Savings |
Share SavingsShare Savings is your basic account required for credit union membership and can be used to build cash reserves for long-term goals or unexpected emergencies Saving for a vacation, the holidays, new furniture, retirement, a child's education, or just for fun is easy and achievable at Healthcare Financial Federal Credit Union! Advantages
A Share Savings Account is vital to being a credit union member. Having a Share Savings Account is the first step in accessing all of the other great products and services HCFFCU has to offer. All you need is $5.00 to open an account and sustain your membership. This $5.00 represents your share of ownership in the credit union. . A deposit of only $5.00 is required to open and sustain your membership. Your Share Savings account earns a quarterly dividend on an average daily balance of $100.00 or more during the quarter. For more information, contact Member Services. |
IRA Share SavingsEstablished by the federal government in 1978 to provide consumers with a tax-deferred personal retirement savings vehicle, the IRA is an ideal way to save for retirement. HCFFCU offers IRA accounts as follows:
For more information, contact Member Services. Regulation DFederal regulations require credit unions, as well as banks, to limit the way withdrawals may be made from a savings account. Withdrawals in excess of these limits may result in a fee or account closure. Regulation D limits you to make no more than six (6) withdrawals or transfers from each savings account during a calendar month. Your checking account is excluded from this regulation. What account does it affect and how?Savings Accounts: During any month, you may not make more than six withdrawals or transfers to another account of yours or to a third party. These transactions include withdrawals or transfers to another account of yours, online banking transfers, overdraft protection transfers, transfers done over the phone with our Member Service representatives, and ACH withdrawals. To help you understand these Reg. D savings account transaction limitations, and to avoid excess activity charges, please review the following information: Limited Transactions:
Non-Limited Transactions:
In order to ensure that no more than the permitted numbers of withdrawals or transfers are made, the Regulation requires that depository institutions take steps to prevent excessive transactions. Excessive Transactions: Withdrawals or transfers by mail, in person at one of our branches, and through an ATM are unlimited and are not subject to the Regulation D 6-transfer withdrawal limitation. Transfers/withdrawals in excess of the 6-transfer/withdrawal limitations as described above may be subject to a transaction fee. As of April 2020, an interim final rule allows the credit union to suspend enforcement of the 6 transfer limit and to allow our members to make an unlimited number of transfers and withdrawals from savings accounts. This rule allows but does not require the credit union to limit members to 6 transfers. If you exceed these six transfer limitations during a month, a $5.00 per item fee over the 6 will be assessed. Tips to Avoid Transfer Limits on your Share Savings Account:
If you continue to violate those limits after you have been contacted by the Credit Union, the Regulation requires that either the account be closed or that the funds be transferred to a transaction account that the depositor is eligible to maintain. |