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Savings Account |
Prime Share Savings Account
Why exactly is it called a prime share savings account? Since credit unions are owned and controlled by their members, this account represents your SHARE of the financial cooperative. This share, regardless if it's a minimum $25.00 balance or much more, entitles you to one vote at any business meeting of the organization, and signifies that you are a member in good standing.
At ECU $25.00 in a prime share / savings account establishes and maintains your membership; once you become a member you are always a member provided a minimum balance of $25.00 is maintained in your share savings account. A Youth Share Savings account is available for members under 18.
Prime Share Savings account details:
At ECU $25.00 in a prime share / savings account establishes and maintains your membership; once you become a member you are always a member provided a minimum balance of $25.00 is maintained in your share savings account. A Youth Share Savings account is available for members under 18.
Prime Share Savings account details:
- Minimum to establish and maintain ECU membership: $25
- Minimum to earn dividends: $500
- Monthly Service Fee: $5.00 per month if daily balance falls below $25.00
- Transaction limits: Limited to two (2) withdrawals and three (3) overdraft transfers, per month, per Reg D* limits. Electronic transactions include online banking, automatic withdrawals such as gym memberships, etc. and overdraft transfers.
- Transaction Fees: $2.00 Per Withdrawal over 2 per month, see Schedule of Fees
- Deposits are Federally insured up to $250,000 per individual depositor through NCUA
- Tiered Dividend Rates: Rate is determined by daily account balance, compounds daily, and paid quarterly. if account is closed before the quarterly posting of accrued dividends, no dividends will be paid, for current rate, see Current Deposit Rates
- Statements are issued quarterly; you may sign up for e statements through Virtual Branch
- You can access your account 24 hours a day, 7 days a week through Virtual Branch and EZ Access
Youth Savings Account
The are two types of Youth Savings Accounts:
Youth Savings Account details:
- Mature Minor Savings Account - A Mature Minor Savings account is a joint savings account opened by a parent with their teenage child. As the primary account holder the child would have full access to the account — including the ability to deposit and withdrawal money. As joint account holder the Parent would have full access to the account. The account establishes an ECU membership for the child.
- Custodian Savings Account - A Custodian or UTMA (Uniform Transfer to Minors) account is a savings account opened by an adult for the benefit of a child. Children are able to make deposits but will not have access to withdrawal money. As the Custodian the adult is the account manager,
Youth Savings Account details:
- Minimum to establish and maintain ECU membership: $25
- Minimum to earn dividends: $1.00
- Monthly Service Fee: $5.00 per month if daily balance falls below $25.00
- Transaction limits: Limited to two (2) withdrawals and three (3) overdraft transfers, per month, per Reg D* limits. Electronic transactions include online banking, automatic withdrawals such as gym memberships, etc. and overdraft transfers.
- Transaction Fees: $2.00 Per Withdrawal over 2 per month, see Schedule of Fees
- Deposits are Federally insured up to $250,000 per individual depositor by NCUA
- Tiered Dividend Rates: Rate is determined by daily account balance, compounds daily, and paid quarterly. if account is closed before the quarterly posting of accrued dividends, no dividends will be paid, for current rate, see Current Deposit Rates
- Statements are issued quarterly: You may sign up for e statements through Virtual Branch
- You can access your account 24 hours a day, 7 days a week through Virtual Branch and EZ Access
Good Habits:
You've probably already established many good habits with your children: eating right, brushing their teeth, and doing homework before TV for starters.
What about good financial habits?
Get your kids in the habit of saving from a very young age by teaching them to put 10% of their money away to save for a big ticket item they want. If you start when they earn their first dollar, they’ll develop the mindset of saving. Let them pick what to save for (college probably holds no interest yet but a new bike might). As they near their goals, suggest that they save a little more than they need before making the purchase.
If your parents had gotten YOU in the habit of putting 10% away, how much would you have in savings now?
You've probably already established many good habits with your children: eating right, brushing their teeth, and doing homework before TV for starters.
What about good financial habits?
Get your kids in the habit of saving from a very young age by teaching them to put 10% of their money away to save for a big ticket item they want. If you start when they earn their first dollar, they’ll develop the mindset of saving. Let them pick what to save for (college probably holds no interest yet but a new bike might). As they near their goals, suggest that they save a little more than they need before making the purchase.
If your parents had gotten YOU in the habit of putting 10% away, how much would you have in savings now?
Money Management Lessons:
Although most kids don’t have to concern themselves with managing money, you can teach your child the basics early on. Rather than giving your child their allowance every week, explain that they’ll now be getting it monthly. It’s going to be up to them to manage their money so that it lasts until the next month.
It might be tempting for a child who is not used to having so much cash at one time to quickly spend it all. But the experience of being left with little or nothing afterwards teaches them to handle their money in a smart, responsible way. Let them learn that lesson now when it really doesn't matter, rather than as an adult, when the consequences will be far more significant
Although most kids don’t have to concern themselves with managing money, you can teach your child the basics early on. Rather than giving your child their allowance every week, explain that they’ll now be getting it monthly. It’s going to be up to them to manage their money so that it lasts until the next month.
It might be tempting for a child who is not used to having so much cash at one time to quickly spend it all. But the experience of being left with little or nothing afterwards teaches them to handle their money in a smart, responsible way. Let them learn that lesson now when it really doesn't matter, rather than as an adult, when the consequences will be far more significant
Christmas Club Savings Account
Christmas Club Savings Account, is a savings program where members can make regular deposits into their Christmas Club account and withdrawal the funds annually for holiday expenses. It was designed to help members that find saving for the festive season difficult. Members can either make regular deposits or set up an auto transfer from another account or their direct deposit. Come the 1st of October Christmas Club money is transferred into your Savings account.
If you manage to deposit just $10.00 into your account each week from the first week of October to the end of September, you will have saved $520.00. Double your weekly deposit to $20.00 and you will have $1,040 reserved for holiday expenses. Take the stress out of the holidays with a Christmas Club Savings account.
Christmas Club Savings account details:
If you manage to deposit just $10.00 into your account each week from the first week of October to the end of September, you will have saved $520.00. Double your weekly deposit to $20.00 and you will have $1,040 reserved for holiday expenses. Take the stress out of the holidays with a Christmas Club Savings account.
Christmas Club Savings account details:
- Minimum to open: $25
- Minimum to earn dividends: $0.01
- Monthly Service Fee: None
- Transaction limits: Distribution once a year in October, no withdrawal permitted from February 1 to September 30.
- Transaction Fees: $5.00 Per withdrawal from February 1 to September 30, see Schedule of Fees
- Deposits are Federally insured up to $250,000 per individual depositor through NCUA
- Fixed Dividend Rate - compounds and pays quarterly. if account is closed before the quarterly posting of accrued dividends, no dividends will be paid, for current rate, see Current Deposit Rates
- Statements are issued quarterly; you may sign up for e statements through Virtual Branch
- You can access your account 24 hours a day, 7 days a week through Virtual Branch and EZ Access
