SAVINGS & CHECKING
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Share Draft (Checking)
Gold Share Money Market
Individual Retirement Accounts
A credit union savings account is called a share account because it represents actual share purchases in the credit union. These shares make you a member/owner in Heritage South Community Credit Union and make you eligible for every service we offer. A minimum balance of $5 must be kept in each share account to keep it active.
You will receive a quarterly statement detailing your account activity and transactions may be made at any of our offices, through the mail, or by the convenient method of payroll deduction or direct deposit. Every share account at Heritage South Community Credit Union is also insured to $250,000 by the National Credit Union Administration, a U.S. government agency.
Every share account at Heritage South Community Credit Union receives dividends on a quarterly basis. Those dividends are declared by our Board of Directors and set in accordance with earnings. They are calculated through the last day of the quarter and paid out on the first day of the following quarter.
Heritage South Community Credit Union offers a share draft account with numerous advantages over ordinary checking accounts:
Our basic share draft/checking account offers numerous advantages over traditional checking programs.
- No minimum balance requirement
- No monthly service charge
- No per-check charge
- Interest-bearing on balances over $1,000
- Preauthorized drafts for bill payment
- Monthly statements
- Optional overdraft protection
Heritage South Community Credit Union is also proud to offer its members the convenience of using a VISA Check Card. This card can be used wherever merchants accept VISA and can be utilized as either a debit or ATM card.
Deposits can be placed into your share draft/checking account at any of our offices, by mail, mobile deposit via our mobile app, or through payroll deduction or direct deposit. All deposits into your share draft account are federally insured in conjunction with the aggregate total of your account up to $250,000 by the NCUA.
Heritage South Community Credit Union has several options with its share certificates, depending on the term and deposit each individual member desires.
Rates on these share certificates are subject to change weekly and dividends are available in a variety of methods, depending on each member's individual preference. A substantial penalty is imposed if the certificate is withdrawn prior to its maturity, though some exceptions may apply.
Certificate accounts are automatically renewed at the prevailing rate upon maturity unless the credit union is notified otherwise. Members are notified at least 10 days in advance of the certificate's maturity.
Our Gold Share Money Market account features a terrific yield, as well as access to your funds when you need them. The minimum balance is $2,500 and deposits are unlimited. However, the unique aspect of this account is that you may write up to three checks and make three over-the-counter withdrawals or transfers per month. The dividend rate tiers are as follows:
$2,500 to $9,999.99
$10,000 to $49,999.99
$50,000 to $99,999.99
$100,000 to $199,999.99
$200,000 & above.
The Christmas Club account at Heritage South Credit Union is a disciplined way for members to save money for the holidays. Rates and dividends are calculated the same as all other share accounts. The money saved will be transferred to your share/savings account around the middle of October.
Heritage South members over the age of 60 benefit by receiving all of the benefits of the Share Draft (Checking) product, plus having the option to receive all of their basic checks free of charge. Heritage South has also gone the extra mile to make it simple to set up direct deposit of most government or pension checks.
An IRA share certificate from Heritage South Community Credit Union is an excellent way to save for your retirement years. Heritage South offers Traditional, Roth,and Education IRAs. These accounts are similar to a certificate in that it has a set maturity from one to five years. Dividends are compounded quarterly on IRA accounts and rates are the same as those on regular share certificates.
IRA accounts offer many benefits, including tax- deferred interest and possible tax deductions (on traditional IRAs). Withdrawal penalties for various reasons, however, can be stiff concerning IRA accounts. Consultation with your tax advisor is recommended before electing to make an early withdrawal.
Transfers IRA - Heritage South Community Credit Union has made it simple for members to transfer their IRA from another financial institution. The only requirement is that you are a current member of the credit union and that you have a valid IRA.
Direct Rollover IRA - As of January 1, 1993, distributions from an employer's retirement plan must be made as a direct rollover to an IRA or a mandatory 20% without exception, will be withheld before the funds are paid to the individual. Heritage South Community Credit Union provides this service to its members.
Rollover IRA - A rollover is a tax-free distribution of cash or other assets from one retirement plan to another. There are two types of rollover plans. One allows you to put the amount you receive from one IRA into another. The second lets you put the amount from an employer retirement plan into an IRA. Representatives from Heritage South Community Credit Union can help you decide which plan you will need to pursue.
This account is just like any other share account, with the only difference being that a Special Club account can be designated to save for specific purposes (i.e. vacation, taxes, education, etc.). There is no minimum amount to keeping this account active and dividends are paid the same as a regular share account.
Heritage South Community Credit Union is committed to providing competitive products and services to meet your financial needs. For that reason, we have developed a checking account product to accommodate those among our membership who may not be eligible for a traditional checking account at other financial institutions.
You may qualify for our Rally Checking Account, even though you may have been reported to a credit agency for unsatisfactory checking account activity in the past. Rally Checking allows you to have a checking account with a debit card. After six months of satisfactory activity (regular deposits and transactions with no overdrafts), you may become eligible for discretionary overdraft privilege with a $250.00 limit. After twelve months of satisfactory activity, you may be eligible to switch to a regular Heritage South Checking Account.
Rally Checking Accounts are closely monitored and closed without notice if abused. Additional fees do apply for this product. Visit your local Heritage South location for more information and current fee schedule.