Regular saving is the cornerstone of credit union membership and provides the credit union with available funds with which loans are made. Therefore, in order to be a credit union member, a savings account with a minimum balance of $50 is required.
Dividends are declared by the Board of Directors and are calculated on the actual daily balance in the account. These dividends are paid to the membership on a quarterly basis.
There are no limits on the number of withdrawals that can be performed by the member per quarter. The aggregate total of a member’s WCCU share accounts is federally insured up to $250,000 by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States Government.
Money Market Accounts
Another type of savings vehicle that is offered by Workmen's Circle Credit Union is the money market account. This account is specifically designed for those individuals who maintain high balance accounts. The minimum amount needed to open a money market account is $20,000.
The dividend rates on the money market account are paid monthly and are based on a tiered rate structure; therefore the rate depends on the balance in the account. With our money market account, the more you save the more you earn.
The aggregate total of a member’s WCCU share accounts (this includes money market accounts) is federally insured up to $250,000 by the National Credit Union Administration (NCUA) and backed by the full faith and credit of the United States Government.
Young people are the building blocks of our future; accordingly, WCCU encourages children to open savings accounts. Parents may open custodial accounts for each child under the age of 18.
The minimum balance requirement is more lenient on the children’s accounts because children are allowed to “build” their minimum balance over time.