Catholic Membership Eligibility

Study Notes

Member Eligibility

Membership requires individuals or entities to fulfill at least one specified criterion.
Eligible groups include Catholics living, working, or attending school in Michigan or the Texas dioceses of Tyler and Austin.
Employees or retirees associated with Michigan Catholic parishes or health care systems qualify for membership.
Relatives of current Alliance Catholic Credit Union members can become members.
Employees of affiliated Select Employer Groups (SEGs) are also eligible.
Students, faculty, or alumni of Catholic universities in Michigan may join.

Primary Savings Account

Membership established with an initial $5.00 deposit, representing one "share."
This share grants voting rights and access to other membership benefits.
Minimum balance of $250 required to earn dividends on the primary savings account.
No ATM/Debit Card available for accounts holding only the primary savings.
Single Service Fee waived for members aged 18 or younger; avoidable for others by adding eligible services.

Secondary Savings Account

Additional savings account for members wanting to separate funds from primary savings.
Designed for setting savings goals and designated expenses.
No minimum balance or monthly maintenance fee required.
Cannot be used for overdraft protection.

Money Market Account

Offers a balance of higher dividends and access to funds.
No minimum balance to open; dividends compounded and paid monthly.
Minimum balance of $2500 required to earn dividends.
Withdrawal limits include six pre-authorized transfers per month.

Aspire Savings Account

Intended for young adults aged 13 to 17 to build savings and manage finances.
Establishes membership with ACCU, providing flexible savings options.
ATM/Debit Card available for members aged 13+ with a Standard Checking and Aspire Savings account.
Upon turning 18, members transition to full adult membership with expanded management opportunities.

Angel Savings Account

Designed for members age 12 and under, featuring no monthly maintenance fee.
Serves as a primary savings account for younger members.

Certificates of Deposit (CDs)

Savings instrument allowing members to secure interest rates for specified terms, generally offering higher dividends than regular savings accounts.
Two types of CDs available: regular share certificates and IRA certificates.
Terms available range from six months to five years, with guaranteed interest rates for the entire term.
Dividends are compounded and paid monthly.
Early withdrawal penalties apply, with different rates depending on CD maturity length.
The 13-Month Flexible CD permits one penalty-free withdrawal up to 25% of principal, with subsequent penalties assessed.

Description

This quiz examines the eligibility criteria for membership within the Catholic community in Michigan. Participants will explore various conditions based on location, employment, and ties to the Catholic Church. Enhance your understanding of membership qualifications!