REGULAR SHARE ACCOUNTS
When you join SGV Postal Credit Union by opening a Regular Share Account, you are establishing a cooperative “Share” of membership/ownership. Your Share Account establishes your right to enjoy all other Credit Union services.
Regular Share Accounts must maintain a balance of $50 or more. Dividends are earned from the date of deposit. They are calculated on the average daily balance, and paid quarterly in March, June, September, and December. If your account is closed prior to the end of the dividend period, you will not receive a dividend for that period.
There are no fees for deposits or withdrawals to your share account. You may make deposits to your account in person, through the mail, by direct deposit, or by placing your deposit in the secure night deposit bank located in the front of the Credit Union building. (Please do not send cash through the mail night deposit box.) You may request a withdrawal from your account by telephone, and if you call by 4:00pm, a check will be mailed to you the same day.
CERTIFICATES OF DEPOSIT
The Credit Union offers 6 month and 12 month Certificates of Deposit, with a minimum investment of $2,000. Rates on Certificates change each Monday morning- please call the office for current rates. (626) 915-3841
INDIVIDUAL RETIREMENT ACCOUNTS (IRAs)
IRAs let individual wage earners save up to $2,000 per year, while deferring income taxes on that money and the dividends it earns. A wage earner with a non-working spouse may save up to $2,250.
Under current taxes laws, the full tax benefit of IRAs are available to persons not covered by qualified pension plan, to all single tax filers earning less than $25,000 a year, and to joint tax filers earning combined incomes of less than $40,000 (even if they are covered
by a qualified pension plan). All IRA dividends are tax-deferred, regardless of eligibility for tax deductions.
IMPORTANT NOTE: Laws regarding IRA tax deduction eligibility may change periodically. Please consult your tax advisor for current laws and details about eligibility
in your specific circumstances.
CHRISTMAS CLUB ACCOUNTS
This account is targeted to help you save for holiday expenses. You may open a Christmas Club account at any time during the year, and make deposits as often as you wish. You can also designate an amount from your payroll deduction for deposit to your club account. Upon maturity, you will receive a check (or it will be added to your savings or checking account per your request) for the amount saved and dividends earned. These funds are disbursed during the first week in November.
There is a $15.00 withdrawal fee.
At SGV Postal Credit Union, all member accounts are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government Agency. In addition, IRAs are separately insured up to $250,000 by the NCUSIF.
To further secure your investments, the Credit Union maintains strict internal controls for safe and sound operations. No foreign loans, commercial loans, or energy development loans are made. SGV Postal Credit Union invests primarily in you and your fellow member-owners, in the form of low-cost member loans.
For personalized assistance in opening any savings account, stop by the office or call: