CHECKING ACCOUNTS
Novo Checking
Our Novo Checking account has no minimum balance and with eStatement enrollment, no monthly service fee. Overdraft protection, direct deposit and access online 24/7 are just a few conveniences of the Novo checking account.
Retirement Checking
Our Retirement Checking is available to retirees with no monthly service fee. The Retirement Checking has no minimum balance. Overdraft protection, direct deposit and access online 24/7 are just a few conveniences of the Retirement Checking account.
Debit Mastercard
Use your Novo CU Debit Mastercard to make purchases worldwide as well as up to $1,000 cash from any ATM. Use the COOP ATM Network to make deposits and surcharge free withdrawals.
Note: Card is not available for use in Mexico, Russia, India, Turkey, Iran, Korea or the Syrian Arab Republic.
Mobile App & Home Banking
Access your Novo CU accounts 24/7 with our free Mobile App. You can download the free app from iTunes or Google Play (search for Novo Federal Credit Union). Pay bills, transfer funds, view statements, retrieve copies of cancelled checks and check balances from your phone.
Access your Novo CU accounts 24/7 using your laptop or PC through our Home Banking program. From our website, www.novocu.org, click on the Member Login link. Pay bills, transfer funds, view statements, retrieve copies of cancelled checks and check balances anytime/anywhere.
Novo Pay
Pay your normal every-day bills, send money to yourself at another institution or to others using Novo Pay. In addition you can send gift payments that include a personalized message (small service fee applies) as well as donations to your favorite charities. Use it once or every day, the cost is the same, free! Learn more by visiting our video demo site at https://www.billpaysite.com/DemoV3/Tutorials/ShowDemo?demoTag=CG3&instID=42495 or our interactive demo site at https://www.billpaysite.com/DemoV3/Payment?instid=42495.
Apple Pay
Register your Novo CU Debit Mastercard on your preferred Apple device (or all of them!) to make secure purchases in stores, within apps and on the web. Send money to friends and family within the Messenger app as well.
LOANS
Mortgage Loans
We aren’t offering any mortgage products at this time.
New Auto Loans
See our Rates for our current New Auto Loan rates. Repayment terms up to 84 months. Financing available up to 100% percent of purchase price plus tax, license and fees. Apply online from our website!
Used Auto Loans
See our Rates page for our current Used Auto Loan rates. Repayment terms up to 72 months. Financing available up to 100% percent of purchase price (using NADA clean retail value) plus tax, license and fees. Apply online from our website!
Personal Loan
Whether you want to consolidate your credit card debt or get started on your next home improvement project, our personal unsecured loan is right for you. With today’s high interest credit cards you’ll find our rates are very competitive (see our Rates page for current rates). Maximum term up to 36 months.
FAST Loan - Family Assistance Short Term
FAST loans offer a short term, fixed loan rate and borrowing amount up to $1,000.00. A $20 application fee will be collected when the FAST loan application is turned in. The application process is quick and easy.
Apply online today or contact us at 951.737.6262 for more information.
Share Certificate or Share Secured Loan
Share or share certificate secured loans allow you to borrow against money you have already saved. Maximum term 60 months.
SAVINGS ACCOUNTS
Youth Savings
Teach your children the value of saving! A youth saver account is designed to help young people understand the value of money, and to help families and individuals plan for important expenditures in the future.
Share Savings
Whether you just need a place to stash cash short term or you’re looking for long-term savings your Credit Union has what you need. Set up a monthly payroll deduction from your check to get started.
Christmas Club Savings
A sub-account specifically designated for Christmas. It can be opened any time and funds are disbursed to your regular shares on or about October 15th each year, in plenty of time for Christmas.
Share Certificates
Share Certificates from your Credit Union are an excellent investment opportunity if you do not need immediate access to your funds and want to invest for longer periods to obtain high rates of return. Contact the credit union for current rates
INSURANCE
Credit Life Insurance
For a low monthly premium added to your loan balance, credit life insurance pays the insured balance of your loan, up to the policy maximum, in the event of your death. This ensures your family will not be left with your loan debt. Ask a credit union loan officer for details.
Credit Disability Insurance
In the event you become totally disabled by sickness or an accident, credit disability insurance pays your loan payments up to the policy maximum. The premium for this service is added to your regular loan payments. For full policy details please contact the credit union.
MEMBERS CHOICE Gap Protection
Auto Insurance might not be enough. An affordable way to fill the GAP is to purchase GAP Protection. You might have to pay thousands of dollars on a vehicle lost to theft or accident. The cost is only $369.
For a few dollars a month, you can protect yourself against this kind of unexpected expense. It’s easy to get. Call the Credit Union for details today.
Mechanical Repair Coverage
When you purchase a vehicle, you want it to last as long as possible. You can extend the life of your vehicle and save on covered repairs with MEMBERS CHOICE Mechanical Repair Coverage (MRC) made available through Novo Federal Credit Union. With this coverage you can lock-in repair costs to limit the amount you have to pay for unexpected breakdowns.
MEMBERS Life & Accident Insurance
Your membership at Novo Federal Credit Union affords you many benefits. Two of these benefits is the availability of Life Insurance and Accidental Death & Dismemberment (AD&D) Insurance.
At Novo Federal Credit Union, we believe in your financial security. That’s why we’ve made available this important coverage to help protect your future. As part of our family, you can get valuable protection at affordable rates. Insurance is sold by CUNA Mutual Insurance Society. This insurance is not a deposit and is not federally insured or guaranteed by your credit union.
MEMBERS Auto Insurance
As a credit union member, you’re part of a special group of people that can enjoy the benefits of customized auto insurance protection-all at the competitive group rates. All you need to do is call 1-888-380-9287 to obtain a free rate quote-it’s that easy!
LOAN RATES
Signature Loans
Term | Credit Score 700+ |
Credit Score 660-699 |
Credit Score 600-659 |
Credit Score 550-599 1 |
Credit Score 0-549 2 |
---|---|---|---|---|---|
12 | 10% | 12% | 15% | 18% | 18% |
24 | 11% | 13% | 16% | 18% | 18% |
36 | 12% | 14% | 17% | 18% | N/A |
New & Used Auto Loans
Typically Equipped MSRP on New Autos; 100% of NADA Clean Retail plus tax/license/fees or 110% of NADA clean retail if refinancing from another lender with no cash out
Term | Credit Score 700+ |
Credit Score 660-699 |
Credit Score 600-659 |
Credit Score 550-599 |
Credit Score 0-549 3 |
---|---|---|---|---|---|
48 | 4.49% | 6.49% | 8.49% | 13.49% | 14.49% |
60 4 | 4.99% | 6.99% | 8.99% | 13.99% | 14.99% |
72 5 | 5.99% | 7.99% | 9.99% | 14.99% | N/A |
84 6 | 7.99% | 9.99% | 11.99% | N/A | N/A |
Used Auto Loan – Auto 6+ Years Old
100% of NADA Clean Trade-In plus tax/license fees
Term | Credit Score 700+ |
Credit Score 660-699 |
Credit Score 600-659 |
Credit Score 550-599 7 |
Credit Score 0-549 |
---|---|---|---|---|---|
36 | 6.24% | 7.99% | 12.99% | 15.99% | N/A |
48 | 7.24% | 8.99% | 12.99% | 15.99% | N/A |
FAST Loan – Family Assistance Short Term Loan
Fixed rate 18% APR; $250 to $1,000; requires payroll deduction or direct deposit; 1 month repayment; not eligible for skips.
The APR for Share and Share Certificate secured loans is determined by adding 4% to the current rate paid on the share or share certificate. Certificate secured loan terms may not exceed the maturity date of the certificate. Share Secured loan term not to exceed 60 months.
All rates subject to change.
*Annual Percentage Rate – All rates subject to change without notice. Loan approval is subject to credit and income verification and is not a firm offer of credit.
1 Requires payroll deduction or automatic payment
2 Requires payroll deduction or automatic payment; not eligible for skip payments. Max unsecured $3,000
3 Requires payroll deduction or automatic payment; not eligible for skip payments; loan amount not to exceed $35,000
4 Minimum Loan Amount of $15,001
5 Minimum Loan Amount of $20,001
6 Minimum Loan Amount of $30,001
7 Requires payroll deduction or automatic payment; not eligible for skip payments; loan amount not to exceed $25,000
FEE SCHEDULE
Schedule of Account Fees and Charges
The following information about Novo Federal Credit Union account fees and service charges are effective as of January 1, 2024. Rates, fees, and charges are subject to change.
Account Fees | |
Membership Fee | Free |
Monthly Checking Fee | $6.00* |
Inactive/Dormant | $5.00/quarter |
Loan Application Fees | |
Secured Loan | Free |
New/Used Vehicle | Free |
Personal/Unsecured | Free |
FAST Loan | $20.00 |
Skip Payment Fee | $35.00 |
Duplicate Lien Satisfied | $20.00 |
Overdraft Fees | |
Overdraft Transfer Fee | Free |
Returned Check Fee | $35.00 (per time) |
NSF Paid Fee | $35.00 |
Miscellaneous Fees | |
Stop Payment Fee | $35.00 |
Outgoing Wire Fee | $30.00 |
International Wire Fee | $45.00 |
Research Fee (per hour) | $20.00 |
Non Member Check Cashing | $10.00 |
Account History Printout/Statement | $3.00 |
Member Check Conversion | $10.00 |
Credit Card Transfer | 3.5% of transfer amount (free for amounts up to $100) |
Return Deposit Fee | $35.00 |
ATM Fees | |
Available Balance NSF | $35.00 |
Rush Replacement Card | $35.00 |
Non-COOP ATM Withdrawal | $2.00 |
* Free with eStatements
** Each Share account is entitled to two (2) free Credit Union checks per month. Any additional check would result in a $5.00 service fee. A $5.00 fee will be charged for any credit union check issued from a share draft account.
Novo Federal Credit Union Savings Rate Sheet
Certificates of Deposit
Term | Minimum Deposit | Dividend Rate | APY |
---|---|---|---|
3-month | $1,000.00 | 0.10% | 0.10% |
6-month | $1,000.00 | 0.20% | 0.20% |
12-month | $1,000.00 | 0.40% | 0.40% |
Additional Information:
- Dividends paid quarterly.
- Early withdrawal penalty may apply.
- Account will automatically renew at maturity unless otherwise noted.
Savings Accounts
Product | Minimum Balance | Dividend Rate | APY |
---|---|---|---|
Regular Savings | $25.00 | 0.05% | 0.05% |
Youth Savings | $25.00 | 0.05% | 0.05% |
Additional Savings | $0.00 | 0.05% | 0.05% |
Holiday Savings | $0.00 | 0.05% | 0.05% |
Additional Information:
- Dividends paid quarterly.
- Funds disbursed on or around October 15th.