Cal-Ed Federal Credit Union

Not for profit, Not for Charity, But for Service

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.) Withdrawls 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 withdrawl, 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.

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Summer pay accounts may be opened at anytime during the year and funds may be withdrawn at the owner's discretion.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.