Q: Is there a penalty if I withdraw the funds before maturity of the certificate?
A: Yes, the amount of the early withdrawal penalty for your account is 90-180 days dividends, depending on the CD term. It applies whether or not the dividends have been earned.
Q: Is it possible to have my dividends from my CD sent to me monthly for added income?
A: Yes. We can transfer the earned dividends to your share or share draft account at the Credit Union monthly or quarterly.
Q: Can I add a beneficiary to my certificate?
A: While it is not necessary, you may add a beneficiary. You will need to provide their Name, Address, Social Security Number, and Birth Date.
Q: What is an IRA?
A: An Individual Retirement Account is a special savings plan authorized by the Federal Government to help you accumulate funds for your retirement.
Q: Is it possible to do payroll deduction to an IRA?
A: We offer variable IRA Savings for that purpose. The money can be transferred from your share account to the IRA on a weekly, bi-weekly, semi-monthly or monthly basis for current year contributions.
Q: If I am over 50, can I make additional contributions to an IRA?
A: The government has allowed those over 50 to make a “catch-up” contribution of $1,000.00 in addition to the annual contribution of $5,000.00.
Q: Do I get checks with an MC Federal Money Market Account?
A: Yes, you can order checks for your money market account. You can also access your account via digital banking, by coming into one of our branches, or by calling 800.834.0082.
Q: What transactions are restricted on my Money Market Account?
A: For your Money Market Account, certain types of transactions are restricted to (6) per month. These include, preauthorized or automatic transfers, telephone or fax withdrawals or transfers, home or internet banking, or any check, draft, or similar order payable to third parties.
Q: What happens if I exceed the (6) restricted transactions on my Money Market Account in a month?
A: If you exceed the above limitations, your account may be subject to a fee or be closed.
Q: Am I required to have a savings account before I can open any other accounts at the Credit Union?
A: Yes. The Savings/Share Account is your primary membership account. It must be opened before opening other accounts.
Q: What transactions are restricted on savings accounts?
A: For your savings accounts, certain types of transactions are restricted to (6) per month. These include, preauthorized or automatic transfers, telephone or fax withdrawals or transfers, home or internet banking, or any check, draft, debit card or similar order payable to third parties.
Q: How much do I need to open a savings account?
A: A $5.00 minimum deposit is required to open a savings account.
Q: How do I become a member?