SHARE SAVINGS ACCOUNTS
Share Savings Accounts are the building blocks for the credit union. They are used to fund the borrowing needs of members and to meet daily cash requirements for withdrawals and operating expenses. In return for the use of their funds, members are paid dividends on a quarterly basis. Share Savings Accounts are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Share Savings Account features include:
- Easy access to your funds—withdrawals can be made from our lobby, drive-thru window, at an ATM or by mail.
- Access your account online with NETLINK™.
- Save effortlessly with payroll deduction (where offered by employer).
- Direct Deposit and Direct Debit are available with no service charges. The credit union’s Routing/Transit Number is: 2515-8400-3.
- STAR® ATM access is available for inquiries, withdrawals and deposits. Cardholders receive 3 free transactions per month. There is a $1.00 fee for each transaction over 3 per month, with a maximum monthly fee of $5.00.
- You may pledge some or all of your Share Savings Account as collateral to obtain a preferred interest rate on a personal loan.
- With Overdraft Protection by Transfer, your Share Savings Account can be linked to a Share Draft Checking Account to help avoid embarrassing and costly "NSF" fees.
- Account holders are eligible for a $1,000 accidental death and dismemberment insurance policy from TruStage™ at no charge. (A signed application must be submitted. Additional coverage may be purchased at group rates.)
- A deposit of $5.00 is required to open a Share Savings Account. A minimum balance of $5.00 is required to be considered an active member and utilize our other services. You may withdraw the initial $5.00 only upon closing your account.
- A $100 minimum daily balance is required to earn the stated Annual Percentage Yield for the dividend period.
- After ninety days, a $100 minimum daily balance is required to avoid a $1.00 monthly service charge. The charge is waived for members with an active loan account, an active Share Draft Checking Account or any other share account with a $100 minimum daily balance.
IMPORTANT FACTS ABOUT YOUR INSURED SHARES
Each member's funds are insured to $250,000—and that limitation applies to the total of a person’s funds in Share Draft, Share and Share Certificates for which an insured credit union is liable. So share insurance in not increased, for example, by putting $250,000 into a Share Account and $250,000 into a Share Draft Account in the same insured credit union. In that scenario, only $250,000 would be insured, not the $500,000 in total deposits.
Actual title to each insured account must be in the name of the account holder named. Thus, if a member sets up a number of accounts under different names with no intention of creating the indicated ownership interests with respect to the funds, share insurance will not be increased. The funds will be insured only as the funds of the true owner.
In addition to their individual insured accounts, each person is entitled to a maximum of $250,000 coverage for their interests in all of their joint accounts.
A husband and wife, or any two or more persons, may have a valid joint account covered for the total amount allowed for each person in the joint account category. For example, since each co-owner is deemed to have an equal interest, a husband and wife could have one joint account with $500,000 fully covered. In this example, neither of them would be eligible for coverage of any amounts in any other joint accounts at the same insured credit union. As another example, three siblings could have a joint account containing $750,000, all fully insured, with each of the three deemed to be insured for $250,000. Again, in this example, any amounts in other joint accounts at the same insured credit union with the same or other persons would not be covered by share insurance.
Insurance protection is not increased by merely rearranging the names of owners, changing the style of names, or by having more than one joint account for the same combination of owners in the same insured credit union.
Each co-owner of a joint account must have equal withdrawal rights and must personally execute a signature card—except in the case of jointly held share certificates or shares represented by negotiable instruments. Jointly held share certificates must in fact be jointly owned to be insured as a joint account.
Revocable Trust Accounts
Funds deposited into revocable trust accounts whose beneficiaries are natural persons, charitable organizations, or other non-profit entities recognized as such under the Internal Revenue Code of 1986 are separately insured to $250,000 (in addition to the insurance on valid individual and joint accounts). Revocable trust accounts provide that, at the death of the owner, funds will pass to a named beneficiary. The person who has the power of revoking the trust is considered the owner of the account.