| Share Savings Accounts Share savings accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA) which are protected by federal deposit insurance. NCUA is an independent agency of the United States government. Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $100,000 as of April 2006, but may be increased in the future. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $100,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $100,000 as your individual account.
Members may withdraw all
or part of their savings during business hours, unless there is a note with
those shares pledged as collateral*. A minimum balance of $5.00 is
required at all times to remain a member. Any member who withdraws all
his/her savings immediately ceases to be a member. A limit of four
withdrawals per month is allowed. A $5.00 fee will be charged for each
withdrawal over the limit. *The Credit Union reserves the right to require up to
ten days prior notice for withdrawals of $25,000.00 or more. Dividends are paid to share accounts quarterly-January 1st, April 1st, July 1st and October 1st. Funds withdrawn at anytime during the quarter do NOT earn dividends. Deposits should be made no later than the 10th of the month to earn the maximum amount of interest. The percentage is subject to change without prior notification. The board of directors declares dividend rates the last board meeting of the quarter before payment on the 1st. How To Make a Loan Any member may apply for a loan with a credit union employee during regular office hours. A loan officer will evaluate each request on the basis of the loans productivity, the applicant’s ability to repay, the applicant’s character and/or creditworthiness, and his/her past and present credit status. Contact the credit union for the current rates and terms on loans. Loans Available Signature loans are available for up to $5,000.00 for as long as 36 months upon approval by a loan officer, subject to membership qualifications. Other loans available include Share Secured, Auto, Home Furnishings, Recreational Vehicles, Boats, Lawn/Garden Equipment, Certificate of Deposit secured and Motorcycles/ATVs. Repayment of Loans The borrower repays preferably by payroll deduction, or direct to the credit union office according to the terms of the note. Members are allowed to repay loans at anytime without penalty. Principle payments in excess of the loan’s regularly scheduled payments will NOT advance the due date of the loan’s next payment. |