Share Account Options
Regular Share Account
A Regular Share Account requires a minimum of $5. Dividends are earned from the date of deposit to the date of withdrawal, and are paid and compounded quarterly.
Single Account
A Single Account is an account held by one person only.
Joint Account
A Joint Account is an account held by a member and any other person(s); the joint owner(s) does not have to be a family member. A joint account requires signatures of all persons on the back of the membership card. Either person(s) may deposit and/or withdraw savings from the account. However, only the person(s) who are eligible for membership may borrow and vote at the annual election.
Payable on Death Account
A Payable on Death Account is a single account in which you designate a beneficiary to receive the proceeds in your account at your death.
Term Share Account
A Term Share Account requires a $5,000 minimum balance; terms are set; higher annual yields are paid; dividends are earned daily and are paid and compounded monthly; there is a penalty for early withdrawal, 120 days loss of dividends.
Other Account Options
Individual Retirement Account (IRA)
An Individual Retirement Account requires a minimum balance of $5; higher annual yields are usually paid on this account; dividends are earned from the date of deposit to the date of withdrawal and are paid and compounded quarterly; term share IRAs are also available.
Additional Account Information
Dividends on Shares
The credit union uses the average daily balance method of computing dividends, which applies a periodic rate to the average daily balance for the period. The average daily balance is calculated by adding the full amount of principal in the account each day of the period, and then dividing that figure by the number of days in the period.
Dividends will be earned from the date of deposit to the date of withdrawal and will be paid and compounded quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and ends March 31. All other dividend periods follow this pattern except for term share accounts. The dividends are posted on the last day of each quarter.
Rates on savings accounts can be found in the monthly Maxims newsletter, which is included with your statement, or right here on our website.
NCUA Share Insurance
Accounts are insured up to at least $250,000 by the National Credit Union Administration, an agency of the federal government. Full details on insurance coverage on multiple accounts are available upon request. You can also access the Share Insurance Calculator provided by the NCUA.
Share Deposits
Share deposits can be made at our office or by mail. Payroll deductions are provided for Bridgestone/Firestone employees. Also, we can receive direct deposits from other companies and government agencies. Contact our office for more information about payroll or direct deposits.