Savings Accounts

General Account Information

All members are required to maintain a regular share (savings) account as a condition of credit union membership. Once you are a member you may apply for all other services the credit union offers or may offer from time to time. All services are subject to change at any time as determined by the credit union board of directors. Click on the [+] plus symbol below to obtain information about our current savings accounts we offer:

 

Regular Share (Savings) Account

Rate information
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and crediting
Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.

Dividend period
For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements
The minimum balance required to open this account is $25.00 plus a $5.00 processing fee. You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Average daily balance computation method
Dividends are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of dividends on noncash deposits
Dividends will begin to accrue on the first business day after the banking day you place noncash items (for example checks) to your account.

Transaction limitations
No more than four in-person withdrawals are allowed each month. During any month, you may not make more than four withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Par value of a share
The par value of a share in this account is $25.00.

Fees and charges
An excess withdrawal fee of $2.00 will be charged for each in-person withdrawal in excess of four during a month.

Regular Share Draft (Checking) Account

Minimum balance requirement
The minimum balance required to open this account is $100.00.

Transaction limitations
No transaction limitations apply to this account unless otherwise stated in the Common Features section of our “Important Account information”.

Click here to download our Courtesy Pay Privilege Brochure.

Note: SFCU offers a debit card (Visa® Check Card). In order to request a SFCU debit card you must have a share (savings) and a share draft (checking) account. See our Visa® Check Care Electronic Services Disclosure for more information.

Individual Retirement Account (IRA)

Rate information
The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors.

Compounding and crediting
Dividends will be compounded and credited to your account every quarter.

Dividend period
For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above, is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirement
The minimum balance required to open this account is $25.00. You must maintain a minimum average daily balance of $100.00 in your account to obtain the disclosed annual percentage yield.

Average daily balance computation method
Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of dividends on noncash deposits
Dividends will begin to accrue on the first business day after the banking day you place noncash items (for example checks) to your account.

Transaction limitations
No transaction limitations apply to this account unless otherwise stated in the Common Features section of our “Important Account information”.

Par value of a share
The par value of a share in this account is $25.00.

Term Share Certificates

With as little as $500.00 you can invest in a SFCU Term Share Certificate. We offer terms for 6 months to 5 years. For current rate information please check out RATES section of our website.

Your rate, term and annual percentage yield will all be determined upon the date of your investment (for new certificates) or upon renewal (for existing certificates).

Additional information about SFCU Term Share Certificates can be found below.

Compounding frequency
Unless otherwise paid, dividends will be compounded every month.

Crediting frequency
Dividends will be credited to your account every month. Alternatively, you may choose to have dividends paid to you or to another account every month rather than credited to this account type.

Dividend period
For this account type, the dividend period is monthly.

Effect of closing an account
If you close your account before dividends are paid, you will not receive the accrued dividends.

Minimum balance requirements
The minimum balance required to open this account is $500.00. You must maintain a minimum daily balance of $500.00 in your account each day to obtain the disclosed annual percentage yield.

Daily balance computation method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on noncash deposits
Dividends will begin to accrue on the first business day after the banking day you place noncash items (for example checks) to your account.

Transaction limitations
After the account is opened, you may not make additions into the account until the maturity date stated on the account. You may make withdrawals of principal from your account before maturity. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty, unless exception to this is otherwise disclosed. You can only withdraw dividends before maturity if you make arrangements with us for periodic payments of dividends in lieu of crediting.

Time requirements
Your account will mature based on the term you select (example 6 month, 12 month, 60 month, etc.)

Early withdrawal penalties
(a penalty may be imposed for withdrawals before maturity, unless exception to this is otherwise disclosed)

  • If your account has an original maturity of six months or less:
    The penalty we may impose will equal 90 days dividends (whether earned or not on the amount withdrawn subject to penalty.
  • If your account has an original maturity of one year or more:
    The penalty we may impose will equal 180 days dividends (whether earned or not on the amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

Withdrawal of dividends prior to maturity
The annual percentage yield is based on an assumption that dividends will remain in the account until maturity. A withdrawal will reduce earnings.

Automatically renewable account
This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, dividends will not accrue after final maturity. Each renewal term will be the same as the original term, beginning on the maturity date. The dividend rate will be the same we offer on new term share certificate accounts on the maturity date which have the same term, minimum balance requirement (if any) and other features as the original term share certificate account. You will have a grace period of ten calendar days after maturity to withdraw the funds without being charged an early withdrawal penalty. .