Savings Account Types and Features

Types of Share Products

• Angel Savers & Aspire
• Checking Accounts
• Christmas Club
• Secondary Savings & Money Market
• Certificate of Deposit
• Savings 101
• Overdraft Line of Credit
• Courtesy Pay
• Alliance Checking

Aspire Savings Account

• Designed for young adults (13-17) to encourage saving and financial management.
• Offers membership with ACCU, providing flexible saving options.
• Includes ATM/debit card for members 13+.
• Standard Checking and Aspire Savings account members transition to full adult membership with expanded management opportunities at 18.

Angel Savings Account

• Designed for members 12 and under.
• Free monthly maintenance fees.
• Serves as a primary savings account for younger members.

Certificates of Deposit (CDs)

• Savings instruments allowing members to secure interest rates for specified terms.
• Offer higher dividends than regular savings accounts.
• Two types available: regular share certificates and IRA certificates.

CD Early Withdrawal Provisions

• Penalty applies for early withdrawal before maturity date.
• Penalty for CDs with 9 months or less maturity is equivalent to 90 days of interest.
• Penalty for CDs with 12 months or more maturity (excluding 13-Month Flexible CD) is 180 days of interest.
• 13-Month Flexible CD allows one penalty-free withdrawal of up to 25% of principal; additional withdrawals incur an 180-day interest penalty.

Alliance Checking Account

• Earns 4.00% APY on balances up to $15,000 with monthly qualifications (direct deposit, 10 signature-based "Credit" transactions, and enrollment in e-statements).
• Monthly fee of $6; available for ages 18+.

Standard Checking Account

• Designed for members who opt out of Alliance Checking.
• Minimum opening amount is $0. No monthly maintenance fee.
• Includes courtesy pay (for 18+ years old), ATM/debit card, check writing privileges, and online banking/bill pay options.

Primary Savings Account

• Membership established with an initial $5.00 deposit (one "share").
• Share grants voting rights and access to other membership benefits.
• Minimum balance of $250 is required to earn dividends.
• No ATM/debit card for accounts holding only the primary savings account.
• Single Service Fee waived for members 18 or younger, avoidable for others by adding eligible services.
• Includes secondary savings, checking account, money market, and loan options.

Secondary Savings Account

• Additional savings account for members separating funds from primary savings.
• Designed for setting savings goals and designated expenses.

Money Market Account

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

University Checking Account

• Available for students at Detroit Mercy, Madonna, and Sienna Heights.
• Requires valid student email address for account verification.
• Minimum to open is $0, no annual maintenance or inactivity fee.
• Courtesy pay allows for one-time refund of a courtesy pay and NSF fee.
• Provides ATM/debit card with no non-network withdrawal fees; check writing privileges included.
• Includes online banking and bill pay, along with monthly statements.
• Funds insured by the NCUA up to $250,000 per depositor.
• Membership criteria include Catholics living, working or attending school in Michigan or the Texas dioceses of Tyler and Austin.

Christmas Club Savings Account

• Members earn dividends throughout the year; savings automatically transfer to a spending account ahead of the holidays in October.

Third Party Services

• Commercial Loans
• LPL Financial
• Members Home and Auto

Desktop/Web Programs

• Cardwizard for debit cards
• Microsoft TEAMS for meetings
• Sharepoint and Resource Center for training/procedures
• CUES Training for yearly training requirements (including BSA)
• KNOW BE4 for fraud/phishing training

Currency Transaction Report (CTR)

• U.S. financial institutions file CTRs with FinCEN.
• Contains deposited/withdrawn sums over $10,000

Suspicious Activity Report (SAR)

• Used to report suspected money laundering or fraud.
• Credit unions utilize Verafin monitoring software.
• SARs must be filed within 30 days of initial detection and appropriate review.

Cashier's Check

• Guaranteed funds, non-refundable for reasons of non-sufficient funds.

Service Fees

• Cashier's Check ($5 fee)
• Cash Advance (not charged by ACCU in most cases)

Mastercard card

• The only type of card available for "cash advances".
• Available to non-members.
• ACCU does not charge a fee for card cash advances (whereas, other institutions may).