Frequently Asked Questions - Deposits

Frequently asked questions about deposits and deposit accounts with Self-Help.

Deposits

How does my deposit serve the mission of Self-Help?

Deposits in Self-Help Credit Union and Self-Help Federal Credit Union are used to fund home mortgages and small business loans for those who are underserved by conventional financial institutions. Deposits also fund loans for small business development, affordable housing, charter schools, child care centers, environmentally sustainable initiatives, and other projects that promote community economic development. A large portion of Self-Help’s funding to finance loans comes from individual and business deposits.

Are deposits insured?

Self-Help member deposits are federally insured up to the $250,000 limit per account holder, per credit union. So you may invest $250,000 in SHCU and $250,000 in SHFCU and be fully insured. The Helping Families Save Their Homes Act of 2009, signed into law May 20, 2009, includes a provision extending $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund (NCUSIF) through December 31, 2013. Previously, this level of coverage was set to expire December 31, 2009.

Accounts maintained in different legal ownership capacities are insured separately. The National Credit Union Administration (NCUA) administers the insurance fund in a manner similar to the Federal Deposit Insurance Corporation (FDIC).

Joint account holders are insured up to $250,000 per joint account holder, per federally insured credit union. For example, an account with two joint account holders is insured for $500,000 separately from the holders’ individual accounts. This includes principal and posted dividends. IRA and KEOGH accounts are insured, separate from other accounts, up to $250,000 per institution, including principal and posted dividends.

What types of accounts can I open?

Savings, money market, term certificates (CDs), and IRAs are all available. Also, checking accounts are available to SHCU members. Click here for more information.

Where can I find an ATM to use for my account?

Members have surcharge-free nationwide access to ATMs that display the Cirrus, Star, Mastercard or Co-op logos. Find an ATM near you here. You can also text the number 692667 (MYCOOP) to find a Co-op ATM.

Can businesses, non-profits, religious groups, and other organizations become members of Self-Help?

Yes. Our lending objectives often blend well with the social mission of many organizations. And we try to pay the best interest rates possible on member deposits.

Can a member have more than one deposit account with Self-Help?

Yes. Any member (individual, business, or organization) can have more than one deposit account at Self-Help Credit Union.

When writing a check to Self-Help Credit Union, to whom do I make the check payable?

Make your check payable to Self-Help Credit Union.

How can a member transfer money from a Self-Help Credit Union account to an account at another financial institution?

There are several ways. Request a teller check by calling us or via on-line banking (members are allowed two checks per month without fee). If you have a money market account, use your personal money market check to make a transfer. You can also wire money to another account, although there is a small fee for that. Or you can ask the "receiving" financial institution to initiate an ACH transfer.

How can I get an auto loan through Self-Help?

You must join one of our full-service credit unions. Self-Help Credit Union’s core offices do not offer these products or services.

How does a deposit in Self-Help compare with a stock investment?

Unlike investments in stocks or mutual funds, a Self-Help deposit is federally insured up to $250,000. The National Credit Union Administration (NCUA) administers the insurance fund in a manner similar to the Federal Deposit Insurance Corporation (FDIC).You get the peace of mind knowing that your money is safe, earning dividends (interest earned), and at the same time helping others build wealth.

How would a Self-Help deposit fit into my overall investment portfolio?

A well-balanced investment portfolio has a fixed-income component to it. A Self-Help deposit is an ideal fixed income investment as well as a great way to manage cash.

Would opening a Self-Help Credit Union deposit compromise my relationship with my bank?

No. We expect that most of our depositors have banking relationships outside of Self-Help. But we encourage you to "make a difference by where you bank" and to also open an account with us.

Money Market Accounts (MMA)

What is the minimum dollar amount one can write on a money market check?

There is no minimum dollar amount.

What about printed checks: cost, quantity, and free starter checks?

The current charge for a book of 50 pre-printed MMA checks is $8.02. Our check vendor is Liberty Check Printing. We do not offer free starter checks. Please call us at 1-800-966-SELF for more information about checks.

What is the minimum deposit amount on MMAs?

You must open a money market account with a $500 deposit. If you fall below $500 within any given month, a fee of $5/month will be charged.

How many personal checks per month can I write?

Each MMA enjoys three free personal check transactions per month. A $1 per check fee is assessed when the limit of three free checks is exceeded within a month. You can also withdraw money for yourself using your ATM card or via "teller check." You can call us for a teller check, or request that through your on-line account access. The first 2 teller checks per month are free. After that, we charge $5 per check.

Certificates of Deposit (CDs)

What is the early withdrawal penalty on CDs?

The penalty for early withdrawal on a Self-Help Credit Union or Self-Help Federal CU certificate is 90 days of interest for certificates with terms of 12 months or less, and 180 days of interest for certificates with terms greater than 12 months. To avoid this penalty, try to choose a CD term that meets your cash flow needs.

What happens to a CD on its maturity date?

Two weeks prior to maturity, we will send you a reminder that your CD is about to mature. You will be asked to contact us if you want to redeem part or all of the CD, or change the term of the CD. If we do not hear from you, the CD will automatically rollover into another CD at the same term at the interest rate in effect on the day before maturity. Members have a 10-day grace period following the maturity date to redeem or make changes to their CD without penalty.

Individual Retirement Accounts (IRAs)

How does one open an IRA?

To open a Self-Help IRA account, please call our Deposit Servicing Team at (800) 966-SELF or email us for an IRA application. Rollovers and transfers require additional forms that we will supply when you call. We require that all necessary forms be completed before an IRA account is opened. If you are not currently a SHCU or SHFCU member, you must first apply for a membership.

How much insurance coverage is there for IRAs?

The National Credit Union Association insures credit union IRAs for up to $250,000.

What are the current annual contribution limits?

This depends on the type of IRA. "Catch-up" provisions may also apply for certain IRAs and situations. Please call us at 1-800-966-SELF for more information.

What is an IRA Direct Transfer?

A Direct Transfer is where one custodian (CU, bank, etc.) directly transfers the IRA to the new custodian without the funds touching the member (i.e. the check is not first mailed to the member to redeposit elsewhere). Please call us at 1-800-966-SELF for more information.

What is an IRA rollover?

An IRA Rollover occurs when the owner of the IRA receives the check (funds) from his or her former custodian. He or she then has 60 days from the date of check issuance to redeposit IRA funds into another IRA. If the 60-day rollover rule is not met then the IRA funds become taxable income for the individual on his or her tax returns for that year. Please call us at 1-800-966-SELF for more information.

What is the minimum deposit for an IRA?

$500 for an IRA CD, $25 for an IRA Share.

Are IRA account transfer forms available on the website?

No. Our IRA forms are only available through the mail. Depositors need to specify the IRA plan of their choice among our three options: Roth, Traditional, and Coverdell-Education. PPlease call us at 1-800-966-SELF for more information.

What is the difference between the IRA Share and the CD IRA?

The difference has to do with the dividend (interest) rate and how the rate adjusts over time. The Share IRA at Self-Help Credit Union or Self-Help Federal CU has a variable rate that adjusts month to month. The variable rate is tied to our 1 year CD rate, meaning the average 1 year CD rate for any given month determines the IRA rate for that month. The dividend rate on an IRA CD is chosen by the depositor from among certain CD terms offered by the credit union. IRA CDs renew just like traditional CDs.

At what age can a member begin to withdraw funds from an IRA without penalty?

Age 59.5

Still have questions? Call us at (800) 966-7353

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