Savings at CMU FCU
Share Account - Establishes credit union membership. The minimum balance is $5. Dividends are calculated on the accounts average daily balance and are compounded daily and posted quarterly. (Federal regulations prohibit the payment of dividends in excess of available earnings.) There are an unlimited number of withdrawals by check with no penalty except loss of dividends. For cash management purposes, please give at least 24-HR notice for withdrawals over $20,000.
Share Draft Account - A credit union checking account. Open the account for as little as $50 and start enjoying convenient and valuable features that include:
With direct deposit of your net pay to your CMUFCU share draft account enjoy this additional benefit:
Christmas Club - A share account designed for holiday savings. Enjoy the convenience of saving for holiday expenditures through payroll deduction or make deposits by mail or in person. Dividends are calculated on the accounts average daily balance and are compounded daily and posted quarterly. Disbursement checks are issued after the third quarter dividend posting. There is no penalty for early withdrawal; however, the account must be closed which results in the loss of any non-posted dividends. Closed accounts may be re-opened after October 15th of the year in which they were closed.
Vacation Club - A share account designed for travel or vacation savings. Plan and save for your next family vacation or special trip through convenient payroll deduction. Dividends are calculated on the accounts average daily balance and are compounded daily and posted quarterly.
Individual Retirement Accounts (IRA'S) - Regular IRA, Roth IRA, and Educational IRA share accounts as well as higher yielding one year IRA Share certificates are available. Payroll deduction is a great way to contribute to IRA Share Accounts. Most members can defer taxes on IRA dividends and some may be eligible for a tax deduction on IRA contributions. Penalties are charged for withdrawals before age 59 1/2. (See separate disclosure for full details)
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