Serving our members since 1968
Norwich Telops FCU strives to provide our members fast, friendly service.
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 members 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.
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 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 $250,000. Amounts on deposit exceeding $250,000 will not be insured.