CAMC Federal Credit Union

Share (Savings) Accounts

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.
  • Prime Savings
    ($5.00 minimum to open account/membership to Credit Union)

    There is no better time to start saving for your future or future expenses than now! Start a Prime Savings Account at your Credit Union today! Dividends paid monthly. Statements mailed quarterly. If electronic transactions occur on the account, you will receive a monthly statement of activity.

    Reminder: Federal Reserve regulations limit withdrawal transactions to savings accounts. Your Prime Savings account is limited to 3 withdrawal transactions per calendar month which include: VISA check card point-of-sale (POS), Internet Banking, (CU-Online) and Key-24 withdrawals/transfers, overdraft protection an other EFT transfers which are subject to the Federal Reserve transaction limitations. As a service to you, withdrawals to your Prime Savings account in excess of these limits are permitted by the Credit Union, but will result in the assessment of a fee or other action in accordance with our Truth-In-Savings disclosure.

  • Split Rate Savings
    ($5,000.00 minimum to open)

    Our Split Rate account is our premier savings account comparable to bank money market accounts. The Split Rate Savings requires a $5,000 balance to open and earn dividends. Dividends are paid monthly. This type of savings offers members more convenience, higher dividends and constant availability to their funds. Payroll deduction and ATM access are available. Statements are mailed quarterly unless your account has had electronic transactions in which case you would then receive a monthly statement of activity.

    Reminder: Federal Reserve regulations limit withdrawal transactions to savings accounts. Your Split Rate Savings account is limited to 6 preauthorized, automatic, or telephone transfers or withdrawals per calendar month, 3 of which may be made payable to a third party by check, draft, check card point-of-sale (POS) or similar order. Key-24, CU-Online withdrawals/transfers, overdraft protection transfers and other EFT transactions are also subject to the Federal Reserve transaction limitations. As a service to you, withdrawals to your Split Rate Savings account in excess of these limits are permitted by the Credit Union, but will result in the assessment of a fee or other action in accordance with our Truth-In-Savings disclosure.

  • Kids Starter Savings
    ($10.00 minimum balance to start)

    This account is designed to allow parents to set up a savings to benefit their child (age 18 or younger) under the parents membership account. It is a great way for parents to start saving for your child's future. Dividends are paid on balances of $100 or more. You may have one withdrawal per calendar month without a fee.

Club Accounts

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)

Share Certificates

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 principal.

Individual Retirement Accounts

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 ½.
  • Rollover IRAs (all types)

Account Insurance

  • Deposit insurance - Each member’s 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.


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CAMC Federal Credit Union is federally insured by the National Credit Union Administration.
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Home    About Us    Membership    Lending
Member Services    Online Resources    Privacy/Security
©Copyright 2014 CAMC Federal Credit Union.
All rights reserved.
CAMC Federal Credit Union is federally insured
by the National Credit Union Administration.
View our Sitemap. See Contact Us.
This site created, maintained
and hosted by: VolCorp Design.
NCUA EHL America's Credit Unions