Types of Savings
- Share Accounts
- Share Draft Accounts
- Christmas Club
- Share Certificates of Deposit
- Simple Saver
- Convenient Money
- IRA Savings
- IRA Certificate (1 year)
- IRA Certificate (2 - 5 years)
- ISMA High Yield
- JUMBO ISMA
Please contact Credit Union for Rate Information. Rates are subject to change.
A share account at FedTrust FCU is a dynamic and flexible investment, capable of serving a variety of needs. It is dynamic because every dollar deposited is put to work to earn a profit for the depositor. Most is reinvested in loans to members, and some is invested in short-term investments.
Your share account is flexible, not merely a deposit for savings. Since the Credit Union saver is an owner, and not a mere customer, he earns ownership dividends on his deposits — dividends that can grow from year to year depending on organizational earnings. After operating expenses are deducted and the necessary reserves set aside according to the National Credit Union Administration standards, profit is reinvested in new services and for making existing services better.
PROTECTION OF SAVINGS
Savings accounts are insured up to at least $250,000 per member by the National Credit Union Administration, an agency of the Federal Government. $250,000 per member is backed by the full faith and credit of the United States Government. We must comply with strict reserve requirements and demonstrate that our operation satisfies the highest standards of good business.
Because we are member-owned, we provide the machinery by which the members themselves, through the constant vigilance of the Supervisory Committee, see to it that the Credit Union satisfies the best business standards to do the best possible job. The Supervisory Committee employs an auditor, and the auditor reports to the Board of Directors.
The National Credit Union Administration also conducts annual examinations of the Credit Union records. A comprehensive bonding system provides further protection. The bond protects against dishonesty of officers or staff, and also covers loss from robbery, theft, larceny and forgery.
Share Draft Accounts
In addition to earning the highest rates, your Credit Union savings are very, very well protected. Share Draft accounts are checking accounts. A minimum deposit of $25.00 is required at the time of opening the account to cover the cost of the first order of share draft checks.
Drafts have the appearance of checks and may be used in all of the same ways. Your box of drafts is provided with “duplicates”, every time you write a draft, a copy is made automatically. This copy is your record, as the originals are not returned to you. Monthly statements list each draft by number and amount to simplify the balancing of your account. There is no service charge.
In the event of an overdraft situation, amounts needed are transferred from regular savings (provided funds are available) to prevent the return for insufficient funds.A nominal fee is charged for this service.
An overdraft protection program is also offered to members who deposit funds to their share draft accounts. This program allows checks to be covered up to the amount of the deposits or $1,000.00, whichever is less. A nominal fee is charged for this service. The amount of overdraft protection is based on the previous month's deposits. Members are automatically enrolled into this program. Accounts are individually reviewed on a case-by-case basis and certain members may be excluded from the program. You have the option of opting out of the program by written request.
Abuses of the Share Draft Account may result in the closing of the account and/or the overdraft protection privileges rescinded. Usually five close sequence over-drafts are considered cause. Misuse by writing over-drafts, in preference to making a share withdrawal, is prohibited. Overdrafts of any type are chargeable. The transfer privilege is extended to avoid third party embarrassment to you.
Our Christmas Club accounts are an excellent way to save for the holiday season. No minimum deposit is required to open the account. Members may make deposits to the account on their own or set up a convenient automatic deduction. On October 15th, funds are transferred to the share savings or share draft account. If funds are withdrawn from the account before October 15th, a $15 early withdraw fee will be charged per each occurrence.
Certificates of Deposits
Share Certificates of Deposits
Share Certificates of Deposits are offered to members who want a higher dividend rate and are willing to not have access to the funds for a certain length of time. These accounts work on the same lines as bank certificates of deposit.
Our Simple Saver Certificate of Deposit is an easy to way to invest with us. The 1 year term certificate requires a $100 deposit to open and only a $10 minimum deposit each month to maintain.
The Convenient Money Certificate allows you to make deposits and withdraws. The Certificates are available in 1 and 2 year terms. The rate is dependent upon whether the member is depositing a minimum of $1,000.00 or $10,000.00. Members are allowed to make 1 withdraw and 1 deposit per month. The minimum transaction amount is $250.00. If the transaction amount takes the balance below the minimum balance required, a penalty will be applied and the certificate will be closed.
Individual Retirement Accounts
Members may save for retirement through this program. It is exactly like any other IRA account and generally pays higher dividends than other institutions. These are offered in the form of accumulation accounts or certificates, whichever the member prefers. I.R.S. maintains very strict regulations governing IRA’s and members should consult their tax advisor for deductibility.
Insured Share Management Account - ISMA
This account is between a regular share account and a share certificate. The dividend rate is higher than a regular share account, yet it allows the member a limited number of withdrawals per month. There is a $3,000 minimum balance, and $500 minimum deposit or withdrawal. There is not a limit to the number of deposits allowed per month. We also offer a Jumbo ISMA - minimum balance of $100,000 with minimum deposit / withdrawal of $500.00