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A Share Checking Account at Financial Assurance Federal Credit Union is simply a "checking" account which earns dividends. Use it as your primary or even a secondary Checking Account.
Eligibility Requirements
The Checking Account holder must be a member of Financial Assurance Federal Credit Union and at least 18 years of age. The opening minimum deposit amount is $25.00.
Deposits/Withdrawals
Deposits into a Share Checking Account may be made by payroll deduction, by mail or by transfer, using the Access By Call, voice response system. Withdrawals may be made by writing a check, by using the Access By Call system or with your ATM card.
Dividends
Amounts deposited may or may not receive dividends, as determined by the Board of Directors, from the day of deposit to the day of withdrawal.
Line of Credit
Application may be made for a maximum $1000 Line of Credit (in increments of $100). To be eligible to apply for a Line of Credit, sponsor group employees must have 1 year of service. Applicants for the Line of Credit must also have a payroll deduction at least equal to $4 per $100 of the Line of Credit (e.g., if you elect a $300 Line of Credit, you must have a bi-weekly payroll deduction of $12 or more). The finance charge is at an annual percentage rate of 18%.
Schedule of Fees & Charges
There are no per-check or per-deposit charges for using your Share Checking Account. The monthly maintenance fee is $5.
There is no monthly maintenance fee for your checking account if you have any of the following:
- A Credit Union VISA card.
- An average monthly checking balance of $1000 or more.
- Combined Credit Union balances of $2500 or more.
- Direct Deposit of your Payroll Check into your Credit Union account.
New Statutory Lien Regulation
If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) at the time of default to satisfy that obligation. Once you are in default, we may exercise this right without further notice to you.
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