Accounts For All Your Financial Needs
 SFCU
offers several different accounts to meet your financial needs.
These include:
As a federally insured credit union, we are supervised by the
National Credit Union Administration (NCUA) and your account is
insured up to $250,000 by the National Credit Union Share Insurance
Fund (NCUSIF). Deposits can be made through payroll deduction,
ACH, by mail, or in person at the office. Withdrawals can be made
in person at the office with a picture ID, by mail, with your
ATM card at an ATM machine, point-of-sale
We send out statements on a quarterly basis; some accounts receive
monthly statements. You make someone joint on your account by
bringing that person to the office or having their signature notarized
on the membership card. A joint owner has the same rights to the
funds as a primary member.
 Share
Accounts
A solid savings
base adds to your financial stability and provides money for other
members to borrow. Dividends are calculated from the day of deposit
to the day of withdrawal, each day that the account is above the
minimum (see dividend rates). Dividends
are calculated on the average daily balance and are deposited
to the account on the last day of each month. They are compounded
monthly and are paid from available earnings only. Rates can be
changed by the Board of Directors without notice.
Basic Share
Accounts
Share accounts are credit union savings accounts. You can open
an account by depositing $5 which is the equivalent of one share,
and paying the $5 membership fee. Once this share account is established,
a member can start direct deposit and apply for other services. They can also vote at
the annual meeting held in May. We begin paying dividends when
the share balance is $200 or more. Download
membership/share application
 Share
Draft (Checking) Accounts
To be eligible for a share draft account, a member must be in good standing with SFCU, have a minimum credit score of 600, and a clean record with Chex Systems.
-
No
Nonsense Account - $5 per month service charge, no minimum
balance requirement.
-
Start
Smart Account (ages 16-25) - same as above but without
the monthly service charge.
-
Age
Advantage Account (ages 49+) - same as above but without
the monthly service charge.
These accounts offer:
Download
share draft application
Thinking about opening your first share draft (checking) account? Maybe you just need a refresher course on the basics. The following link can help you with everything from making a deposit, to keeping the check register to balancing your account: www.getinbalance.org.
In the event of an overdraft, funds can be transferred from a share account. If there are no funds available, an overdraft can be covered from the overdraft protection loan if applicable. In the event that funds are not sufficient in the above, Overdraft Advance can benefit you.
Check
21 Speeds Checking, Sinks Float
If you think you can get away with a little float, think again.
It used to be tempting to write a share draft/check without
actually having the funds in the account to cover it -- until
now.
The Check Clearing for the 21st Century Act (Check 21) will
cut the time it takes a check to clear from days to hours. So,
if you need to change your checking habits, do so before it's
too late.
Check 21 became effective Oct. 28, 2004. It's designed to
foster innovation and efficiency in the payments system by reducing
some legal barriers to check truncation (removing an original
paper check from the check collection or return process). Supporters
say it could reduce the cost of transporting the paperwork cross-country
by $2 billion a year. The bottom line is, if you don't have
the money in your account, don't write the check! For more information,
contact Kathy at ext. 212.
NCUA Insurance Coverage Change
NCUA insurance coverage, including share drafts (checking) is $250,000. Effective Jan. 1, 2013, share drafts will no longer be separately insured. To maximize insurance coverage beyond $250,000, please contact Kathy at ext. 212 or visit: http://www.ncua.gov/Legal/GuidesEtc/GuidesManuals/NCUAShareInsuranceAndYou.pdf
Overdraft Advance is the Smart Way
When you're busy, it's easy to lose track of your share draft
(checking) account balance. Seaford Federal Credit Union's newest
service, Overdraft Advance, can benefit you in these
ways:
-
No
embarrassment from returned checks
-
No
fee charged by merchants for returned checks
-
No
hassle if you don't have the funds in your account if, for
instance, you forgot to deposit your paycheck
If
you qualify, SFCU will cover you up to $300.00 if for some reason
your account gets in the red. This service kicks in after you
use your other forms of overdraft protection. You'll pay a $30.00
fee, but it will be a lot less than the fees you would have
accumulated without this protection. For more information, contact
a staff member by pressing 0.
Visa Debit/Check
Card
Visa Debit/Check Cards are available with savings or checking accounts at no monthly fee. They are accepted by any merchant
displaying the Visa logo. When you make purchases (point-of-sale
transactions), the money is automatically deducted from your
share draft account. You can also withdraw cash from either
your share or share draft account at an ATM machine. Some fees
apply; check the disclosure for details.
Share Certificates
Share certificates offer higher dividend rates than the basic share accounts. There are minimum balance requirements and this money is invested for a specified period of time. Penalities are imposed for early withdrawal. Rates, amounts and terms will vary depending on the market. Click here for current rates. Call Mary at ext. 118 or Veronica at ext. 214 for more information.
Looney Tunes
Savings Club
These special accounts are designed to teach members from birth to age 15 the importance of regular savings deposits. They receive
products featuring Bugs Bunny and the Tazmanian Devil to make
this more fun for them. These accounts are not eligible for a Visa Debit Card. Dividends are earned on all balances. Click
here for application.
Top of page
Deposits insured by NCUA
|
