Catholic Membership Eligibility

Questions and Answers

List two criteria that would make an individual eligible for membership in Alliance Catholic Credit Union.

Being of the Catholic faith in Michigan or being a relative of an existing member. 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.

What is the minimum balance required to earn dividends on the primary savings account?

$250

What is the initial deposit required to establish membership with Alliance Catholic Credit Union?

$5.00

What happens to the Single Service Fee for members who are 17 years of age or younger?

The fee is waived. Signup and view all the answers

What is a Secondary Savings Account and what are its fees?

A Secondary Savings Account is an additional account for members to save separately from their Primary Savings, with no minimum amount to open and no monthly maintenance fee. Signup and view all the answers

What are the withdrawal limits for a Money Market Account?

The Money Market Account allows up to 6 pre-authorized, auto, or telephone transfers per month. Allows only a 6 transactions per month. Signup and view all the answers

How does a Certificate of Deposit (CD) benefit its holder?

A CD allows members to lock in a higher interest rate for a specific term, providing predictable earnings with compounded monthly dividends. Signup and view all the answers

What is the minimum balance required to earn dividends on a Money Market Account?

The minimum balance required to earn dividends on a Money Market Account is $2500. Signup and view all the answers

What are the two types of IRA CDs?

Traditional IRA CD and Roth IRA CD Signup and view all the answers

The 13-month flex CD can be either a traditional or Roth IRA.

False Signup and view all the answers

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!