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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 $.50 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
$3.00 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.
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