Share Savings/Certificates
Share Savings Accounts enable members of Yorkville Community Federal Credit Union to accumulate money regularly for both short- and long-range financial objectives.
Share Savings Plan
With a Share Savings Plan, your funds are available without delay whenever you want them to meet any emergency that may arise. Accounts may be opened for a minimum of $25 and deposits may be made at any time. For current dividend rates and dates computed, please call us.
Christmas Club
A Christmas Club account may be opened in addition to your original savings account. Christmas Club checks are sent out in October each year.
Secondary Savings Account And Vacation Club
Secondary Savings Account & Vacation Club may be opened in addition to your original savings account.
Share Saving Certificates
Share Savings Certificates are similar to certificates of deposit. Our certificate program has been tailored for you, our member, to give you the highest possible rates, flexibility and convenience.
Dividend Rate
We will change our rates as market conditions demand. We will strive to offer competitive rates. Once you purchase a certificate, the rate will be constant during the life of the certificate.
Early Withdrawal Penalty shall be on the entire certificate balance prior to maturity.
Notices
A periodic statement is mailed detailing your transactions.
Our Share Draft Account is like a Checking Account with ATM Card accessibility.
With our Share Draft Account you get:
- No monthly service charges
- No minimum balance required
- Monthly Statements
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Duplicate carbon checks
- Unlimited check writing
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Direct Deposit Available
- Copies of drafts available on request for a nominal fee.
In situations involving misuse or misconduct of the account, the credit union reserves the right to close the account with no prior notification required.
Stop paying for your checking and check with us. We've got a good deal for you.
Loan Services
When borrowing becomes part of your plans, Yorkville Community Federal Credit Union can work with you to arrange a loan. It can be a fast, easy process. Below are frequently-asked questions:
When can I apply for a loan?
As soon as you join the Credit Union
What procedure is needed to apply for a loan?
- Loan application must be completed
- Verification of income (ex. Current pay stubs, Social Security and/or Pension/Checks)
What type of loans are offered?
- New and Used Car Loans
- Home Equity Loans
- Share Secured Loans
- Personal Unsecured Loans
- Recreational Vehicle Loans
- Motorcycle Loans
- Boat Loans
Individual Retirement Account
Tax Law Changes Make IRAs And Education Accounts More Attractive Than Ever!
Here's How:
TRADITIONAL IRA INCREASED
Maximum contributions increased to $3000 for tax years 2002 through 2004. Contributions up to the limit are fully tax deductible if you are not an active participant in a retirement plan. Otherwise phaseout rules apply.
Penalty-free withdrawals are allowed for education and first-time home buyers.
ROTH IRA INCREASED
AS LONG AS YOU HAVE EARNED INCOME, YOU CAN ESTABLISH AND CONTRIBUTE TO A Roth IRA even after age 70 1/2. Contributions are not tax deductible. However, contributions and earnings can be withdrawn tax-free for certain qualified reasons after a five-year holding period.
You may contribute any amount up to 100 percent of your earned income or $3000, whichever is less, as long as your MAGI is within prescribed limits.
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Annual IRA contributions increased to $3000 in tax year 2002 for both Traditional and Roth IRAs. This amount will increase gradually up to $5000 by year 2008.
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Catch-up contributions for individuals age 50 and over. You are getting closer to retirement age and this feature allows you to add funds as retirement nears.
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Certain individuals who make IRA contributions may be eligible for a non-refundable tax credit. You may be eligible to receive a credit on a portion of your contribution. This will depend on your income level.
EDUCATION IRA
Renamed the Coverdell Education Savings Account (ESA). The amount a beneficiary may receive from an ESA has been increased from $500 to $2000 per child and qualified expenses have expanded. Elementary and Secondary school expenses are now qualified expenses that may be paid tax-free from and ESA.
These are just some of the new attractions of better IRA accounts for you. See one of our IRA specialists and start planning for the future, today.
If you are a typical homeowner and have owned your home for several years, your property has probably earned a profit for you by increasing in value because of inflation. Further, your regular monthly mortgage payments reduce the amount you owe. For both reasons inflation and amortization your equity normally increases.
To find out how much equity you have, an estimate is made of the current market value of your home. From this estimate, subtract the balance of your mortgage still to be paid. The remainder is your approximate home equity.
This home equity can be used as collateral to secure a loan for any worthwhile purpose. A home equity loan does not change or alter your first mortgage in any way it is an entirely separate loan. There may be tax benefits as well.
