Deposit Services

CFCU offers a number of financial services that go above and beyond what many banks offer. How? We give you higher dividend rates, less fees, and have no minimum balance requirements.

Share Accounts (Savings)
At CFCU Community Credit Union, there's a good chance you'll earn more on your savings than you would at other financial institutions — our dividends on share accounts generally exceed passbook interest rates typically offered elsewhere. Dividends are paid on average daily balances of $100 or more, compounded monthly*. You'll receive a statement at least quarterly — more often if you've had electronic fund transfer activity on your account (such as ATM transactions made with PAL or at an ATM). And your money is safe. Each depositor is federally insured up to $100,000 by the National Credit Union Administration, an agency of the federal government. Check out our current Dividend Rates. For a listing of account fees, check the Account Fee Schedule, and if you need help calculating your personal savings or budget, check out CUNA's Calculators page. Members can apply for Share Draft and other services by completing and mailing our Request for Additional Products and Services.

Premiere Checking
Premiere Checking is checking with a host of money-saving benefits and free extras, including dividend increases on new certificates, rate decreases on loans**, free checks, free Internet Banking, free Bill Pay, free debit card transactions, free travelers checks, free money orders and free teller checks†. There are no monthly fees or maintenance charges when you maintain an average daily balance of just $500§. Plus you earn higher dividends on your average daily balance of $500 or more. Direct Deposit is required for this account.

Share Drafts (Checking)
There are no per check charges on our checking accounts, no matter what your balance is. Plus your Share Draft Account pays dividends (compounded monthly) on average daily balances of $200 or more*. With a carbonless copy of every check you write, you'll never miss another entry. You'll receive a statement monthly. Share drafts are an unbeatable Credit Union service. Your account may be individually or jointly owned. Funds cannot be used as security for a loan and do not qualify for life savings insurance. For a listing of account fees, check the Account Fee Schedule. You can now order your checks directly from Deluxe Corporation at www.deluxe.com or by calling 877-838-5287 toll free.

Account Features
•NO minimum balance
•NO per-check charges
•NO monthly service charges or fees
•Carbonless copies of every check you write
•Dividends paid on average daily balances of $200 or more
•MasterMoney CheckCard, for convenient worldwide account access via NYCE/Cirrus ATM networks plus checking account access at any merchants accepting MasterCard ($1.00 per month)

Automatic Share Life Insurance
Insurable members receive up to $1,000 life insurance at no direct cost to the member. Coverage is based on the dollar amount of shares on deposit and the member's age at the time of death. The following table shows the percentage of coverage on all deposits:
Age Amount
0-6 months 25%
6 months-54 years 100%
55 years-59 years 75%
60 years-64 years 50%
65 years-69 years 25%

Coverage ceases at age 70.

CheckCard
A CFCU CheckCard works just like a check, but with the ease, speed and worldwide acceptability of MasterCard. Instead of writing a check, just present your CheckCard to pay for things anywhere MasterCard is accepted. The amount of your purchase is automatically deducted from your Share Draft Account and reported on your next monthly statement. It's a convenient, flexible and safe way to pay without time-consuming check writing, requests for identification or approvals. No worrying about running out of checks. No worrying whether a merchant will accept your personal check. Request your CFCU CheckCard today using our convenient online form.

Overdraft Protection from Shares
This service allows CFCU to transfer money from your Share (savings) Account to your Share Draft (checking) Account to cover any overdraft. This means if you inadvertently write a non-sufficient funds (NSF) check, the Credit Union will consult your Share Account and, if funds are available, transfer the necessary money for you automatically. CFCU will charge $3 for each transfer. You must have enough money in your designated Share Account to cover the overdrawn check plus the $3 fee. This coverage is designed for emergency purposes only and will prevent your being charged a $20 NSF fee or fees charged by merchants for a bounced check°.

Share Draft Loan Protection
If you occasionally need extra cash for an emergency or a special purchase, you can apply for share draft loan protection. This coverage allows you to write a share draft (check) for the amount you need (up to a pre-approved limit); any amount over your current balance automatically becomes a loan (rounded up in increments of $100). For example, if you write a share draft that exceeds your balance by $175, your loan would be $200. The interest rate is the same as that on our line of credit loans. It's a fast and convenient way to write yourself a loan. To find out more or to apply, stop by any CFCU office.

Direct Deposit
With direct deposit, you don't have to take time out from your busy schedule to cash your check or conduct financial transactions. Just have your net paycheck automatically deposited to CFCU. Your money can be automatically transferred into one or more accounts at your discretion. For example, you can have a portion of your check transferred into your Share Draft Account, Share Accounts or make loan payments automatically. We'll even transfer to a spouse's or child's account. It's automatic. And you won't spend one second in a teller line. A Transfer Authorization Card may be completed at any branch office. To save time, you can print out the form by clicking on this Transfer Authorization Card link. Then bring the completed form to any CFCU location. Our staff will be happy to assist you in any way possible. You'll also find that direct deposit is a great way to save. Think of the old adage, "Out of sight, out of mind" — you can't spend what you don't have! By transferring a portion of your check automatically into a Share Account, you'll find it easy to become a disciplined saver. And you'll be surprised how fast the money adds up.

Also, retirement checks, social security and federally recurring payments may be direct deposited to CFCU. To get started, request a sign-up form at any office, or call our Member Services Department at 607-257-8500. Then contact your organization's payroll office to verify your request. Most employers already offer direct deposit. If they don't, we would be happy to discuss initiating such a program.

Setting up direct deposit
In many cases, setting up direct deposit requires your financial institution's nine-digit routing number. The routing number for CFCU is 221381540. To make special direct deposit arrangements with CFCU, check with your Human Resources or Payroll office to complete the proper forms. CFCU also has a form that may need to be completed for the allocation of your funds. This is available at any branch. You can stop in, or call and we'll mail it to you. If you have further questions about CFCU's direct deposit services, please call us or stop in at any of our locations.

Reg. D
° Regulation D impacts the number of transactions CFCU may allow on your share account. The Regulation was implemented by the Board of Governors of the Federal Reserve System, whose job is to ensure that financial institutions maintain adequate reserve for the funds they have on deposit.

Accordingly, you are permitted to make no more than six electronic or telephone transfers from shares per calendar month or statement cycle. This means that you are allowed only a total of six of the following types of transfers per month: (1) Automatic Overdraft Protection from shares (2) Teller telephone transfers or Phone Access Line (PAL) transfers from shares and (3) Pre-authorized transfers or telephone transfers to pay third parties (e.g. insurance companies, etc.) from share accounts. Therefore if you have reached your six-transfer limit, it is important to remember to keep enough funds in your Share Draft Account, as we cannot automatically transfer the amount you need from a deposit account and we will have to return the checks as "non-sufficient funds."

* Dividends are considered variable rates and are subject to change by the board of directors. The rate may change after the account is opened. The Credit Union reserves the right to change rates in the account contract but will not tie rate changes to an index and the rate changes are made solely at its discretion. Dividends are paid from current income and available earnings, after transfers to reserves at the end of the dividend period.

**Applies to new fixed-rate loans with auto pay; credit card and mortgage loans excluded.

† Limit 2 teller checks per visit, 6 per month.

§The average daily balance is determined by adding end of day balance in the account for each day of the month and dividing by the number of days in the month. If your average balance falls below $500 for the month, you pay a $5 per month fee.