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SAVINGS:
Common Share Savings
The Regular Savings account (Common Share) is the basis for credit union membership. The par value of each share in the credit union is $10.00. One fully paid share must be maintained to begin or continue membership. No credit union services are available without this base investment.
Dividends Compounded-Quarterly
Dividends Credited-Quarterly
Dividend Period-Calendar Quarter
Minimum Opening Deposit-$10.00
Minimum Balance to avoid a service fee-None
Minimum Balance to Earn the Stated APY-$300.00
Balance Method-Average Daily Balance
Christmas Club Accounts
R2RCU has established a program to help members save for Holiday Expenses. A separate account may be opened at any time during the club year. The club year runs from October to the end of September. A check for the entire balance is automatically issued to you on the first business day in October. Amounts directed to this account through payroll deduction will automatically renew your account each year. Additional money may be deposited at any time.
Dividends Compounded-Quarterly
Dividends Credited-Quarterly
Dividend Period-Calendar Quarter
Minimum Opening Deposit-0
Minimum Balance to Avoid a service fee-None
Minimum Balance to Earn Stated APY-$300.00
Balance Method-Average Daily Balance
Kids Club Accounts
This is a special purpose club account designed to teach young members to save money and use the credit union services. It is encouraged that each child be present during their transactions so they will grow to understand the value of money. Must be a member of the R2RCU with a common share account and be no more than 16 years's of age in order to open a Kid's Club Account. When reach the age of 17, the account is closed and transferred into the common share account.
Dividends Compounded-Quarterly
Dividends Credited-Quarterly
Dividend Period-Calendar Quarter
Minimum Opening Deposit-0
Minimum Balance to avoid a service fee-none.
Minimum Balance to Earn Stated APY-0
Balance Method-Average Daily Balance
Other Special Purpose Club Accounts
Each member has the ability to set up a separate account to define their own goal. Members may set aside special funds for Vacation (checks issued first business day of the second quarter), Real Estate Taxes (check issued first business day of the third quarter), Income Taxes(checks issued first business day of the first quarter), Insurance Premiums, and Retirement.
Dividends Compounded-Quarterly
Dividends Credited-Quarterly
Dividend Period-Calendar Quarter
Minimum Opening Deposit-0
Minimum Balance to avoid a service fee-None
Minimum Balance to Earn Stated APY-$300.00
Balance Method-Average Daily Balance
Savings Account Limitations
*The Board of Directors declare dividend rates on a quarterly basis and they can change from quarter to quarter.
**You may make transfers or withdrawals in the first seven (7) days after the account is open without restrictions.
***For Common Share Savings, Retirement Club, Insurance Club, and Kids Club accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed.
****If you withdraw any of the account balance from a Christmas Club, Vacation Club, Real Estate Tax Club or Income Tax Club, we will close your account and pay you the full account balance.
SHARE DRAFT CHECKING:
A share draft checking allows our members access to their credit union accounts whenever and wherever they desire. Our members also enjoy the transfer by phone service.
R2RCU draft/checking accounts provide the benefits of:
No monthly fee
No cost per check nor transaction fee
No minimum balance
Monthly dividends paid on average daily balances.
Payroll deduction
Direct deposit
Members who have share draft accounts receive a monthly statement on all their accounts. This statement allows you to reconcile your accounts and to add dividends instead of deducting a monthly service fee.
Dividends Compounded-Monthly
Dividends Credited-Monthly
Dividend Period-Calendar Month
Minimum Opening Deposit-None
Minimum Balance to Avoid a Service Fee-None
Minimum Balance to Earn the Stated APY-$500.00
Balance Method-Average Daily Balance
CERTIFICATES
The certificates are market sensitive and generally earn a higher dividend yield. The certificate earnings are guaranteed or "locked in" to the rate at the time of the purchase. Certificates at the credit union are called "Classes of Shares" and our certificates at a glance are:
Class I-91 days term
Class VI & VII-6 months term
Class IV & VIII-12 month term
Class IX-18 month term
Class X-24 month term
Class XI-30 month term
Class II-48 month term
Class III-60 month term
If a member should need to withdraw his or her certificate prior to maturity, the certificates do have penalties for early withdrawal. The early withdrawal penalties for Class I, Class VII and Class VI is 90 days dividends. The early withdrawal penalty for Class II, Class III, Class IV, Class IX, Class VIII, Class X, Class XI is 180 days dividends.
LOAN SERVICES:
The credit union offers several loan services available only to members. Loans are granted based upon the information on the loan application and the credit reports.
Examples of Typical loans are:
Signature Loans
Auto Loans
Motorcycle Loans
Mobile Home Loans
Home Equity Loans
RV Loans
Share Secured Loans
Visa Credit Card Loans
Overdraft Protection
The credit union also offers secondary market real estate loans through CU Members Mortgage. Get an instant credit decision at http://www.midwesthomeloancu.com or call 1-877-316-6434.
