We offer share draft checking with no minimum balance and no monthly fees!
Share Accounts Christmas Club Accounts Individual Retirement Accounts (IRA's) Roth IRA Accounts Education IRA Accounts Share Certificates (CD's)
The share account is a basic membership account representing one share of ownership in the credit union. As a member, you have access to the many benefits and services we offer. Dividends are paid to you monthly.
Required for membership at the Credit Union
Notice to new members regarding identity verification procedures. To help the Federal Government fight the funding of terrorism and money laundering activities, Federal Law requires all Financial Institutions to obtain, verify, and record information that identifies each person opening an account.
What this means for you is:
Join the Christmas Club program which begins November 1 each year and earns an annual dividend. Deposits can be made by check, cash, or payroll deduction.
You can add to the account any time during the year. Funds will be transferred to your savings account during the first week of November.
A Traditional IRA is a special tax deferred savings plan authorized by the Federal Government to encourage you to accumulate money for retirement. We offer Individual Retirement Accounts (IRA's) for your long-term, personal retirement savings, including Traditional, Roth and Education IRAs.
Dividends are compounded daily and paid quarterly to your retirement account. For example, the beginning date of the first dividend period of the calendar year is January 1 and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates.
The dividend declaration date is the last day of the dividend period, and, for the example above is March 31. If you close your account before the dividend is paid, you will not receive your accrued dividends. IRA’s are tax deferred until withdrawn. You may withdraw funds from your IRA at any time; however, early withdrawal penalties may apply.
A small annual maintenance fee is the only fee charged. All IRA’s are federally insured up to $250,000 by NCUA, separate from your other Share Accounts.
A Roth IRA is an individual retirement account to which participants are able to make annual non-deductible contributions. Unlike a traditional IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax-free.
You may convert your traditional IRA to a Roth IRA, provided you are a Single filer or married couple filing jointly with a modified adjusted gross income that does not exceed $100,000. Any portion of the converted amount attributable to deductible contributions and earnings must be included as taxable income. The entire taxable amount of the conversion must be included as income for the year the conversion is made.
To receive more information on Education IRA’s, please contact the Credit Union. Qualified distributions may be withdrawn tax and penalty free. Non-qualified distributions may be taxable and subject to an IRS 10% early distribution penalty. To receive more information on Roth IRA’s, contact the Credit Union.
All type IRA’s dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. The Roth IRA dividends are compounded daily and paid quarterly on the last day of the quarter.
Withdrawals made before quarter end will not receive a dividend.
Unlike traditional and Roth IRA’s, Education IRA’s are not tools for retirement savings. They are designed solely to help pay higher education expenses.
Because the purpose of an Education IRA is so different from traditional and Roth IRA’s, the advantages are also unique. Earnings on the funds in an Education IRA will be tax free if they are used to pay for higher education expenses before the designated beneficiary reaches age 30. The earnings are taxable to the designated beneficiary (not the responsible individual or contributor) if they are withdrawn for any other purpose.
An Education IRA encourages a regular savings program for a child’s education. Persons, such as grandparents, can fund this type savings and in many instances, funds can be moved from one family member’s account to another’s. Contact the Credit Union for more information.
Again, Education IRA dividends are compounded daily and paid quarterly. Monies withdrawn before quarter end do not receive a dividend on the withdrawn portion.
Share certificates are similar to bank's Certificate of Deposit (CD). If you want a higher dividend rate and do not need immediate access to your funds, then share certificates are for you. Credit Union Share Certificates are federally insured by NCUA up to $250,000.
The minimum balance to open a certificate account is $1,000 for a 1,2,3,4 and 5 year, and $2500 for a 6 Month. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. Dividends will begin to accrue on the business day you place the funds in your account.
Certificates are offered for three different terms: 6 months, 1,2,3,4,or 5 years. Dividends compound daily and are credited to your Share Account at maturity. Early withdrawal penalties may be imposed.
