| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 276.1 | yes | COOKIE::WITHERS | Bob Withers - In search of a quiet moment | Tue Sep 03 1991 19:16 | 12 |
| yes
>================================================================================
>Note 276.0 Deductions for new-car loan No replies
>JAWS::ENSLEY 4 lines 3-SEP-1991 16:41
>--------------------------------------------------------------------------------
>
> If you take out a new car loan from the DCU, and have the
> payments deducted from your paycheck, what happens to the
> weekly payments when the loan is paid off? Does the amount
> that was deducted go back into your take-home pay?
>
|
| 276.2 | 2 years ago, NO! | BTOVT::EDSON_D | Time for a DCU Coup! | Wed Sep 04 1991 09:44 | 11 |
| re .1
That's not what happened to me when my car loan through DCU was paid.
The payment kept going to the loan escrow account and at the end of
each month whatever was in the escrow was transferred to savings 1.
It changed ONLY WHEN I made out a new deduction card.
Granted, this was 2 years ago, so their policy may have changed in
the mean time.
Don
|
| 276.3 | .2 reflects my experience | LEDS::PRIBORSKY | I'd rather be rafting | Wed Sep 04 1991 10:06 | 9 |
| Re: .0: I believe that it won't. The reason is that you sign a card
that tells Payroll to take $n each week and give it to DCU. It's a
fixed deduction - payroll only gets the sum total. Payroll does not
know what DCU does with that money. DCU uses the distribution into
the various accounts until you change it. So, indeed, I would expect
payments to go into the escrow account. I would have expected the
funds to stay there until the end of the quarter at which time excess
balance (each quarter has one 5-week month) is normally transferred to
savings #1.
|
| 276.4 | ...end of each quarter, not month... | BTOVT::EDSON_D | Time for a DCU Coup! | Wed Sep 04 1991 11:49 | 4 |
| .3 is correct in that the money transfers to savings 1 at the end of
each quarter, not the end of each month like I stated in .2
Don
|
| 276.5 | Interest?? | MURPHY::ENSLEY | | Wed Sep 04 1991 14:12 | 3 |
| RE: .2, .3, .4
Does the money gain interest while it's in the escrow account?
|
| 276.6 | Interest is paid on escrow accounts... | BTOVT::EDSON_D | Time for a DCU Coup! | Wed Sep 04 1991 15:07 | 5 |
| Interest? Yes. I just spoke with the DCU branch manager here and
she says that it pays interest at the same rate as the checking
accounts. Only, there's no minimum required.
Don
|
| 276.7 | Hmm | STAR::PARKE | I'm a surgeon, NOT Jack the Ripper | Wed Sep 04 1991 17:22 | 2 |
| I wonder if you can open an escrow account without a loan }8-)}
|
| 276.8 | Wouldn't it be nice if... | BTOVT::EDSON_D | Time for a DCU Coup! | Fri Sep 06 1991 08:36 | 6 |
| re .7
Yeah, I wondered that myself! 8-)
Now, if they'd just give us some checks with that escrow I'd close
out my checking account.
|
| 276.9 | | CSC32::J_OPPELT | Member of the Alcatraz Swim Team | Thu Sep 12 1991 00:24 | 2 |
| They close out your escrow account when your loans are paid off,
so I suspect they watch that.
|
| 276.10 | Are you speaking from experience? | BTOVT::EDSON_D | Time for a DCU Coup! | Thu Sep 12 1991 16:50 | 8 |
| re .9
Really? When did this start? As I stated earlier in this note, I
had to fill out a new deduction card when my loan was paid off to
eliminate the escrow account. Note: That was a couple of years
ago.
Don
|
| 276.12 | | CSC32::J_OPPELT | He who can anger you controls you. | Fri Sep 13 1991 19:56 | 4 |
| You guys have reminded me how it went. Yes, I had to fill out
the deductions card too.
Joe Oppelt
|