Master Shares

Like all financial institutions, an individual is required to open an account to utilize the services offered. Credit Unions are the same; a member must open a Master Shares account to utilize the services offered. There is a difference between most financial institutions and credit unions. When you open an account with a financial institution, you are a customer, not an owner. With a credit union, when you open an account with a minimum of $25.00, you become part owner. That is why credit unions call the account a share account.

The Master shares account is federally insured by the NCUA up to $250,000. Dividends are paid daily and posted to the account quarterly. This account must be opened first before any other accounts are opened and loans are applied for. Statements are issued quarterly and there are no fees associated with this account.

Money Fund

Like the Master shares account, a minimum of $25.00 is required to open this account. All funds are insured up to $250,000 by the NCUA. The money fund pays a slightly higher dividend than the Master shares. Dividends are paid daily and posted quarterly. Statements are issued quarterly and there are no fees associated with this account.

Christmas Club

This account is a great way to save for the holidays! To open a Christmas club, we only need a minimum deposit of $5.00, but transactions are limited to deposits. Checks are distributed annually in October. All funds are insured up to $250,000 by the NCUA and dividends are paid daily and posted quarterly. Statements are issued quarterly and there are no fees associated with this account.

Vacation Club

Like the Christmas Club, save a little each week for your next vacation. To open this account, a minimum of $5.00 is required, and transactions are limited to deposits. However, since people take vacations at different times during the year, members will be allowed to make up to 4 withdrawals per year. All funds are insured up to $250,000 by the NCUA. Dividends are paid daily and posted quarterly, and there are no fees associated with this account.

Special Share

This account is generally used as an escrow account for such things as taxes and insurance. To open this account, a minimum of $5.00 is required for deposit. All funds are insured up to $250,000 by the NCUA. Dividends are paid daily and posted quarterly. Statements are issued quarterly and there are no fees associated with this account.

IRA Accumulation

This account has no minimum amount to be opened. This account allows members to make smaller, more manageable deposits for their IRA and still take a deduction annually on their Tax Returns. A member can make weekly or monthly deposits, or they can have automatic payroll deduction into this account. Once a member has accumulated at least $1,000 in this account, the funds can be transferred to an IRA Certificate of Deposit. All IRA programs are administered by the credit union and underwritten by CUNA Mutual. All funds are insured up to $250,000 by the NCUA. Dividends are paid daily and posted quarterly. Statements are issued quarterly and there are no fees associated with this account.

Share Draft/Checking

This account requires members to open an account with a minimum of $50.00, but there is no minimum balance required to maintain this account. Members must have a checking account to receive a Visa Check/Debit Card. There are no hidden fees (see fee schedule), unlimited check usage, and checks are free, if they are ordered in the office by an employee. This account does not pay dividends, and all funds are insured up to $250,000 by the NCUA. Statements are issued monthly. All members with Visa Check Cards have access to CU$ and Allpoint ATm’s. the CU$ and Allpoint ATM’s are FEE FREE; there are over 32,000 locations throughout the United States. Visit www.allpoint.com to find a location near you. In addition to those, you can also use any Dollar Bank or First Commonwealth ATM free of charge.

Second Chance Checking

The purpose of the Second Chance Checking is to help individuals that either never had a checking account or had problems in the past, with their checking accounts at other financial institutions, and now want access to free checking and free check cashing.

Traditional/Roth IRA Certificate of Deposit

The minimum amount required to open a Traditional or Roth IRA Certificate of Deposit is $1,000. All IRA programs are administered by the credit union and underwritten by CUNA Mutual. The credit union has brochures describing general tax advantages of Traditional and Roth IRAs, but members are encouraged to contact a tax consultant for detailed information. CDs are available in 1 year, 2 year, and 3 year terms. The rates are fixed at the time of purchase. There are no fees for this account. Withdrawals are not permitted, and early withdrawal penalties apply. All funds are federally insured by the NCUA up to $250,000. Dividends are paid daily and posted at maturity. Statements are issued quarterly. Call for current rates.

Share Certificates

The minimum to open a share certificate is $500.00. Share certificates are available in 6-month, 1 year, 2 years, and 3-year terms. The rates are fixed at the time of purchase and there are no fees for this account. Withdrawals are not permitted, and early withdrawal penalties apply. All funds are insured up to $250,000 by the NCUA. Dividends are paid daily and posted at maturity; statements are issued quarterly. Call for current rates.

Business Accounts

We offer business accounts! We do not currently offer business loans; however, we are able to offer account access. Bring in your business agreement, articles of incorporation or DBAs today for more information. *Restrictions May Apply

Second Chance Loans

Elliott federal Credit Union also offers “short term” loans to members as part of the Second Chance Credit Rebuilding Program. These loans are designed to help individuals get out of any type of Payday loans they may have. These loans are in the amount of $200.00 to $1,000.00 and have a lower interest rate than Payday or Personal loans. The payback term of the loan is 12 months or less. Members are required to attend and complete the Financial Literacy Classes before they will be considered for a “short term” loan.

Special Share

This account is generally used as an escrow account for such things as taxes and insurance. To open this account, a minimum of $5.00 is required for deposit. All funds are insured up to $250,000 by the NCUA. Dividends are paid daily and posted quarterly. Statements are issued quarterly and there are no fees associated with this account.

Leap Into Your Future

This account is designed to assist children with their financial future. Children are encouraged to jump up and deposit monetary gifts, allowances and any additional funds that may help them leap into a strong financial future of savings.

Student Financial Package

The purpose of this financial package is to provide members/college students’ access to Elliott Community Federal Credit Union through an ATM at a financial institution at any college or university in the United States.

This package has the potential to also provide the college student with a good credit rating for after graduation. By signing this agreement, both the college student and parent or guardian will agree to the following conditions:

1. Although the student will be the primary account owner, the parent or guardian will be a joint owner on the account and will be equally financially responsible for all deficiencies that may occur on the account.
2. The parent or guardian has accepted the instructional material and will go over this material with the college student.
   
3. The parent or guardian and college student will notify Elliott Community Federal Credit Union immediately, of any changes or events that would affect the account. Examples such as address changes, lost or stolen cards etc.
   
4. The credit limit will not be increased without first obtaining the written agreement of the parent or guardian that he or she will assume liability for the increase. If a credit card account has been opened for a member under the age of 21, no increase in the credit limit will be made on such account unless the member has the independent ability to make the requirement minimum periodic payments on the increased limit or the cosigner, guarantor, or joint accountholder who assumed liability at account opening agrees in writing to assume liability increase.
   
5. Upon graduation the student/card holder must qualify on their own based on the Credit Union's underwriting standards to release the parent as a co-signer.
   
6. Either the student Card holder or the parent/co-signer may request that the parent/co-signer be removed from the Card if they no longer qualify for this package because the student has graduated or discontinued their college education. The primary card holder must qualify on their own to keep the card by satisfying the Credit Union's underwriting requirements.
   
7. Students that graduate are eligible to convert the card solely in their name.

Loans

For all purposes, from Home Equity Loans, ATV’s and Auto’s to RV’s and Signature loans at the best rates available. We refinance loans from other financial institutions.

Direct Deposit

Provide your routing and account number for payroll, Social Security, Pension, etc.

VISA Credit Card

No annual fee with a 9.9% APR on Cash Advances and Purchases. Our Visa card also offers roadside assistance. All Visa cardholders have access to roadside dispatch by calling 1-800-847-2869. This assistance gets you the following services for a set rate per service call (currently $69.95): Standard towing (up to five miles included for vehicles that weigh 10,000 lbs. or less). Tire changing (if you have a good, inflated spare).

Senior Financial Package

This package includes free checks, little to no fees, Free Visa Debit Card, Free Notary service, and many other Free services for our members over 55 years of age.

For more Checking & Savings information, check out our Current Rates

Please review our Funds Availability Policy here

Fee Schedule
Fee Description	Amount
Replacement Debit/Credit Card	$25.00
Non-Sufficient Funds	$30.00
Overdraft Protection	$5.00
Domestic Wire Transfer	$15.00
International Wire Transfer	$30.00
Skip Payments	$25.00
1 time Loan Application Fee	$25.00
Stop Payment Fee	$25.00
Check Rush Fee	$60.00
Check Copy Fee	$5.00
On Us Check Cashing	$5.00
Statement Copy	$30.00 per hour or $5.00 per Statement