Accounts: Clinchfield FCU

Accounts

Share (Savings) Accounts

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Your Share (Savings) account is referred to as a ‘Share Account’ because it represents your ownership in the credit union. This Share (Savings) account must maintain a $25 minimum balance to retain your member status and eligibility for all the many services offered by the credit union. You will have free access to many online services and receive a quarterly statement (e-statement or paper statement), dividend payments on an average daily balance of $25 or more, no monthly service fees, and the confidence that your savings is federally insured up to $250,000 by National Credit Union Savings Insurance Fund (NCUSIF), a U.S. Government Agency backed by the full faith and credit of the U.S. government.

Share Draft Accounts (Checking)

Your Share Draft (Checking) account will never have a monthly service fee. No minimum balance is required. You will receive a free Mastercard debit card and will never have a fee for CFCU ATM usage. You will receive a monthly statement (e-statement or paper statement).

Transaction Processing and Account Balances

Christmas Club Accounts

A Christmas Club account is a fantastic way to save for those expensive holidays. When you open this club account, you will earn dividends on your money at the same dividend rate as a regular share account. A $5 minimum balance is required. Your funds will be automatically transferred the first week of November into your checking or savings account that you specify.

Individual Retirement Accounts

An Individual Retirement Account (IRA) is a tax-deferred savings investment plan that provides security for your retirement and the possibility of tax-deductible contributions. (Please consult your tax advisor for items pertaining to tax deductibility). 401K Retirement Plans can be rolled over to a Traditional IRA. With all your funds at the credit union, you can perform all IRA transactions – such as taking distributions, naming beneficiaries, and handling periodic payments – in one place. All IRAs are automatically renewed unless specified otherwise. A $1,000 minimum deposit is required to open an IRA.

Share Certificates (CDs)

A Share Certificate (CD) is available with terms ranging from 3 to 60 months and earns a higher interest rate than a regular share account. Paid dividends can be withdrawn automatically or at your discretion at any time with no penalty. All certificates are automatically renewed unless specified otherwise. A $1,000 minimum deposit is required to open a Share Certificate (CD).

Minor and Teen Accounts

A Minor Account is the perfect account for family members looking to save for children under the age of 18. The children do not have access to the funds without the presence of their joint owner (parent, grandparent or legal guardian).

A Teen Savings (Share) Account is available for young adults as they are ready to save money. Age 13-18. Contact the credit union for details.

A Teen Checking (Share Draft) Account is available for young adults as they begin to work or want access to a debit card. Age 16 and older. Joint Owner is required (parent, grandparent or legal guardian).

SERVICES:

Share (Savings), Share Draft (Checking) and Retirement Accounts