Savings Programs
All savings accounts listed below are available to our members. Deposits may be made to these accounts by mail, Automated Clearing House (ACH), through payroll deduction, direct deposit, or in person at the office. (Please make all cash deposits in person at the office or by our drive-thru night depository.) Withdrawals may be made in person at the office, by mail or by phone.
Share Accounts
A share account establishes credit union membership. The minimum balance is $5.00 and carries dollar for dollar life insurance up to $3,000.00 for those that qualify. Dividends are earned using an average daily balance and are compounded and posted semi-annually, January 1 and July 1. The dividend is set by the Board of Directors and declared payable June 30th and December 31st.
Christmas Club
This is a share account designed for holiday expenditures through payroll deduction, direct deposit, Automated Clearing House (ACH) or deposits made in the office. The minimum balance is $5.00 and dividends are earned using an average daily balance and are compounded and posted semi-annually, January 1 and July 1. The dividend is set by the Board of Directors and declared payable June 30th and December 31st. Disbursement checks are issued the second week of November. There is no penalty for early withdrawal, however, the account must be closed which results in the loss of any non-posted dividends. Closed accounts may be re-opened after checks are issued during the year in which they were closed.
Individual Retirement Accounts (IRAs)
Regular IRA, Roth IRA and Educational IRA share accounts are available. Most members can defer their taxes on IRA dividends and some may be eligible for a tax deduction on IRA contributions. Penalties are charged for withdrawals before age 59 1/2. (Disclosures are issued upon purchase.)
Share Certificate Accounts
Certificates of Deposit are offered for members who are looking for a higher rate of return on their investments. Members may choose from 6 month, 1 year, 2 year, 3 year, 4 year or 5 year certificates for investment. Rates on new certificates are adjusted weekly on Wednesdays. Dividends on certificates may be paid to your regular share account, or mailed monthly depending on the type of certificate you purchase. Payment methods, minimum deposits and rates vary depending on the type of certificate purchased. Check the current rate sheet in the Credit Union office for details.
Summer Pay Accounts
Summer pay accounts may be opened at anytime during the year and funds may be withdrawn at the owner's discretion. The account will earn dividends declared by the Board of Directors. The minimum balance is $5.00 and dividends are earned using an average daily balance compounded and posted semi-annually January 1 and July 1.