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SHARE WITHDRAWALS AND DEPOSITS POLICY
1. It is required that a minimum of $5.00 remain in the member’s account.
2. After 12 withdrawals from your savings account, may be charged $5.00 per withdrawal.
3. When a member co-signs a note, his shares will be frozen in the event the person he co-signs for becomes delinquent or has no income.
CREDIT DISABILITY
Credit disability insurance is offered by the credit union at the discretion of the member. This insurance never pays the first 31 days off due to sickness. It is designed for long term disability.
Credit disability insurance is computed monthly by multiplying the factor of .0025 times the outstanding loan balance. For more information contact your credit union.
Anyone unable to make his payments due to layoff or illness, should come by the credit union before he becomes delinquent and ask about an extension on his loan. However, you are encouraged to make your payments if at all possible.
SAVINGS
Deposits can be made by:
*payroll deduction
*mail
*at the credit union office
*wire transfers
*direct deposits
Withdrawals can be made by:
*telephone
*at the credit union office
*wire transfers
*ach
DIVIDENDS
Dividends are based on the credit unions earnings at the end of the dividend period and cannot be guaranteed.
SPECIAL ACCOUNTS
Share Drafts/Checking
Deposits can be made by:
*same as share/savings
*transfer from share/savings
Withdrawals can be made by:
*writing a share draft
*same as share/savings
A fee will be charged for share drafts with insufficient funds. Share draft accounts are separate from share/savings accounts.
Individual Retirement Accounts (IRA)
subject to federal regulations
Deposits:
*same as regular accounts
*maximum deposit yearly:
*tax deferred interest
*substantial penalty for early withdrawals before age 59 1/2
Christmas Club Accounts
*checks available the first working day of November
Certificates of Deposits
*rates available at credit union
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