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ICU Day Quiz #2 Winners & Answers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020 International Credit Union Day (ICU Day) Quiz #2 Winner

Congratulations to Derrin Ebanks who correctly answered all questions and won a $200 Share Certificate!

Click Here to see the Winner Drawing    

 

2020 International Credit Union Day (ICU Day) Quiz, 5 October 2020 Answers

Q: Credit Union provides cash advances and charges a fee?                                                                                                                                                                         True

Q: What is the daily maximum amount that you can withdraw from the ATM?                                                                                                                                     $1,000

Q: Which account can you withdraw from using your ATM card?                                                                                                                                                              Saving

Q: The Credit Union provides the following deposit products                                                                                                                                                                    Share & Fixed/Term Deposits.

Q: What is the fee for an express Credit Reference?                                                                                                                                                                                        $30

Q: What are the benefits of a Within Share Loan?                                                                                                                                                                                            All the above, the benefits of a within share loan are endless, however the lower interest rate and the opportunity to continue to earn dividends on        your share account are just two benefits. 

Q: What is the correct formula for loan to value?                                                                                                                                                                                            Total loan amount divided by total value of property.

Q: Two of the basic requirements for an out of share loan are:                                                                                                                                                                  Job Letter & Purchase Agreement / Invoice

Q: Which loan product has terms of a maximum of three years to repay, and a maximum principal of $15,000.                                                                        Xpress Loan

Q: Loan processing includes the following order:                                                                                                                                                                                                Loan Officer review, Loan Manager review, Credit Committee review and Board of Directors review, if necessary.