Shares
Each member upon making the required minimum $5.00 deposit is
allotted one share in the Credit Union. That $5.00 is deposited into what is
known as a Share Account. A Share Account is very similar to a Passbook Savings
account. There are no penalties/fees for withdrawal and all money is generally
available on demand.
At present, there is a maximum share deposit, per member, of $500
per month. All
Money received from the schools through payroll deduction is
entered into your account as of the date it is received from the school.
Your shares/savings are federally insured to $100,000 per account
by the National Credit Union Share Insurance Fund (NCUSIF) administered by the
National Credit Union Administration (NCUA). Money not loaned out to
members is invested in financial institutions insured by an agency of the
Federal Government and in U. S. Government backed securities.
Federally
Insured Savings
Your shares/savings are Federally Insured to at least $100,000 by
the National Credit Union Share Insurance Fund (NCUSIF)
administered by the National Credit Union Administration (NCUA) and backed by the full
faith and credit of the United States Government. The NCUA is a U.S. Government
Agency. Money not loaned out to members is invested in financial
institutions insured by an agency of the Federal Government and in U. S.
Government backed securities