Palmetto Trust Federal Credit Union

Savings Accounts

Individual Retirement Accounts (IRA's):

We encourage members to save for a better retirement by opening an IRA. Dividends on IRA share accounts are calculated using the day-in day-out method and credited monthly. Accounts closed prior to the end of the dividend period will forfeit dividends accrued. Members may also invest in eighteen, twenty-four or thirty month IRA certificates with as little as $500 (yes, you may add-to this certificate until it reaches a $20,000 balance). All IRA certificate dividends are paid and compounded on the calendar quarters. IRA accounts are also insured by the National Credit Union Administration, a federal government agency, for an additional $250,000 per member.

The Share Investment Draft (SID) Account:

This account is the insured alternative to money market funds. The account requires a $2,000 deposit to be opened. Withdrawal minimum is $250 by check or over the counter. Accounts must maintain a balance of $2,000 to earn dividends at the SID rate. If the account balance falls below $2,000 during the dividend period the dividend rate defaults to the Share Draft/Checking account rate. Dividends are calculated using the day-in day-out method and credited monthly.

Certificate Accounts:

Palmetto Trust FCU offers certificates in six, twelve, eighteen, twenty-four and thirty month terms. Certificate accounts may be opened with $500 or more. In our popular "add-to certificate" you may add funds to your certificate until the balance reaches $20,000. You may open a certificate with more than $20,000; however, you may not add to that particular certificate. All certificate dividends are paid and compounded on the calendar quarters, they are calculated using the day-in day-out method. There are dividend penalties for early withdrawals from certificate accounts. See Current Savings Rates above or call any Palmetto Trust FCU office for current issue rates on these accounts.

Share Draft/Checking Accounts:

If you are tired of paying excess fees for your checking account then "Safeswitch" to a share draft account at your credit union. We have Overdraft Loan Protection (for qualified borrowers) and a Safeswitch Program to help you transfer automatic debits. Ask for a comparison sheet showing how our low (often no) fees can save you money. We offer special programs for our Summit CUBS (50+ years old) and Young Trust (16 to 25 years old) members.

Prime Share/Savings Account:

This account is opened when a membership application card is completed, the membership fee of $5 is paid, and an initial deposit of $10 is made to the account. Accounts which maintain a $25 balance earn dividends, which are paid at the first day of each month, they are calculated using the day-in day-out method. Accounts closed prior to the end of the dividend period will forfeit dividends accrued. Members are allowed twelve free withdrawals from this account per year. All funds in this account except $25 may be used for overdraft protection. Members must always keep $25 in this account to retain membership.

Withdrawals:

If your funds are needed prior to dividends being paid, it is often wise to obtain a loan against your shares or certificates (other than IRA's). Members are allowed twelve free withdrawals from prime shares in a calendar year. Subsequent withdrawals incur service fees.