| Savings Accounts at your Credit Union are
called share accounts. You can open an account by depositing a
minimum of $5.00 (which is the equivalent of one share), and
paying a one-time $1.00 membership fee. Regular deposits can
be made easily through payroll deduction as well as by mail or
in person.
You may take four withdrawals per quarter (every three
months beginning in January of each year.) For each withdrawal
over four per quarter, there is a $4.00 service charge. A
statement detailing all transactions for the account is mailed
quarterly. A minimum balance of $5.00 is required to keep an
account open.
Interest paid on share accounts is referred to as dividends
and is competitive with other financial institutions. Your
shares are safe because they are insured up to $250,000 by the
National Credit Union Administration. |
