Deposit/Account Services:
Primary Share Account
Additional Savings Accounts
Christmas Club
Vacation Club
Safari Account
Checking/Share Draft Account
Oops (Occasional Overdraft Protection Service)
Individual Retirement Account
Certificates of Deposit
Primary Share Account:
The Primary Share Account is your primary savings account with the Credit Union. For membership with Redbrand, this account must maintain a minimum balance of $25. This $25 is your share in the Credit Union.
Membership with the Credit Union provides access to great products and services. We embrace the Credit Union Movement and its philosophy of people helping people. For you, this means great products and service while keeping the cost of those services fair. Your share in the Credit Union allows you to attend and vote at the annual meeting. The date and time of the meeting are announced in the annual newsletter. Discussion in this meeting typically consists of a review of the previous year and any additional business that the board of directors may need to discuss, such as filling positions on the board. TOP OF PAGEAdditional Savings Accounts:
In addition to your primary savings account, you may also choose to open additional savings accounts under your Primary Savings Account. These additional savings accounts may be used for any number of purposes and can be useful when saving for a specific need or expense, such as taxes or a new car. These accounts are commonly referred to as sub accounts.
TOP OF PAGECertificates of Deposit (CDs):
Certificates are a great way to earn a higher dividend on funds you don't need to access for some time! Redbrand Credit Union offers 6, 12, 24, 36 and 48 month terms.Please note, that early withdrawal does incur a penalty. Click here for current rates.
TOP OF PAGEChristmas Club Account: The Christmas Club Account is perfect for anyone wanting to save money for holiday expenses. There are no limitations on when or how much is deposited into this account. Deposits can even be set up by Automatic Transfer or Payroll Deduction. The account balance and dividends earned from the account transfer into your Primary Share Account on October 1st each year. If an emergency arises and you need to access your account before October 1st, you can access the funds in the account. However, the account must be closed and cannot be reopened for one calendar year. TOP OF PAGE
Vacation Club Account:
This account makes saving for that special trip a breeze! Deposit as little or as much into your account whenever you want to. Money can even go in Automatic Transfer or Payroll Deduction.
The account balance and dividends it has earned transfer into your Primary Share Account on May 1st of each year. If an emergency arises and you need to access your account before May 1st, you can access the funds in the account. However, the account must be closed and cannot be reopened for one calendar year. TOP OF PAGESafari Account: Open a savings account for your little one! Safari Savers are for children 12 and under. The account can be opened with a $5 minimum balance. However, the balance does need to be brought up to a $25 minimum balance by the end of one calendar year. We encourage savings for your little one by rewarding their deposits with a visit to the treasure chest! Their statement also comes along with a special activity and they receive a birthday card in the mail each year. For your older savers, we also have online resources to help teach them responsible financial decision making. TOP OF PAGE
Checking/Share Draft Account:
Redbrand Credit Union’s checking account has no minimum balance and no maintenance fees! The only cost you may have is the cost of your checks, and your first box is free! You may discover, however, that you don’t need paper checks when you use your VISA Check Card and free Online Bill Pay!
Overdraft Transfer Protection is offered when opening your checking account. Most members choose to utilize this service, although you do have the option to opt out. Overdraft Transfer Protection is activated when there are not sufficient funds to clear an item from your Share Draft Account. The exact amount needed to clear the item is then transferred from your Primary Savings Account (when funds are available). If you would like to set up Overdraft Protection Transfer from accounts other than your Primary Share Account just stop by the Credit Union. Oops (Occasional Overdraft Protection Service), also known as Courtesy Pay, is another program we offer with a qualifying Share Draft Account. TOP OF PAGEOops (Occasion Overdraft Protection Service):
Oops, also commonly referred to as Courtesy Pay, is an overdraft protection program in which the Credit Union will take your Share Draft Account negative to clear items. If you qualify, we will take your account up to $500 negative to clear Share Drafts (checks) and items clearing ACH (Automated Clearing House, or electronically). Do note, however, that there is a $30 fee for each item that clears.
To qualify, your Share Draft Account has to have been open for at least six months, have had at least
$500 in deposits in the previous 30 days and you can’t have any loans more than 30 days delinquent.
Each item clearing incurs a $30 fee. The negative balance must be brought up to at least $0 within 30
calendar days. The Credit Union must also have a current address on file. If you do not qualify, the Credit Union will not pay the item; it will be returned.
If you would like to opt out of the program please contact the Credit Union.
Insured Money Market Account:
If you want both a good return on your investment and convenient access to funds, our Insured Money Market Account is for you! With just a $2,500 minimum balance, you will receive a monthly dividend. You are allowed three deposits and three withdrawals each month. This account is insured by NCUA and runs no risk of loss when your balances are within NCUA guidelines.
Need to access funds that would cause the account to go below the minimum balance? No problem, you can keep the account open and there aren’t any penalties. The remaining balance would simply earn the lower interest rate that the savings account is paying at that time. TOP OF PAGEIndividual Retirement Account (IRA): Redbrand Credit Union has Traditional, Roth and Coverdell IRAs to serve your needs. IRAs are a great way to save for retirement, manage your retirement funds or even save for someone's education. Funds can be placed in a daily account, which earns the same rate as a Primary Share Account or in IRA Certificates of Deposit. TOP OF PAGE
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