Savings/Checking Accounts :: Term Share Accounts (CDs) :: IRAs
Savings/Checking Accounts
Share (Savings) Account
When you deposit $25.00 into your savings accounts, you become a member. Dividends are paid quarterly using the average daily balance in the account.
Share Draft (Checking) Account
This account requires a $300.00 opening deposit. ATM/Debit cards are available with the share draft account. There is a $1.00 fee charged each time after 4 withdrawals per month are made at an ATM. You can transfer from Savings to Checking from an ATM machine.
Christmas Club Account
The Christmas Club Account is a sub-account of your share account. Each pay period you may have funds deducted from your paycheck and deposited into you account. Additional deposits are also accepted. Beginning October 15th through December 31st of each year you may contact the credit union to make a (1) withdrawal at no charge. All other withdrawals will be charged a $5.00 withdrawal fee. Deposits will continue for the next year unless the credit union is notified. Simply specify the amount you would like deposited on the Direct Deposit Authorization Form and return to the credit union. Open your Christmas Club Account today and have some extra jingle for the holidays.
Vacation Club Account
The Vacation Club Account is a sub-account of your share account. Each pay period you may have funds deducted from your paycheck and deposited into you account. Additional deposits are also accepted. You may withdraw from your Vacation Club Account one time each quarter (every three months) without being charged. Each additional withdrawal will be charged a $5.00 withdrawal fee. Simply specify the amount you would like deposited on the Direct Deposit Authorization Form and return to the credit union. Start planning today for your vacation getaway!
Term Share Account (CDs)
Term Share Certificates (Certificates of Deposit – CDs) are accounts that offer you a secure way to invest your money for a specific term. Certificate terms range from 6 months to 36 months and require a minimum deposit of $1,000.00 to $100,000.00. Certificates typically earn higher dividends than share accounts. The interest rate is fixed until the maturity date. Once the certificate matures you have a grace period of seven calendar days. During the grace period you may deposit or withdraw funds without being charged a penalty.
NOTE: Term Shares withdrawn or closed before maturity are subject to a penalty of 90 days of interest on the amount withdrawn.
Individual Retirement Account (IRA)
The credit union offers two types of retirement accounts – Traditional Individual Retirement Account (IRA) and ROTH IRA. These accounts are designed for retirement saving. Depending on the type of IRA you choose, your contributions may be tax-deductible and will grow tax free.
The Traditional IRA and ROTH IRA may be opened as an Accumulative IRA or Term Share Account. The Accumulative IRA is similar to a savings account and may be opened with as little as $1.00. The interest rate is variable and is based on the 6 Month Term Share rate . Deposits may be payroll deducted and additional deposits are accepted. The Term Share IRA accounts (Certificates of Deposits) require a minimum deposit to open and are subject to penalty for early withdrawal (see Term Share Account). In addition to the credit union penalty, these accounts are subject to IRS penalty. NCUA insurance for IRAs is now $250,000.
Educational IRAs are also available. Please contact the credit union for more information.
