savings I Share
certificates I IRAs
Your time is
valuable… Your credit union realizes just how valuable your time is; therefore, we strive to offer products and services that make your life a little easier. Take advantage of the following products and services and you may never have to stand in line at your financial institution again.
check card for ATM and point-of-sale (POS) Access.
depository located outside credit union office.
bill pay of most utilities at no cost.
to credit card statement information, check re-ordering, check
image retrieval, and our
We also offer a variety of deposit services designed to meet your savings needs:
Tired of paying high maintenance fees on your checking account, then it’s time to switch to a checking account with
CAMC Federal Credit Union.
Experience our free checking with
interest, no annual fee overdraft protection and direct payment of most utilities
available at no cost.
savings account is referred to as a "share" because when you
become a member you actually become one of the owners and share in the
earnings. Dividend rates on all share accounts are set by the board of
directors at the end of each month and are paid monthly with statements
These special savings accounts offer an economical way to save for expenses that occur each year and are designed to help meet your special savings needs. Dividends are paid quarterly on daily balances of $100 or more. Statements are mailed quarterly.
6, 12, 18, 24, 30 & 36 month
Periodic certificate specials
Early withdrawal penalties may be imposed if you withdraw any of the
principal before the maturity date. For certificates with maturity terms
of 12 months or less, the amount of the early withdrawal penalty is equal
to 90 days dividends. For certificate accounts with maturity terms longer
than 12 months, the amount of the early withdrawal penalty for your
accounts is equal to 180 days dividends. The penalty is calculated as a
forfeiture of part of the dividends that have been or would be earned on
this account. It applies whether or not the dividends have been earned. In
other words, if the account has not yet earned enough dividends or if the
dividend has already been paid, the penalty will be deducted from the
IRAs are a smart move towards building financial security. It’s never too early to start saving for your retirement.
Traditional IRAs – A Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.
Educational IRAs - The Education IRA (Coverdell Education Savings Account) is an account that features tax-free withdrawals for a child’s elementary, secondary and post secondary education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from Educational IRAs are penalty free and tax-free.
Roth IRAs - The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than a Traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70 ˝.
Rollover IRAs (all types)
Deposit insurance -
Each member’s qualifying account is federally insured up to $100,000 by the NCUA, a U.S.
member's qualifying retirement accounts are now federally insured up
to $250,000 by the NCUA, a U.S. government agency. The new insurance
limits on retirement accounts took effect April 2006.
Copyright © 2002-2008 CAMC Federal
Credit Union. All rights reserved.