What is a Deposit Account?
Deposit accounts consist of money placed into banking institutions for safekeeping. These deposits are made to deposit accounts such as Savings Accounts, Checking Accounts, Money Market Accounts and Certificates of Deposit (CD). The account holder has the right to withdraw deposited funds, as set forth in the terms and conditions in our membership agreement.
Questions to ask to find the right savings account:
- What are your savings goals? What are you saving for?
- Do you save money for specific purchases or do you save to earn money?
- What is your experience with saving money? Is it hard for you to save?
- Will limited access to your money help you save?
- Will Direct Deposit help you save? What types of accounts do you have at other financial institutions?
- What dividend/interest rates are you currently earning?
- If you have certificates, when will they mature?
- How much will you be depositing?
- How soon, or how often, will you need access to your funds?
- Do you have 401(k) accounts, pension funds, etc.?
What do I need to open an account?
- Opening Deposit
- Valid Photo ID (Military ID not allowed)
Statements
- Quarterly, unless electronic funds transfer takes place or member has a checking account or loan attached to the savings account; in this case, a monthly statement will be sent.
| Account Name | Opening Balance | Minimum Balance | Monthly Service Charge | Account Access | Withdrawals/Transfers |
|---|---|---|---|---|---|
| Membership Savings | $5 | $5 | None | In person, by mail, Accessline (phone), online access, mobile banking, and ATMs. | Unlimited in-person withdrawals. |
| Market Rate Savings | None ($5 if opening online) | None | None | In person, by mail, Accessline (phone), online access, mobile banking, and ATMs. | Unlimited in-person withdrawals. |
| Rafferty Club / CU Succees | $5 | None | None | In person, by mail, Accessline (phone), online access, mobile banking, and ATMs. | Unlimited in-person withdrawals. |
| Investors Plus Money Market | $25,000 | $25,000 | $25 per month if average daily balance falls below $25,000. | In person, by mail, Accessline (phone), online access, mobile banking, and ATMs. | Unlimited in-person withdrawals. Investors Plus checks are available upon request. |
| Club Account | None ($5 if opening online) | None | None | Member can deposit as often or as much as they choose. Members may have money transferred automatically into their accounts with a Pre-Authorized Transfer. Funds are disbursed to member on the last business day of the month of maturity and deposited into any Centris savings or checking account the member chooses. | Funds cannot be withdrawn from account unless member wishes to close the subshare for the plan year. If funds are withdrawn prior to end of plan year no dividends will be paid and member is not eligible to restart account until the plan year is completed. However, the member could establish a new club account with a new maturity date if they have not already exceeded three club accounts. No partial withdrawals are allowed. Funds cannot be pledged as security on shares pledged loans. |
| Add-On Certificate | $100 | $100 | None | Additional deposits may be made via online transfer, Teller, Service Representative, automatic transfer, online banking, or mobile banking; there is no minimum or maximum amount required to add-on to the certificate’s balance. | Certificates withdrawn prior to maturity will incur an early withdrawal penalty |
| Regular Certificate / IRA | $500 | $500 | None | Members cannot add more funds to CD's. They can view their account in person or over the phone via Accessline, online access, and mobile banking. | Certificates withdrawn prior to maturity will incur an early withdrawal penalty |
| Jumbo Certificate / Jumbo IRA | $90,000 | $90,000 | None | Members cannot add more funds to CD's. They can view their account in person or over the phone via Accessline, online access, and mobile banking. | Certificates withdrawn prior to maturity will incur an early withdrawal penalty. |
| IRA Savings | None | None | None | Permitted according to IRS regulations. Subject to IRS penalties. | Permitted according to IRS regulations. Subject to IRS penalties. Early withdrawal penalties do not apply to withdrawals made after the death of the account owner. |