Savings

Share Savings

Share 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

• Earn competitive dividends and watch your balances grow.
• Use the convenience of Direct Deposit or Payroll Deduction to benefit from automatic, committed savings.
• Establish a healthy saving habit.
• Access to over 55,000 surcharge free ATMs
• 24 hour telephone access to your account via EverReady Teller

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.

See Share Savings Rates

Club Accounts

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! 

Holiday Club Account

Balances are automatically deposited to your Checking or Savings Account at the end of the Club term (October). There is a $15.00 fee to close before the end of the term.

Vacation Club Account

Balances are automatically deposited to your Checking or Savings Account at the end of the Club term (April). There is a $15.00 fee to close before the end of the term.

Quarterly Club Account

Your balance is withdrawn at your discretion, but only one withdrawal is permitted per calendar quarter.

See Club Account Rates

Custodial Share Savings

The CTGMA is a Gift to Minors Act custodial account that allows members to save for their child or grandchild.

• In Connecticut, the child cannot access the account funds until age 21.
• Account earns a quarterly dividend on competitive dividend rate.

Appropriate for Direct Deposit or Payroll Deduction contributions.

See Club Account Rates

See Custodial Account Rates

IRA Share Savings

Established 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:

• Members are eligible to open an IRA if they have earned income or received alimony during the year.
• Individual taxpayers may contribute up to $5,500 annually until the age of 70 1/2.
• Individual taxpayers over the age of 50 may contribute an additional $1,000 annually.
• Dividends are compounded and paid quarterly.
• Taxes on earnings are deferred until funds are withdrawn after age 59 1/2.
• Consult your tax advisor before opening an IRA account.

For more information, contact Member Services.

See IRA Share Savings Rates

Regulation D

Federal 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:

• ACH withdrawals
• Automatic transfers to another deposit account at Healthcare Financial FCU
• Automatic transfers to a third party or another institution
• Telephone transfers, including those initiated by phone call, fax or e-mail through Member Service Rep
• Online banking transfers

Non-Limited Transactions:

• Deposits
• ATM cash withdrawals and transfers (subject to the daily amount limits and sufficient available funds)
• Withdrawals made in person
• Transfers made in person at Healthcare Financial FCU
• Automatic transfers to repay your Healthcare Financial FCU loan

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 $3.00 per item fee over the 6 will be assessed.

Tips to Avoid Regulation D Limits on your Share Savings Account:

• Open a Checking Account and have your Direct Deposit sent to your checking account, which is not subject to Regulation D. You can make unlimited transactions from your checking account.
• Arrange all ACH withdrawals and preauthorized debits to come out of your checking account instead of your savings account.
• Plan ahead and make one large transfer from your savings account instead of several small transfers.
• Use ATMs or perform your transfers in person from your 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.