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 $100,000 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
merchant, Audio Response or CU@Home.
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
Share accounts are credit union savings 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 apply for other credit union services and 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 the Credit Union and have satisfactory credit.
An application must be completed.
-
No
Nonsense Account - $3 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 becomes effective October 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. 12.
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 $25.00
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 at ext. 73 today.
Visa Debit/Check
Card
Visa Debit/Check Cards are available with personal share
draft 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 Debbie at ext. 17 or a Member Service Representative at ext. 73 for more information.
Market Index Certificates
Investing in the stock market gives you the potential for higher returns, but you risk losing your original investment if the market declines. Fixed-rate certificates are safe and secure, but you may sacrifice earnings. The Members Market Index Certificate blends the best of both stocks and certificates by offering the potential for higher returns without risk to your initial deposit.
The Market Index Certificate is an insured credit union certificate that pays dividends based on the Dow Jones Industrial Average. It gives you returns based on the stock market with no risk to your principal.
To find out more about the Market Index Certificate, see this brochure or call Debbie at ext. 17. |
Looney Tunes
Savings Club
These special accounts are designed to teach members from age
5-15 the importance of regular savings deposits. They receive
products featuring Bugs Bunny and the Tazmanian Devil to make
this more fun for them. Click
here for application.
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