Club Accounts are secondary savings accounts that allow you to save for a planned expense. Each member may maintain up to 10 different accounts. Club Accounts are commonly used for savings for tax bills, insurance premiums, vacations, holidays, retirement goals, and typical things we save for everyday.
Like a regular savings account, you benefit from liquidity and easy access. Funds are also federally insured up to $250,000. There is no minimum balance on Club Accounts and monthly dividends are paid on daily balances of $50.00 or more.
Online Banking and Telephone Banking Transactions Limited
What constitutes a Regulation D transaction?
The Money Control Act of 1980, Federal Reserve Regulation D, restricts and limits the number of transfers from a member's savings, club, or tiered money market account to six (6) per month.
Transfers or withdrawals by Online Banking or Telephone Banking, preauthorized withdrawals or transfers, and transfers to cover overdrafts. Unlimited withdrawals or transfers may be performed in person or at an ATM, institution fees may apply.