REGULAR SHARE
ACCOUNT
A regular share (
savings account) must maintain a minimum balance of $25.00. Deposits
to this account may be made in person, by mail, by payroll deduction,
or by direct deposit. Withdrawals may be made at any time in person,
by mail, or by telephone -- either by talking to us or by using our
24 Hour Touch Tone Service -- for your convenience. Under various
circumstances, fees
may apply.
Dividends are calculated on a semi-annual basis. June 30 and December 31.
The dividend paid may vary from period to period depending on the Credit Union's earnings. The Credit Union has consistently paid a higher rate of (dividend) interest than competitive organizations. Dividends are paid on all accounts that maintain an average balance of at least $50.00.
SPECIAL SHARE
ACCOUNTS
Special Share Accounts,
Christmas Club Share Accounts and Vacation Accounts help you set
aside funds for special reasons. These accounts earn the same
dividends as Regular Share Accounts
but the minimum balance to maintain these accounts is only $5.00.
Christmas Club Accounts can be opened any time and are paid out
during the first week of November -- either with a check or
transferring the funds into your Regular Share or Credit Union Share
Draft Account.
MONEY
MARKET SHARE ACCOUNTS
Money
Market Share Accounts work much in the same way as Special Share
Accounts, with a couple exceptions. The minimum balance to maintain
the account and earn dividends
is $2,000.00 and, under various circumstances, fees
may apply. Money Market Share Accounts pay a higher rate of
(dividend) interest than Regular Share
Accounts and Share Draft/Checking Accounts, but lower than Share
Certificates.
CHILDREN'S'
ACCOUNTS
Our basic objective is to teach and encourage
thrift among our members -- especially children. That's why we have
Minor Accounts. These accounts earn the
same dividends as Regular
Share Accounts but the minimum balance to maintain these accounts
is only $5.00. Custodial Accounts work the same as Minor Account, but
the child cannot withdraw funds from a Custodial Account without
the expressed written permission of the parent or guardian who is set
up as the custodian of the account.
SHARE
DRAFT (CHECKING) ACCOUNTS
A
share draft account is the most unique account of its kind. Available
as another free service that we offer, it pays you instead of you
paying for it. Share drafts are used just like ordinary checks and
are accepted widely throughout the country. Your share draft account
is better than a checking account because:
1) No monthly service charge or minimum
balance.
2) Over-draft protection
through demand deposit loans for qualifying members.
3)
Easy account reconciliation of your monthly statement.
4)
Carbonless copies of each draft written remain in your draft book.
5) Dividends
(interest) earned if the average daily balance for the month is
$2,000.00 or more.
6) ATM cards are available
Under various circumstances, fees may apply.
SHARE
CERTIFICATE ACCOUNTS
We offer a
variety of certificate accounts with dividends
based on the term of deposit. Jumbo Certificates with a
balance of $25,000.00 (Twenty-five Thousand Dollars) or more earn an
extra 0.1%
INDIVIDUAL RETIREMENT ACCOUNTS --
I.R.A.'s
TRADITIONAL
I.R.A.'s
A Traditional I.R.A. is
a long term savings plan that enables you to build a retirement fund
on which you pay no federal income taxes on the earnings until you
start to make withdrawals. Every I.R.A. contributor receives this
benefit.
In addition, many wage-earners are eligible for a full federal tax deduction. Some wage-earners are eligible for a partial deduction; others, no deduction. Your accountant or tax advisor can tell you whether or not you qualify for the tax deduction.
Traditional I.R.A.'s earn the same dividends as 12- and 24 Month Share Certificates.
ROTH I.R.A.'s
The Roth I.R.A. offers unique and exciting
savings opportunities. Not only can it help with retirement needs,
but also a first time home purchase or other financial goals. This
flexibility makes the Roth I.R.A. appealing to many different age and
income groups. Although it's not a one-size-fits-all solution, the
Roth I.R.A. will give many members an easy and safe way to plan for
the future.
Roth I.R.A.'s earn the same dividends as 12- and 24 Month Share Certificates.
COVERDEL ESA's
If you're wondering how you'll pay for your
child's education, an Coverdel ESA can be a smart way to save. If
eligible, you can contribute $500 annually for each of your children
until they turn 18. Although contributions to an Coverdel ESA are not
tax-deductible, your withdrawals (including earnings) are tax-free
if used for tuition, books and other qualified higher education
expenses.
Coverdel ESA's earn the same dividends as 12- and 24 Month Share Certificates.
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