Types of Accounts

First Class Federal Credit Union offers a variety of checking and savings services to meet your financial needs.

Account Terms

Balance To Open -
Our bylaws, Article III, Section I requires a $25 deposit to open a regular share account. This purchase of a par value share establishes membership with the Credit Union. No other accounts can be opened until you have opened a regular share account. Due to this fact, the par value, $25 is not available to you for transactional purposes. In the event you should decide to leave the Credit Union and close the account, the par value share, $25 would be available to you. The Big Bucks Saver's Club Account follows the same rules, as above with one exception, the par value of a share is $10.

Rate Information -
All First Class Federal Credit Union dividend earning share accounts are variable rate accounts. The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Credit Union Board of Directors. The actual APY may be less depending on account activity.

Nature of Dividends -
The Credit Union Board of Directors declares dividends monthly based on the Credit Union's current income and available earnings after providing for the required reserves.

Compounding and Crediting -
Dividends will be compounded monthly and credited on the first day of the following month. If you should close your account before dividends are credited, you will not receive accrued dividends.

Balance Computation Method -
Dividends are calculated by the average daily balance method, which applies the periodic rate to the average daily balance of your account for that dividend period.

Accrual of Dividends -
Dividends will begin to accrue on the business day you deposit any items (e.g. checks and cash) to your account.