| Regular
Share Accounts
Savings at your credit union are called "Shares".
A minimum deposit of $5.00 is required to open and maintain
the account. There is a $1.00 joining fee. Dividends
are earned daily and paid quarterly. This account confers
ownership rights to the member and provides continuing
membership in the credit union.
All member shall be required to maintain a Regular Share
Account in order to qualify for additional credit union
services.
Share accounts may be individually or jointly owned.
Accounts may be opened for dependent children and family
members.
Special Share Accounts
This special share account is often used to maintain
savings separate from regular shares or christmas
club shares. The special share account can be used
for a variety of purposes such as insurance and tax
bills, monthly bills, and accumulating funds for
vacations.
Christmas Club Account
The Christmas Club account is established as a special
savings account which allows a member to earmark certain
funds for this seasonal spending need. Members may increase,
decrease, or discontinue deposits to the Christmas Club
at any time. Every October, the credit union will withdraw
all funds and a check will be produced. Members are
asked to contact the credit union in October to identify
where they would like to receive the funds. Early withdrawal
of funds is allowed.
Share Certificates
A Share Certificate is a savings account which earns
dividends over a specified term. A minimum balance of
$1000.00 is required for this account. Early withdrawal
penalties will equal 1 month's dividends on your deposit
for funds under 1 year, and 3 months' dividends for
funds over a year.
Dividends
Dividends shall be set at a rate based upon available
earnings. Dividend rates may vary among all account
types and maturities. The Board of Directors reviews
and adjusts rates at least quarterly.
NCUA Share Insurance
The credit union is insured by the National Credit Union
Administration Insurance Fund for an aggregate amount
up to $100,000. Amounts on deposit exceeding $100,000
will not be insured.
|
