Important Notices For Our Members
Federal Law (USA Patriot Act of 2001)
Important Information About Procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
IRA Withholding Notice
Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. Your withholding election does not effect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient. You may be required to pay estimated taxes even if you elect withholding.
Direct Deposit & Automatic Withdrawal Notice
Due to changes made by the National Automated Clearing House Association (NACHA) and the Federal Reserve, all payrolls, direct deposits and automatic withdrawals will be posted on the settlement or effective date of the file. We will no longer be posting files immediately upon receipt. If you have any questions or concerns please do not hesitate to call us!
Dormant Fee Notice
All share accounts that have been inactive for 2 years will be charged a $1.00 fee.
Please contact the credit union in order to prevent your account from being considered dormant.