Deposit services


Checking  I  Savings  I  Special savings  I  Share certificates IRAs  I Account insurance

Your time is valuableÖ 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.

  • Direct deposit 

  • Visa check card for ATM and point-of-sale (POS) Access.

  • Automated telephone service (Key-24) 

  • Night depository located outside credit union office.

  • Automatic bill pay of most utilities at no cost.

  • Online web access to credit card statement information, check re-ordering, check image retrieval, and our internet banking service (CU-Online). 

We also offer a variety of deposit services designed to meet your savings needs:

Checking 

Tired of paying high maintenance fees on your checking account, then itís 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

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Savings

Your 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 mailed quarterly. 

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Special Savings

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.
  • Christmas account - (account pays out each October.) 

  • Vacation account

  • Back-to-school account - (account pays out each July).

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Share certificates

  • 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 principal.

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Individual retirement accounts

IRAs are a smart move towards building financial security. Itís never too early to start saving for your retirement.

  • Traditional IRAs Ė 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 childís 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 Ĺ. 

  • Rollover IRAs (all types) 

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Account insurance

  • Deposit insurance - Each memberís qualifying account is federally insured up to $250,000 by the NCUA, a U.S. government agency.

  • Each member's qualifying retirement accounts are  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.

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