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Accounts Share Draft - free checking with a difference Generations Credit Union offers an interest-earning checking account called the Share Draft. This account functions similarly to a checking account with a few important differences. A Share Draft uses duplicate checks so that when you write a draft, a copy is automatically created. You will receive a monthly statement of your Share Draft account showing each transaction by date and draft order. Your canceled drafts will not be returned to you; each draft is microfilmed and stored for you. In the event you need a copy of a canceled draft, you may call the Credit Union and request the draft copy. You can earn a dividend on your average daily balance; the dividends are calculated on the average daily balance and are posted to your account on the last day of each month. No minimum balance is required to receive this dividend and we do not charge a monthly service fee. The Share Draft allows you to have payroll deduction or net pay deposit of your payroll check, and we also accept electronic payments through this account. You will enjoy check cashing privileges and unlimited withdrawals as well. We also offer access using a VISA check card. You can also access account information such as cleared drafts, deposits, and make account transfers using MARS (Member Automated Response Services). MARS is available nearly 24 hours each day, seven days a week. Apply for a Share Draft Account Now! Reorder your checks online For your convenience, once you have established your share draft account, you can reorder checks online, go to Liberty Check Printers - http://reorder.libertysite.com VISA Check Card A VISA check card is a must for the shopper who doesn't want the risk of carrying cash, the hassle of toting a checkbook, or the peril of running up credit card balances. With our VISA check card, you will have secure access to your checking account without writing a check. The VISA check card is accepted everywhere you see the VISA logo; including restaurants, grocery stores, mall shops, and you can even "pay at the pump" at most gas stations. You can also used your VISA check card at any participating network ATM to make a cash withdrawal. Each transaction creates an electronic withdrawal from your checking account. There is no charge for using the check card whenever you select a "credit" transaction. The credit transaction will create an electronic withdrawal from your checking account that will require your signature to complete. If you sign for the transaction, you will not be charged any fees. You should select a "credit" transaction whenever you have the option, as it will save you from any transaction fees. When using the VISA check card, if you select a "debit" transaction, or if you are using your card in an ATM, you will be required to enter your personal identification number (PIN) to complete the transaction. You will not be charged for the first four debit transactions on your account each month. If you exceed four debit transactions in a month, you will be charged one dollar for each transaction in addition to any surcharge imposed by the source. Remember: SIGN YOU SAVE; PIN YOU PAY. To sign up for the VISA check card, simply stop by the office for an application or call us at 815.316.2900 or 888.533.1580. Apply for a VISA Check Card Now! Share Accounts - a savings place The Credit Union provides an easy and secure account for your savings called a Share Account. Share deposits can be made voluntarily, by payroll deduction or electronically. Withdrawals can be made at a Credit Union office during regular business hours, or by using the MARS automated service. Regular Share Accounts are limited to three (3) withdrawals and three (3) transfers per month. Dividends are paid on the first day of the new quarter. IRA - for the future When planning for a comfortable retirement, you may choose to begin saving with an Individual Retirement Account (IRA). Our IRA's are federally insured up to $100,000 through the NCUA. We offer a variety of rates and terms including: three (3) month, one year and two year options. The benefits include tax-deferred dividends and tax-deductible contributions for individuals who qualify. To open an IRA, you simply complete the enrollment form and deposit $100 into the account. You may also want to consider moving an existing IRA you have at another financial institution to Generations Credit Union to take advantage of our competitive terms and rates. The Credit Union will be happy to provide you with available IRA terms and current rates. Share Certificates - the savings builder Our Share Certificates offer members the security they require with the return they desire! A Share Certificate account allows you to choose a higher interest-yielding account with varying maturity dates. You may add funds to the Share Certificate anytime without altering the maturity date. A withdraw from this account prior to the maturity date will result in a loss of dividends earned for the entire period and will be assessed to the account as a penalty. This penalty will be waived for members 60 years and older who make withdrawals due to a documented medical emergency. The chart below shows the options available for a Share Certificate. Please check the current rates and terms with your Credit Union. Your Share Certificate will automatically renew upon maturity at the current rate unless you inform the Credit Union otherwise. Fortune Fund - special savings A Fortune Fund is another type of savings account offered by the Credit Union. It allows a member to save for a special reason such as taxes or insurance. Christmas Club - a holiday helper The holidays are a time when you can always use some extra cash. A Christmas Club is a savings plan that will help you set aside extra funds for those holiday expenses. This account matures in late October (you will be notified of the exact maturity date and when your funds will be direct-deposited into your regular share account). You may open a Christmas Club account at any time during the year by reading and signing the disclosure which is available in the Credit Union. Please note, however, that this type of account does not allow withdrawals until the maturity date. Special Benefits for Members
Is my money protected?
Financial Calculators There are a wide variety of Financial Calculators at CUNA Mutual. Rates and Terms Rates stated as of July 15, 2008. Check with Credit Union for current details. Share Certificates (CDs)
IRAs
Christmas Club The dividend rate is currently 1.50% APY*. Fortune Fund Four withdrawals are permitted per calendar year, and the dividend rate is currently 1.51% APY*. Share Draft (checking) You can earn a dividend of 0.25% APY* on your average daily balance; the dividends are calculated on the average daily balance and are posted to your account on the last day of each month. Share Account (Savings) Regular share accounts are limited to three withdrawals and three transfers per month. Dividends are paid on the first day of the new quarter, and the dividend rate is currently 0.50% APY. * APY = Annual Percentage Yield
Generations Credit Union has introduced a new program called Generation KID. This "kids club" is designed to encourage children to learn about money management, savings and other financial matters. If you are the child of a Credit Union member and are age 12 or under, you can join! Just come to the Credit Union with your parent and fill out a membership application form. We will help you open your very own savings account. And, you'll get some fun stuff just for joining! |
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