Savings FAQs

 

Savings

  1. How does payroll deduction work?

  2. How may payments be made to the share accounts?

  3. How may savings be withdrawn?
   

 

The rules, policies, or regulations may be changed at any time by action of the Board
or amendments to the Credit Union Act and By-Laws.

 

Savings

How does payroll deduction or direct deposit work?

•  This service is a courtesy extended by the member companies or companies involved.

•  Payroll deductions in no way disclose to anyone that a loan may exist. All payroll deductions
are officially for savings with proper distribution of funds received made only by the Credit
Union staff.

•  When the loan is paid off, the payroll deduction, if not changed, by signing a new payroll
deduction card, is posted automatically to savings.

How may payments be made to the share accounts?

•  Payments may be made by payroll deductions, direct deposits or automatic withdrawal
from a checking account. Also, at any time by check, money order, or cash at the Credit
Union office.

How may savings be withdrawn?

•  A member may withdrawal share holdings that are not pledged at required security on a loan.
One day's notice is required, five to ten days is required on withdrawals over $20,000.00.

•  A member may withdrawal share holdings where such share holdings exceed the member's
primary or contingent liability to the Credit Union.

•  A member may not withdrawal any share holdings below the amount of his primary or contingent
liability to the Credit Union if he or she is delinquent as a borrower, or if borrowers for whom they
are a co-maker or guarantor are delinquent.

 

 
 

 

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