Mortgage Payment Calculator
- Comparing mortgages (i.e. 15, 20, 30 year).
- What is the Loan to Value Ratio of my home?
- How much can I borrow?
To determine the amount of equity you can borrow against, use this simple calculation:
- Find the estimated value of your home (recent tax assessment, realtor market analysis or recent appraisal)
- Multiply that amount by the corresponding maximum percentage (see table below)
- Subtract the balance of your first mortgage
- The remaining amount is the maximum line/loan you can receive
|Est. Home Value||$100,000||$100,000|
|Max Borrowing %||100%||90%|
|Equity Available for Loan, Less||$100,000||$90,000|
|First Mortgage Balance||($60,000)||($60,000)|
|Max Loan or Line Amount||$40,000||$30,000|
The APR on your home equity line of credit is variable and may increase or decrease based on the prime lending rate plus your margin. Home Equity Lines of Credit (HELOC) are subject to a lifetime ceiling of 15.75%. We will require you to sign an agreement stating that if you terminate your line of credit or loan within the first 36 months of your mortgage recording date, you must reimburse us for actual costs and fees paid in connection with opening your account. For a line of credit of $35,000, we estimated these costs to range between $750- $1,000. Property insurance and flood insurance, if applicable, are required.
All lines and loans are subject to credit approval and a properly appraisal unless otherwise noted. Terms stated are for owner-occupied residences located in New York State only. We will file a mortgage on your home. You should consult a tax adviser regarding the deductibility of interest. Contact us for rates and terms of other programs. Rates and terms are subject to change without notice.
Fraud & Security
One of the many perks that come with being a member of GVFCU is the education support that we provide. Here at GVFCU we take your security and protection seriously. As we are all aware fraud and scams are now part of our everyday life. We are committed to providing you with tips and tricks, as well as the tools necessary to protect you from becoming a victim of fraud or falling victim to the many scams that are taking place all around us.
Our staff members are continuously trained and educated to provide them with the tools and resources that can help protect our members and inform our members all of the benefits that come when you join our organization.
Common Practices to Help Prevent Identity Theft:
- Shred all pre-approved credit offers, account statements, and financial documents before disposing of them
- Never carry your Social Security Card
- Do not print social security number or drivers license number on your checks
- Review your credit reports annually
- Only carry credit cards with you that you use
- Carefully review your credit card statements prior to paying them
- Be aware of creditor due dates and know if a bill is missing
- Know the security procedures at your place of work
- Never reveal personal information unless you initiated the contact and know who you are dealing with
- Have copies of credit cards stored in a safe place in the event they are stolen
Protecting Your Checking Account
- Know where your check book is at all times
- Print firmly and use permanent dark ink when writing checks
- Check your account statements for fraudulent activity
- Do not give out your account number unless you know the company or individual requesting the information and understand why they are requesting the information
- Update virus protection software daily
- Do not open files or links sent from people that you don't know
- Use a firewall program
- Enter personal and financial information only when there is a 'lock' icon in the browser's status bar
- Make sure the URL reads "https" not just "http"
- If you must store personal and financial information on your computer, be sure to:
- Delete personal information using a hard drive 'wipe' utility program when disposing of your computer
- Use a strong password containing numbers, letters (upper and lower case) and special characters
- Do not use an automatic login feature
- Always use the Log Off button when you are finished
Considering Becoming a Member
Everything you need to know about membership you can find here!
A Credit Union is a cooperative, not-for-profit financial institution organized to promote saving and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the Credit Union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow money at reasonable rates.
The first Credit Union cooperatives started in Germany over a century ago. Today, Credit Unions are found everywhere in the world. The Credit Union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated Credit Union, opened its doors in 1909. Today, one in every three Americans is a Credit Union member.
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A Credit Union doesn't operate in that manner. Rather, each Credit Union member owns one "share" of the organization. The user of Credit Union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. Credit Unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are non-profit cooperatives. Rather than paying profits to stockholders, Credit Unions return earnings to members in the form of dividends or improved services.
Genesee Valley Federal Credit Union is formerly known as G.V.T.A Federal Credit Union. Genesee Valley Teacher Association was formed and operated with teachers of the Livingston, Steuben and Wyoming County Boces. It was started in 1974 by Bruce Johnson, who was a teacher at York Central School. He and a few colleagues started G.V.T.A. in the basement of Bruce Johnson’s home. We have come a long way since then. We currently have 3 fully operating branches located in Geneseo, Dansville and Warsaw which covers two counties.
At Genesee Valley Federal Credit Union, if you live, work, worship, go to school or volunteer in Livingston or Wyoming Counties, you are eligible to become a member. Also included are member's immediate family- grandparents, parents, step-parents, spouse, children (including adopted and step), grandchildren and siblings (step-siblings).
To earn the trust and confidence of our members by exceeding expectations through our commitment to their financial success by meeting members financial needs through exceptional service at the best possible value while maintaining financial stability. We strive to be our members' primary financial institution.
Once you have established membership in GVFCU, you retain the full borrowing and savings right of that membership for life as long as the account remains open. This means employees who terminate, or family members who have established membership, have lifetime use of GVFCU services until they so choose to close the account.
What is needed to become a member?
If you life, work, worship, go to school, or volunteer in Livingston or Wyoming Counties, you are eligible to become a member. Also, included are members’ immediate family – grandparents, parents, step-payments, spouse, children (including adopted and step), grandchildren and siblings (step-siblings).