Savings Programs

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ACCOUNT TYPES


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Regular Share Accounts

Regular Share Accounts are savings accounts that pay dividends quarterly. The minimum balance is $10 which is required to keep the account open. A $1 membership fee is charged when you become a member of the Credit Union. Effective April 1st, 2002 members must maintain a minimum daily principal balance in their primary share account of $100.00 in order to earn the stated Annual Percentage Yield on the account.

Share Draft (Checking)

Share Draft (the credit union version of a checking account) has no minimum balance and has no monthly service fees. VISA check cards are available on our Share Draft Accounts. Our VISA check cards are accepted everywhere you see the VISA logo. When you use your card at the merchant your funds are electronically taken from your account.

You can also use your VISA check card at l00's of ATM's nationwide free of charge. You can get a complete list of these ATM's at www.allianceone.coop.

Share Certificate

Unlike the stock market or other investments, share certificates are insured in the same way as your checking or savings accounts are (by the NCUA for credit unions), so putting your money into a share certificate is a safe financial investment.

We offer six, twelve, twenty-four and thirty-six month certificates with a minimum of $5000.00.

The dividends on all the types are paid monthly, either to an alternate share account or paid back to the certificate. The terms and rates on the certificates are also offered to our kids club members with a minimum balance of only $500.00.

IRA

What is an IRA?

An individual retirement arrangement (IRA) is a special domestic trust, custodial account or annuity contract established to hold assets for individual’s retirement.

An IRA is a tax-advantaged savings tool designed to provide retirement income in addition to Social Security income, employer-sponsored retirement plan benefits, personal savings, and wages.

There can only be one owner per IRA. An IRA cannot be owned by and entity can be named as an IRA beneficiary.

An IRA is an account or annuity, not an investment.

Christmas Club

Christmas Club Accounts run each year from November to November. You may contribute a maximum of $400.00 per month. Members are allowed to make two withdrawals, free of charge, until account matures. There will be a $5.00 fee for each additional withdrawal after the second withdrawal. Fees could reduce the earnings on the account. Dividends will be credited to your Christmas Club Account monthly. When your account matures in November we will disburse your money to the account you designated. These accounts can be a huge benefit in making your holidays merry and bright while keeping your wallet intact.

Vacation Club

Vacation Club Accounts run each year from June to June. You may contribute a maximum of $400.00 per month. Members are allowed to make two withdrawals, free of charge, until account matures. There will be a $5.00 fee for each additional withdrawal after the second withdrawal. Fees could reduce the earnings on the account. Dividends will be credited to your Vacation Club Account monthly. When your account matures in June we will disburse your money to the account you designated. They are designed to help members save for their summer vacation expenses.

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