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 or fees for withdrawal and all money is
generally available on demand.
At present, there is a maximum share deposit of $500 per month,
per member. All
Money received from the schools through payroll deduction is
entered into your account as of the date it is received from the school.
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 $250,000 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.