Savings

Setting up your Direct Deposit:

Why wait for your funds to become accessible when you can set up Direct Deposit and access them quicker? Head to your Human Resources / Payroll Department today and give them our Routing Number (221381540) and your MICR number at CFCU. This convenience can also be set up with Retirement Checks, Social Security, and other Federally recurring payments.

• What is a MICR number and how do I find it?
  

  The MICR number appears at the bottom edge of a check. MICR stands for Magnetic Ink Character Recognition. The ink is read electronically by a machine for security and record-keeping purposes.

  

  

Any questions about how to set up Direct Deposit for your particular situation? We're here to help in person or on the phone.

Goal Savings Accounts

Many of our members turn to CFCU for help in saving towards specific events occurring each year through our Goal Savings Accounts. You specify when you need the money, and we'll come up with a disciplined option to help you succeed.

Open a Goal Savings Account today within Digital Banking, over the phone, or at any branch.

Deposit at any time into these accounts, and/or set up automatic payroll transfers!

Learn more about Goal Savings Accounts!

• What are your rates?
  

  Go here for all deposit and loan rates.

• What is Reg D and how might it impact me?
  

  Non-transaction accounts include savings accounts, money market accounts, and certificate of deposit accounts and are limited to the number of withdrawals and transfers allowed.   Transaction accounts such as checking accounts offer unlimited transactions in any form. 

  Federal Regulation D defines the number and types of withdrawals and transfers that can be transacted on a Non-transaction account during a calendar month to allow the account to retain its savings deposit status.  Federal Regulation D is a Directive of the Government, not of your credit union.

   

  The following types of transactions are limited to six per month from non-transaction accounts (noted above).

  Transfers between CFCU accounts

  ·         Pre-authorized Auto-transfers including overdraft protection.

  ·         Home Banking Transfers (including a request through secure messaging)

  ·         Phone transfers –automated phone line

  ·         Phone transfers –speaking to a CFCU representative

  ·         Faxed Transfers – submitting a faxed request

  Transfers/Withdrawals to Third Parties

  ·         Pre-authorized Automatic Clearing House (ACH) debits

  ·         Home Banking Transfers (including a request through secure messaging)

  ·         Phone transfers –automated phone line of CFCU or third party

  ·         Phone transfers –speaking to a CFCU representative or a third party representative

  ·         Faxed Transfers – submitting a faxed request to CFCU

   

  The following types of transactions are unlimited from non-transaction accounts (noted above).

  Transfers between CFCU accounts

  ·         In person (or by messenger)

  ·         At an ATM

  ·         By Mail with an original signature

  ·         Pre-authorized Transfer to pay a CFCU loan, Visa or Mortgage or credit union fees

  Withdrawals

  ·         Home Banking Withdrawals (including a request through secure messaging)- requesting a check mailed to depositor

  ·         Phone Withdrawals - speaking to a CFCU representative and requesting a check mailed to depositor

  ·         Phone Withdrawals – CFCU automated phone line and requesting a check mailed to depositor

  ·         Faxed Withdrawal – request made by fax to mail a check to depositor

• How can I access my funds?
  

  ATMs (1 in 12 in the US are in our surcharge free network), Debit Cards, in our Branches, via PopMoney, via Bill Pay, etc. Take a look at all we have to offer!

• How much do I have to have in Savings to earn dividends?
  

  With a $100 Average Daily Balance, you'll earn dividends on your Savings.

  Table data for Savings & Goal Savings Account Rates

   Rates as of 5/1/2021

  Daily Balance	Annual Percentage Yield (APY)1	Alert Me
  Minimum $100 to earn APY	0.05%	Receive a notification when this rate changes
  Truth in Savings Disclosure
  1Compounded Monthly. The APY is a variable rate and may change after the account is opened. Fees may reduce earnings.↵

• What is the $5 membership and what does it do for me?
  

  Best $5 you'll ever spend, we guarantee it.  Especially, as you aren't spending it!  It's still your $5!

  This $5 signifies your membership into CFCU. Think of it as being part of a special club that has your financial best interests at heart.

  Read something cool!

• Can I set up more than one Savings Account to overdraft protection my Checking Account?
  

  Sure! Any Savings Account can be set up for this, and you can even set up multiple Savings Accounts and tell us what order you'd like for us to draw from them.

  Contact us

• Can I keep my membership open if I'm not able to use it for a while? How long?
  

  Just use your accounts once per calender year and they will not go dormant.

• Can I have more than one Savings Account?
  

  Yes! We like our members so much, we'll let you have 10 of them!

• How can I open an account if I am not in the area?
  

  No problem! Give us a ring and we'll set you up with a few different options based on the account type.

  Contact us information

• Can I open a Savings Account Online?
  

  We'll need a signature to open your membership (your first/Primary Savings Account at CFCU), but any others after that you can do with a simple phone call, stopping in, or going into Online Banking! You can have up to 10 Savings Accounts here under one membership. A nice benefit for those who like to automatically save for certain events.

  Another way to save for certain events? Club Accounts!  Learn more

• Do I have to open a Savings Account to be a member?
  

  Yes, but it is so much more! With just $5 in a Savings Account, you become a member of CFCU.

  Learn more!

• Can I still be a member if I move away from the area?
  

  Absolutely! Once you are a member of CFCU, you are a member for life.

  Learn more here!

  By the way, did you know you can stay in touch with us and your accounts on the go? Our Digital Banking and Text Banking are super popular offerings with our members across the country!

• What happens when you reach the Reg D limit of 6 transactions per month?
  

  Any transaction over the initial 6 will be assessed a $10.00 fee per occurrence. The limit is reset monthly. Other transaction fees may also apply. 

  Click here to view examples of transactions.

• Do Overdraft Protection transfers count against the monthly limit for Reg D?
  

   If transfers are coming out of a savings account, they count against the monthly Reg D limit.

  Click here to view examples.

• What is Federal Regulation D (Reg D)?
  

  Reg D is a federal law which limits the number of electronic transfers and withdrawals (6) that can be made per month from a non-transactional account, otherwise known as a savings accounts.

  Learn more here. 

  Click here to view examples of transactions.

• How can you avoid a Reg D fee?
  

  1. Open or use a checking account for any electronic transfer or withdrawals. Checking accounts are considered transactional accounts, so Reg D does not apply. 

  2. Set up alerts for low account balances within Digital Banking. 

  3. Check your account balances within Digital Banking. 

  4. Keep a higher balance in your checking account to avoid transfers from your savings account. 

  For more tips, click here! 

• How is Average Daily Balance calculated?
  

  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.

• When do I get statements? Are they quarterly only?
  

  Checking account statements are sent monthly. Saving account statements are sent quarterly; however, if an ACH is set up on the account the statement will be sent monthly.

  That's a bunch of trees... help us save the environment by signing up for eStatements! Learn how to sign up for eStatements.

• Can I use my debit and credit cards overseas? Are there fees to do so?
  

  Yes you can use your debit and credit cards overseas. However, you must contact CFCU ahead of time to place a travel note on your account. There is a 1% currency conversion fee.

  Note: Certain Countries have restrictions. Contact us for more information.

• How can I make deposits?
  

  Make a deposit from anywhere with Mobile Deposit, Direct Deposit, or ACH. 

  You can also visit a branch, one of our deposit taking ATMs, or a night drop location.

• Can I see my Checking and Savings Accounts Online?
  

  Yes! Our Digital Banking is an excellent option for members who want to stay on top of their balances. Additionally, we have Text Banking all free for you!

  For each of these, you'll need to be enrolled in Digital Banking.