When you open a primary share account, you become an owner of the credit union. Once you are an owner/member you can take advantage of all of our products and services. We have a variety of accounts to meet most member’s needs.
- Primary Share Account
- Side Share Account
- Christmas Club Account
- Vacation Club Account
- Term Share or Certificate of Deposit Account
- NCUA Share Insurance
To be a member and have access to our products and services you must qualify for membership and purchase one share in the credit union. The par value of a share is $10.00. A monthly low balance fee may be charged if the aggregate balance of an account falls below $10.00 any time during the month. Dividends are computed daily and paid quarterly with rates based on a tiered balance formula.
There are instances when you want to set up an additional account that has joint ownership or a different joint owner, for example a child who would not necessarily need an account but would need to cash a check occasionally. Some members use it to save for property taxes or a down payment on a car, or receive the monthly dividends from their certificates of deposit. There is no monthly low balance fee and dividends are paid the same as your primary share account.
We all know the stress and strain encountered at Christmas time. Our club account helps take that worry away. You can contribute to it all year long and dividends are computed daily and paid annually before the funds are transferred to a designated account on October 1st of each year. You are limited to only one withdrawal per quarter which helps to minimize the temptation to access the funds for other things before the holidays.
You’ve always wanted to take that Alaskan Cruise or maybe visit that Sandal’s Resort. Our vacation club helps you do just that. It works like our Christmas Club account, but never gets disbursed. So the funds continually grow until you are ready to use them. So be responsible and discipline yourself to save so you can enjoy that dream vacation without the stress of wondering “How am I going to pay for all of this?”.
Our term share accounts have terms that range from 12 months to 5 years. They can pay dividends monthly, compound quarterly, or pay at maturity. It is up to you. The interest is computed on the daily balance and paid quarterly. Having a certificate of deposit could potentially reward you with a reduced loan rate on that next loan.
Your shares are insured with the National Credit Union Administration (NCUA), an independent federal government agency that controls the National Credit Union Share Insurance Fund which is funded by the credit unions themselves. The aggregate coverage is $250,000 per account ownership interest and an additional aggregate coverage of $250,000 for an individual’s IRA accounts. Examples of account coverage can be found at www.ncua.gov/resources/shareinsurance in either a brochure or power point presentation, which will help you understand how to maximize your coverage. For example a husband and wife can have a combined coverage of $2,000,000.