SAVINGS ACCOUNT QUESTIONS
- Does my Holiday Savings Account stay open after the funds are transferred on November 1, or must I reopen it?
- Can I transfer money from my Savings Plus account to my checking account remotely?
- Can I use my Savings Plus account as overdraft protection for my checking accounts?
- Why do I have to have a savings account? All I want is checking.
- Are there any charges for transfers in and out of Savings Plus?
- What is the penalty if I close a Term Savings Account (TSA) early?
Does my Holiday Savings Account stay open after the funds are transferred on November 1, or must I reopen it?
It remains open with a $0 balance, ready for your first deposit for the upcoming year.
Can I transfer money from my Savings Plus account to my checking account remotely?
Yes. You can transfer money from your Savings Plus account to your checking or savings account using MemberNet Online Banking, TellerPhone Teller, or by contacting our Member Service Phone Center at 734-662-8200 or 800-968-8628. The Savings Plus account cannot be accessed through an ATM.
Can I use my Savings Plus account as overdraft protection for my checking accounts?
No. The Savings Plus account cannot be
used as overdraft protection. However, you can have overdraft protection from
your share savings, Visa Classic, Visa Platinum, or an overdraft
protection loan.
Why do I have to have a savings account? All I want is checking.
The savings account is an individual's membership account. This account is required and once open, members can apply for and use all other credit union products and services.
Are there any charges for transfers in and out of Savings Plus?
No, but there is a limit of 6 online or telephone transfers out of the account per month.
What is the penalty if I close a Term Savings Account (TSA) early?
There is a loss of 90 days worth of interest on all terms. Note that the penalty can be deducted from the principal investment if there is not enough interest accrued at the time the penalty is assessed.
Your
savings federally insured to at least $100,000 and backed by the full faith
and credit of the United States Government
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.