SAVINGS PROGRAMS

The Credit Union Philosophy depends on the pooling of assets by the members to provide funds for loans for individuals within the group. Members are encouraged to make regular deposits and to keep their accounts active.

Shares

Your savings account at the Credit Union is known as your Share Account. This account makes one a member and eligible to receive any of our other services. The Share Account must be opened before utilizing any of the other services of Eastmill Federal Credit Union.

• This account has a required minimum balance of $25.00.
  
• Dividends are paid on balances of $50.00 or over.
  
• Dividends are calculated using the Average Daily Balance Method and paid on the last day of the month.
  
• We provide Life Savings Insurance up to $2,000.00 at no direct cost to you. This benefit is determined according to age at the time of deposit with exceptions.
  
• Each primary account holder is eligible for $3,000.00 Group Accidental Death & Dismemberment policy, at no cost to member, by submitting an application. (Eligibility age is 18 and over. Benefits are reduced 50% at age 70.)
  
• No service charges or monthly fees.
  
• Statements are mailed quarterly.
  
  

Monty Moose Youth Savers Programs

Monty Moose Youth Savers Program is a program designed for children who wish to begin saving at an early age. This product is offered to children age 13 and under. There are special activities and events for the children, sponsored by the Credit Union, which are designed to give the children a sense of importance and recognition for their saving efforts. The Credit Union will also provide incentive for the children to save by presenting them with assorted tokens and gifts for reaching certain savings goals set by the Credit Union.

• This account has a required minimum first deposit of $1.00. Once the account goes over $5.00, the minimum balance will be $5.00.
  
• Dividends are paid on balances of $5.00 or over.
  
• Dividends are calculated using the Average Daily Balance Method and paid on the last day of the month.
  
• Children must have a Social Security Number to open an account.
  
• A parent must be present for the child to open an account.
  
• To receive a token or gift, the child must make a deposit in person. There is a limit of two moose bucks per day, per child.
  
• Statements are mailed quarterly.

Share Drafts

Share Draft Accounts combine the interest benefits of a savings account with the convenience of a checking account.

• No minimum balance required.
  
• No service charges or monthly fees.
  
• Carbon copies of each Share Draft make for easy record keeping.
  
• Payroll Deduction Option.
  
• Overdraft Protection is available on your Share Draft account, if you have funds available in your Share account. The Share Draft Account may be tied to your Share Account. In the event there is not enough funds in your Share Draft Account at the time a draft is presented for clearing, an automatic transfer will be made from your Share Account to cover the amount needed to clear the draft. This automatic transfer will only take place if the member has requested this service and can only happen six times per month before our computers reject or "bounce" the draft. There is a charge for each rejected Share Draft.
  
• You may place a stop payment on a Share Draft. We can also order a photocopy of a Share Draft upon your request. There is a small charge for each.
  
  

Compare our Share Draft Account with any checking account offered by banks. We think you'll find that the Eastmill Credit Union Share Draft Account will better fit your needs.

Share Certificates

Take advantage of our Share Certificates. Upon purchase of a Certificate, the dividend rate offered at the time of issue will be guaranteed until date of maturity. At maturity, the member has three choices as to how their funds will be disbursed: by check, transfer or renewal.

The minimum amount for deposit is $1,000.00. Certificates can be set up for a term of three, six, nine, twelve, eighteen, twenty-four, or thirty-six months. Rates are posted in the Credit Union Lobby.

Individual Retirement Accounts

If you have earned income, you are eligible for an Individual Retirement Account. In addition to being an excellent way to plan for retirement, there are immediate tax advantages.

Money deposited to an IRA may be deductible from your taxable income, and dividends earned on IRAs are tax deferred. IRA's can be opened in the form of an IRA Club Account or in the form of IRA CD's with a specific maturity period.

The Credit Union offers Regular IRAs, Roth IRAs and Education IRAs to provide members flexibility in saving for Retirement and/or Education needs. Dividends are paid monthly. Rates are posted in the Credit Union Lobby.

You're never too young to start saving for a financially secured retirement.

Clubs

To aid you in meeting annual expenses, we offer two types of Club Accounts: Christmas Club Accounts and All Purpose Club Accounts.

Dividends are calculated using the Average Daily Balance Method and paid on the last day of the month. The rate offered on our Share account also applies to the following club accounts:

Christmas Clubs

• Christmas Clubs begin in late fall of each year, although you may open one up at any time. Completed Christmas Clubs are deposited directly into the corresponding Share Account.
  
• Your payroll-deducted Christmas Club will automatically be renewed for the same amount unless you notify the Credit Union of a change.
  
  

All Purpose Clubs

Another Club Account is available. We call it the All-Purpose Club Account. It works like a Christmas Club except that you have access to your funds when you need them. This is an account designed especially for those of you who want to "put away" extra money apart from your regular shares for some future use such as: vacation, household budget, taxes, luxury items, or any other reason you may want to save. Withdrawals from these Club Accounts should be less frequent than regular shares because it's for your "Special Purpose".

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