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The BCFCU serves as a fair, balanced and caring place for all of its members to conduct their finances. While the primary purpose of a credit union is to provide its members with a fair and equitable source of loans, we also offer the following accounts and services to our members:
SAVINGS
The BCFCU offers several types of savings accounts. There are no maintenance fees associated with any BCFCU savings account. The dividend rates are set quarterly by the Board of Directors. Share Savings Statements are made available on a quarterly basis.
REGULAR SHARES – This account has a minimum balance of $25.00 and is required for all members. This is the account that “makes you a member” of the credit union.
YOUTH SHARES – With a minimum balance of $5.00, this account is designed for our members who are not yet 18 years old. We do not charge a membership fee to set up a youth membership. The account can be set up in one of two ways.
A regular YOUTH account has the youth's name listed as primary owner with an adult (usually a parent) listed as joint owner. This account can be used by the child as they grow older. It is a useful tool for children to learn about using the credit union to manage money.
A UTMA (Uniform Transfer to Minors Act) account is set up with the minor child as owner and an adult as the “custodian”. The minor child cannot conduct business on this account. The custodian must use these funds only for the benefit of the child. The custodian can transfer control of the account to the child when the child turns 18.
SECONDARY SHARES – A BCFCU member may set up secondary share accounts in addition to the main REGULAR SHARES account. There is no minimum balance requirement for SECONDARY SHARE accounts. They are virtual “envelopes” that a member can use to save for a special purpose or to help with budgeting. SECONDARY SHARES earn the same dividend rate as REGULAR SHARES.
SHARE CERTIFICATES – These are term deposits, commonly known as Certificates of Deposit, which earn a higher dividend rate than REGULAR or SECONDARY SHARES. We offer SHARE CERTIFICATES with maturities from three months to five years. There is a minimum balance of $500.00 required to open a SHARE CERTIFICATE. The rate is set by the Treasurer on a monthly basis. There is a penalty for withdrawing funds before the maturity date. Statements are made available on a quarterly basis.
CHECKING ACCOUNTS AND SERVICES
MEMBER SHARE DRAFT (AKA checking) accounts are free to open and there are no monthly maintenance fees. There is no minimum balance required to keep this account open. There are no per check fees. However, at least one transaction per year must be posted to this type of account to avoid a dormant account fee. BCFCU MEMBER SHARE DRAFT accounts can be set up for Direct Deposit and ACH withdrawal at no extra charge.
DEBIT CARDS – Members who qualify may have a VISA debit card attached to their SHARE DRAFT account. There is a set-up fee for this type of service, as well as a small monthly maintenance fee. A fee is assessed for each cash withdrawal made from an ATM in addition to the surcharge assessed by the owner of the ATM.
OTHER SERVICES
The BCFCU offers the following additional transaction services to its members:
DIRECT DEPOSIT - Members can arrange for direct deposit of paychecks, social security benefits, investment account dividends and disbursals, and other similar transactions at no extra charge.
DIRECT DEBIT - Members may arrange for utility bill payments as e-checks through their utility companies.
CASHIERS CHECKS – A member may purchase an official CASHIERS CHECK payable to anyone in any amount for a small fee.
WIRE TRANSFERS – Members may initiate or receive both foreign and domestic wire transfers. There are fees associated with these transactions.
CASH WITHDRAWALS – Members may withdraw funds from their accounts in cash at the Elmwood office. Cash funds are limited to $500 per member per day without advance notice.
The BCFCU also offers accounts for some types of small businesses, trusts, non-profits and groups. Please contact the office for information on these types of accounts, as the rules governing them are complex and the credit union must evaluate each account on a case by case basis.
SERVICES NOT OFFERED:
The BCFCU currently does NOT provide the following services:
Retail coin and currency service
Foreign currency exchange
IRA accounts
Credit Card accounts
Notary Services
Online Bill payment
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