At Augusta County Federal Credit Union, we can make saving as painless as possible with a variety of savings plans ... Regular Share Accounts, Christmas Club Accounts, and Certificate of Deposit Accounts. All of these accounts may have a joint owner.
Regular Share Account -- The minimum balance required is your $5.00 membership fee. The dividends are calculated on a daily balance, compounded quarterly and paid quarterly. You must have a balance of $100.00 to earn dividends. Statements are mailed quarterly.
If you have a checking account with the Credit Union, the regular share account serves as overdraft protection for that account. Government regulation "Reg D" limits a member to six (6) transfers per month from this regular share account. Any transfer made at an ATM or in person at the Credit Union office does not count against this limit.
Christmas Club -- There is no minimum balance required. Use this account and you'll give yourself the first gift of the holiday season ... cash! The account earns dividends just like the regular share account. Save for those special gifts--it's easy at your credit union. You can deposit any amount at any time. The best way is to set aside an amount each pay day through payroll deduction to your Christmas Club account. You may also make deposits by mail or in person at the main office. Withdrawals are discouraged; after all, it's for Christmas. Early withdrawals will close the account and dividends will be forfeited.
Look at these advantages:
* Start any time
* Deposit any amount
* Convenient payroll deduction
* Earn dividends at a competitive rate, paid to the account quarterly
* Renews itself for the next year unless you instruct us otherwise
* No minimum deposit
* No monthly fees
Our Christmas Club account runs from October 1 to September 30; funds are automatically deposited to your share account in early October
Certificate of Deposit Accounts -- 1 year certificates are available with a minimum balance of $500. Dividends are compounded on a daily basis and credited quarterly. Early redemption will result in the loss of 90 days of dividends. You will never lose the value of your initial investment.
Choosing the right savings program is an important decision. The right investment account should be affordable, accessible, and safe.
Augusta County Federal Credit Union offers Certificate of Deposit Accounts that are federally insured by the National Credit Union Administration up to $250,000. Our rates are competitive with other financial institutions, and are guaranteed for the term of the certificate. All of your certificate funds work for you because ACFCU certificates have no transaction costs or service fees. A Certificate of Deposit Account is a fixed rate, closed end, time deposit. In other words it is a contract between the credit union and a member. The credit union agrees to pay a certain interest rate on a specific sum for a particular period of time. No additional deposits can be added to a certificate before maturity, and no partial withdrawals are allowed. The interest rate is fixed for the term of the certificate. The yield on Certificates of Deposit is normally higher than regular savings, therefore, they are subject to dividend penalties if redeemed early. Thus, certificates of deposit are not as liquid as share savings accounts. Because of their higher earning rates, certificates are an excellent place for larger amounts for which you don't expect to have a short-term need.