Credit Union Services
Share Savings Account
Share/savings accounts help members of the I.K.I.B.E.W Federal Credit Union to accumulate money regularly for both short and long term financial objectives. Your funds are available when you want them. Deposits may be made in person, by mail or through pay roll deduction. If you cannotm ake it to the Credit Union during business hours for a withdraws, call and we can make special arrangements such as mailing a check or sending a wire transfer for a minimal fee.
We encourage members not to make frequent withdrawals as they increase the cost of operations. Dividends are figured daily and posted quarterly. The dividend rates are approved by the Board of Directors and are determined by the earnings of the Credit Union. Dividends will not be paid on accounts under $200.00 All accounts are insured up to the $100,000.00 by the NCUA and agent of the Federal Government.
What kinds of accounts are there?
Single and Joint Accounts
A) A single account is held by one member only.
B) A joint account is an account held jointly by one member and any other person such as a man and wife or dependant children. A joint account requires signatures of both people on membership card. Either person may make deposits and/or withdraw from the account.
Christmas Club Accounts
You may open a Christmas Club Account in addition to your original savings account. The Christmas club checks are available the last week of October each year. Our Christmas Club accounts have the convenience of payroll deduction these dividends are figured daily and paid quarterly. Early withdraws are subject to a service charge and loss of interest.
Share Draft/Checking Accounts
You may open a share draft account in addition to you savings account 90 days from its opening date. This is the Credit Unions account similar to checking accounts. There is no monthly service charge on this account. ATM access is also available with this account. A VISA check card is also available. This convenient card saves you time in line and eliminates the need to write a check and show ID. The VISA Check Card works like a check and an ATM card. This card is accepted at most merchants that accept VISA.
Share Certificates
The Credit Union offers 3 month through 48 month certificates with the minimum deposit of $250.00 This account is designed for those members who have accumulated excess funds that may be invested for a long term at a high rate.
Member Loans
Our loan rates are based on Simple Interest, no discount rates offered by other financial institutions. This is a very important featured when shopping for a loan. Interest rates are competitive and vary depending on the type of loan and credit history. There are no early payment penalties and interest paid on the unpaid balance only.
The philosophy of the Credit Union is to provide you with the means to obtain credit at reasonable rates. Any member with a share account for 90 days is eligible to apply for a loan. Money available for loans is provided by member savings.
Other Services
- Loans- Signature, New and Used Autos, Secured Personal Property, Promotional and Shared Secured
- Vacation Accounts
- Certificates
- ATM Access /VISA DEBIT CARDS
- Direct Deposit
- Payroll Deductions
- Wire Transfers
- Automatic Loan Payments
- Direct Payments
- Money Orders
- Travelers Checks
- Notary Service
- Amusement Park Tickets
- Discount Movie Tickets
- Fax Service
