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Savings
LOC Federal Credit Union provides the following savings products
- Regular Savings
- Christmas Club
- Money Fund
- Premier Money Fund
- Share Certificates
- Individual Retirement Accounts (IRAs)
- Coverdell Education Savings Accounts (ESAs)
Savings FAQs
- Will I get a notice before my certificate renews?
- Are Money Fund withdrawals limited?
- What is the IRA contribution limit for 2011?
- How do I add/remove joint owners from my account?
- How do I add/remove an account beneficiary?
- How do I change my name on my account?
- I have power of attorney for a member. How do I handle transactions?
- How do we change signers on an organization account?
- Why do I need a second account in addition to my business, revocable trust or organization account?
Will I get a notice before my certificate renews?
You will get a reminder notice about 10 days before maturity so you may give us your instructions by phone, mail, email or fax. If we do not hear from you, the certificate will automatically renew for the same term at the current interest rate. You have a 10 day grace period after the renewal date to give us instructions without coming into the office. After ten days, we require an original signature to make any changes, either in person or by mail.
Are Money Fund withdrawals limited?
According to Federal Regulation D, members cannot make more than six transfers per month out of their Money Fund account to a savings or checking account. When members call and try to make more than six transfers, we get a message that the limit has been exceeded. Home Banking will display a message that says the limit is exceeded. On Audio Teller, the system only says that the transaction cannot be completed.
What is the IRA contribution limit for 2011?
The 2011 annual limit for Roth and Traditional IRAs is $5,000 (total for both). Members who are age 50 or older can contribute an additional $1,000 catch-up contribution. The 2011 annual limit for Educational Savings Accounts is $2,000.
How do I add/remove joint owners from my account?
A new signature card must be completed and signed by all signers whenever you add a person to an account. The person being removed must sign agreeing to the removal. We prefer that all signers come to the credit union, but sometimes this can be done by mail if the new signer is already known to us. Contact a Financial Services representative for help.
How do I add/remove an account beneficiary?
A new signature card must be completed and signed. Please see a Financial Services representive or we can mail a card to you.
How do I change my name on my account?
A new signature card must to be completed and signed for all accounts that you own at LOC Federal Credit Union. Any joint signers must sign the cards also. We need a copy of your new driver’s license, marriage certificate or divorce papers. We prefer that you come to a branch to change your name, but the cards can be mailed out if necessary.
I have power of attorney for a member. How do I handle transactions for the member?
Please bring in or mail the POA to a Financial Services representative. We will make a copy if necessary. Some Powers of Attorney permit us to treat a photocopy as the original; others do not. We may or may not accept a POA, at our own discretion, and may wish to contact the issuer before conducting any transaction.
How do we change signers on an organization account?
A new signature card needs to be completed and signed. As long as one of the new signers is the same as the old, all we need are new cards. If there is a completely new group of signers, then one of the old signers needs to sign off the account. We prefer that all signers come into the credit union to sign. It is not necessary for everyone to come at one time, but everyone must bring their driver’s license. No changes will be made until everyone has signed the new account cards. All new signers must sign at a credit union office. If all of the new signers are already known to us, it may be possible to make the change by mail. Contact a Financial Services representative for help.
Why do I need a second account in addition to my business, revocable trust or organization account?
The only way entity accounts such as businesses and organizations are eligible to have an account at LOC is if one of the signers is also a member. We may require a second, personal savings account with a minimum deposit of $5.00 before we can open any non-person account. Revocable Living Trust accounts require all signers to be members of the credit union. A couple with a Trust account will have three accounts, a personal account for each spouse plus the Living Trust account. We take this step for your protection, to ensure that your account meets all regulatory requirements.
