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Share Accounts | Checking Accounts | Club Accounts
A share account is your credit union savings account and is the primary account that is opened when you join the credit union. Your savings account is called a share account because it represents shares of ownership. Each member of the credit union must have a minimum balance of $25.00 in the share account that must be maintained at all times. Should you elect to leave the credit union the $25.00 is returned to you. There is a $15.00 fee assessed for accounts closed within six months of opening.
If you are a new member joining through your employer you are allowed three months to bring your account to $25.00. This means you may start a payroll deduction for as little as $5.00 per week. Once the minimum has been met, you are eligible to apply for any of the services the credit union offers. You may also make deposits to your account at any time by mail, visiting any of our three branches, or via automatic funds transfer.
You may withdraw funds from any of our three branches. You may also withdraw funds by calling or via Home Banking. You may also transfer funds from your savings account for deposit into another LCCU savings or checking by phone request.
You will receive a statement every three months for your share account. Checking statements are sent monthly. You may also enroll for eStatements that allows statement viewing at any time. The amount of dividends earned and all transaction activities on your accounts will be reflected in your statement.
Dividends (interest) on you share account are paid quarterly based on the average daily balance in the account for balances exceeding $100.00. Dividends are credited to your share account the last day of each quarter. The dividend rate and annual percentage yield is determined by the Board of Directors at the end of each quarter for that quarter. The rate is subject to change at any time.
Your share account is federally insured up to $100,000 by NCUA, an agency of the federal government. This insurance covers checking and certificate accounts. IRAs are insured separately.
LCCU checking offers our members the convenience and benefits of regular checking accounts. You can receive cash, pay for purchases and pay bills with your LCCU checking account. Your checks are personalized and come in a variety of styles and colors. See below to find out how you can get unlimited free checks, no charge for ATM access and many outstanding extras!
You'll earn money with competitive monthly dividends which are paid on an average daily balance of $500 or more.
The Visa® Check Card is the fastest and most convenient way to make purchases anywhere Visa® is accepted. The burden of writing checks is now gone, especially with places that do not take personal checks (if they take Visa®, they will take the Visa® Check Card).
You will receive detailed and easy to understand monthly statements showing all the activity on your account. Checks are listed in numerical order, so it's easy to balance against your personal register.
Carbonless duplicate copy checks are used. The credit union maintains access to all processed checks so you don't have to bother storing, filing or keeping up with canceled checks. Should you need copies of your checks for taxes, proof of purchase or any other reason, we will provide them to you quickly and easily at a nominal fee.
All these benefits are yours with just a $100.00 minimum balance:
Receive all the Member Value Checking benefits
You may deposit money into your checking account in person, by mail, via payroll deduction, direct deposit or automatic funds transfer.
Your checking account is federally insured in conjunction with the aggregate total of your share account(s) up to $100,000 by NCUA (National Credit Union Administration).
Opening a Checking Account Current LCCU members can call or come by any of our branches and request a checking application. An initial deposit of $100 cash or by transfer from your share account is needed.
Christmas Club One of our most popular accounts is our Christmas club. This account allows members to save for holiday expenses, while keeping the funds separate from the regular share account. The Christmas club can be opened with as little as $5 and deposits can be made via payroll deduction, mail or visiting any of our three branches. Dividends are paid quarterly and all transactions are reflected on your quarterly statement. A check is mailed for the entire balance in your Christmas Club account to your home address on October 31. If you prefer, the funds can be transferred into your regular LCCU savings or checking account rather than having a check mailed. The Christmas Club is automatically renewed after the check has been mailed, so you don't have to contact us to begin saving for the next holiday season.
Choice Club Perhaps you need to save for specific reasons or occasions during the year. We can help with a Choice Club Account. All you need to do is tell us the month you would like to have your check. Whether you are saving specifically for vacation, tuition, taxes or home improvements, we'll mail a check on the 10th of the month you've chosen to your home address for the entire balance in your Choice Club Account. Open the account with as little as $5 through payroll deduction or in either office. Dividends are paid quarterly. The account is automatically renewable, so you don't have to contact us to continue your Choice Club for the following year, and all transactions are reflected on your periodic statement.
Insured Money Market Account League Central Credit Union offers members several ways to increase earnings on their hard-earned dollars. An Insured Money Market Account (IMMA) requires a $2500 minimum deposit and earns a higher dividend than the regular share account pays. Dividends are paid quarterly from date of deposit to date of withdrawal which means that you earn a higher rate of interest for the number of days the money is in the IMMA. There are no withdrawal penalties and additional deposits of at least $100 are allowed. If you have funds to deposit but are not sure that you can maintain them in a long-term certificate, this is the account for you! The IMMA is insured to $100,000 aggregately with other savings accounts by NCUA.
Term Share Certificates A Term Share Certificate is an account in which you agree to deposit a set amount of money for a set amount of time (maturity) in return for a set rate of interest. Terms from three to thirty months are available. Dividends are credited monthly and can be transferred to another LCCU account, added to your certificate balance or paid directly to you. Minimum deposits allowed are $1,000 and additional deposits cannot be made until maturity. You will be notified at least 10 days in advance of the certificate account's maturity date. Term Share Certificates are automatically renewed at the prevailing rate upon maturity unless the credit union is notified otherwise. Certificates are insured to $100,000 in conjunction with other savings accounts by NCUA. Withdrawals made from your Term Share Certificate account before maturity are subject to an early withdrawal penalty. If your account has an original maturity of one year or less, the penalty we may impose will equal 30 days dividend on the amount withdrawn. If your account has an original maturity of more than one year, the penalty we may impose will equal 90 days dividend on the amount withdrawn. You will have a grace period of seven calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty.
Individual Retirement Accounts An Individual Retirement Account (IRA) lets you defer tax dollars now while you save for a more secure future upon retirement. Your total income and participation in another pension plan determine whether your IRA is fully tax deductible until distribution or withdrawal. Even if part or all of your IRA contribution proves to be non-deductible, IRA's remain a wise investment. Every individual who has earned income and is under the age of 70½ for the entire tax year is eligible to establish an IRA, even if you already participate in a pension or qualified retirement plan established by an employer.
Contribution IRAs may be started with as little as $5. You can make regular deposits into this fund through payroll deduction.
If you or your spouse are not active participants in an employer-sponsored pension or profit sharing plan, you can deduct 100% of your IRA contribution regardless of income level. If you are an active member of a pension or profit-sharing plan your IRA contribution may still be fully or partially deductible, depending on your income level.
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© Copyright 2007 League Central Credit Union
Chattanooga Branch • Nashville Branch • Athens Branch
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