Start Saving Money Today by Taking Advantage of Your Credit Union
We are just that, Your Credit Union. A staff of four and a volunteer Board of Directors & Supervisory Committee members consisting of eight volunteers operate the credit union. But the most important thing about AA Federal Credit Union is that you, the members of the credit union, are the owners.
By being a member-owner you can save money by taking advantage of our higher paying Dividend Savings Accounts, No Service Charge Checking Accounts and Low Interest Loans.
Share Savings Account: Every member must have a Share Account to retain membership into the credit union. The minimum balance is $5.00. A one-time membership fee of 0.25 cents will be charged upon the opening of your account. Dividends are paid quarterly on balances over $105.00. You will receive at minimum a quarterly statement.
Draft (Checking) Account: To open a checking account you will need to deposit enough to cover the cost of a box of checks. This varies by style and ranges from $11.50 to $22.00. This account pays no dividends but there are no monthly fees. Direct Deposit from any employer is accepted at no charge. We have Visa Debit Cards available along with Home Banking with Perfect Teller. You can call the CU during normal business hours and we will transfer funds for you from savings to checking free of charge. There is a $25 Insufficient Funds fee charged per check that is overdrawn. There is no overdraft protection. As a courtesy, if you have funds available in your savings to cover the total negative balance we will transfer the funds to cover the negative balance and pay the items. We use duplicate checks, you will not receive your cancelled checks. We keep them on file for seven years. You will receive a monthly statement unless you are signed up for Home Banking, then your statements will be available to you online.
Christmas Club, Vacation Club and Special Club: All club accounts need a $5.00 minimum balance to remain open. Dividends are paid quarterly on all balances over $5.00. A yearly check will not be mailed on your Christmas Club account. Withdrawals are available at anytime without penalty. A Vacation and Special Club can be used for many different things. Some are used for automatic loan payments on Credit Union loans, paying for property taxes, license plates, vehicle/homeowners insurance. Withdrawals are available at anytime without penalty. You can have Payroll Deduction/Direct Deposit directed to "split-out" into your club accounts or family members accounts.
Certificate of Deposits: Minimum deposit into a Certificate is $500.00. Dividends are paid quarterly from the date of purchase. Dividends are usually paid at a higher rate than the Share Savings Account. Terms available are 6, 12, 18 and 24 months. Penalty for early withdrawal.
I.R.A. Accounts (Individual Retirement Accounts): Both Traditional and Roth IRA's are available. Dividends are paid quarterly. No annual fee's. You can have payroll deposit into an IRA account. Consult your tax accountant to see which type of IRA would benefit you the most.
VISA Debit Cards: Visa Debit Cards are availalbe to all credit union members. With the VISA Debit Card you will be able to pay for your purchases any where VISA is accepted and the amount of the purchase will be deducted from your checking account. If you do not have a checking account your purchase will be deducted from your savings account. You can also use the Debit Card at an ATM machine to withdrawal cash from either checking or savings. The fee for a Debit Card is $5. The Debit Card does not have any monthly or per transaction fees. The daily limits on the Visa Debit Card is $300 per day cash and $700 per day purchases. "A Day" in the ATM/Debit card system usually runs from 3 PM to 3 PM each day, not a 24 hour clock day. For a listing of sur-charge free ATM's that you can use please visit www.allianceone.coop. You can fina a sur-charge free ATM for any where in the United States.
SYBIL- Telephone Automated Teller: This service is available 24 hours a day, 7 days a week. You have to complete a form and designate your account password. Once this is done you can access your account by telephone. You can check your account balance for every account, get your checking transactions, transfer funds, make loan payments, Visa Payments. This is a free service.
Home Banking with Perfect Teller: Have access to all of your account information 24 hours a day with Home Banking. You can view your account history, make loan and VISA payments. You can also transfer money within your account. Sign up online for this free service. Then visit www.pt4web/13869 to log on.
Vehicle, Motorcycles, Boats, ATV's: If it has a title chances are we will hold the title for collateral and you will be able to get the low financing rate of a collateral loan. As with all collateral loans you will need to provide the Credit Union with verification of Full Coverage Insurance during the term of the loan. Processing on most loans is usually One Hour. You will need to complete a loan application and provide the CU with a purchase agreement of the Collateral that is being purchased along with a paystub. This can be faxed to the credit union.
Unsecured Personal Loans: Personal Loans can be used for many purposes. They are used for Bill Consolidations, Home Repairs, Vehicle Repairs, College. The Credit Union will have to know what the funds are being used for. If we are doing a Bill Consolidation the loan proceeds will be made payable to the creditors that are being paid in full. There are two types of Unsecured loans. One with a $5,000 limit and one with a $7,000 limit. The Financing Rate is depending on the amount being borrowed. Loan processing is usually One Hour. You will need to complete a loan application and provide the CU with a paystub and any other necessary information. Watch for Special Vacation, Back to School and Christmas Loans.
Home Equity Line of Credit Loan: Let your Home give you the borrowing power that you need to establish a line of credit with a draw period of seven (7) years with a eight (8) year payback. All fees associated with establishing the Line of Credit are paid by the Credit Union. The minimum first draw is $1,000 at the time of closing. The maximum amount you can borrow is $45,000 or up to 75% of the appraised value of your home less the balance of your first mortgage. Please contact Joyce at the credit union for more information.
Visa Credit Card: Enjoy the convience on shopping and traveling with your credit union Visa Credit Card . Your Credit Union Visa has no cash advance fees. Shop online with confidence with Verified by Visa. Protect your purchases online with a password that you assign to your card that is known only by you, the cardholder. Payments to your credit union Visa are accepted at the credit union. If they are received by 2 pm they are credited to your Visa the same day. Payments received after 2 pm are credited the next business day. Stop by or call the credit union for an application or further information. Now available are two types of Visa Credit Cards. The Visa Classic Card and a Visa Platinum Card. Call the CU for details.
