Savings Accounts

Share Accounts

To establish membership with FedStar Credit Union, an individual is required to open a share account. A savings account that offers competitive interest rates¹ and federal insurance protection, the share account is the foundation of a healthy savings plan.  With the endless list of responsibilities that everyday life brings, you don’t want to worry about the security of your money. At FedStar Credit Union you’ll find straightforward accounts with a variety of options allowing you to tailor the account to your specific needs.

Features

• $25 minimum opening deposit
• $25 required minimum balance²
• No service charge³
• Free e-statements or paper statements⁴
• Direct Deposit and payroll deduction acceptance
• Dividends compounded daily, paid quarterly
• Accessible via ATM, Home Banking, in-branch and our Mobile Banking Apps
• Funds may be used as collateral on FedStar Credit Union share-secured loans
• Debits from Share accounts are subject to limitations as defined in Regulation D
• No checks can be written and no Automated Clearing House (ACH) debits are allowed on share accounts

You may apply for up to four additional share accounts for your specific needs.

Your FedStar savings is more than just another account. It represents your share of the credit union - the part of FedStar that you own. In other words, it’s what makes you the boss.

Is your employer a FedStar Credit Union Select Employer Group? To find out, simply ask your HR or Payroll department, or contact us! 

¹ Dividend Rates are determined by the credit union’s board of directors and the annual percentage yields (APY) are subject to change at any time.
² Minimum balance required to maintain membership and utilize FedStar Credit Union services.
³ There is no monthly or quarterly service charge on this account
⁴ There is a convenience fee associated with paper statements, see our Rates and Fees Disclosure for more information.

Begin your credit union relationship today by opening a savings account. With a minimum initial deposit of $25, you become a valued member-owner and a part of the FedStar family! Opening your FedStar Savings Account is an easy and simple process that may be completed either by mail or in person at our branch.

To open a FedStar Savings Account, simply contact a Member Account Specialist today or complete the Account Request Form and we will contact you regarding your request. Have questions about the account? Contact us and we’ll do our best to help you.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. For you, this means we will ask for your name, address, date of birth, and other information that will allow us to identify you. We will also ask you to provide the following forms of identification when opening an account:

• A  copy of your valid state issued Driver’s License
• A copy of one other form of identification, such as your Social Security Card, a student or worker ID, valid credit card, birth certificate, military or other government ID, etc.

Member Share Account Disclosure          Member Share Certificate Disclosure

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal Law requires All financial institutions to obtain, verify and record information that identifies each person that opens an account.
What this means for you: When you open an account, we will ask you for your name, address date of birth, and other Information that will allow us to identify you.  We may also ask to see your state or federal government issued driver’s license or other identifying documents.  We will also require your social security number and proof of address if not updated on the photo identification.

Regulation D is a directive of the Federal government that is imposed on all financial institutions (banks and credit unions). To maintain compliance with Regulation D, the credit union places a quarterly limit on certain kinds of transfers and/or withdrawals from savings accounts. Savings/Share accounts are non-transactional deposit accounts.  At FedStar CU, deposit accounts include all savings/share accounts and certificates of deposit.  Collectively, these accounts are referred to as savings accounts.
Transactions that count toward the Regulation D limit include the following, but are essentially any transaction that is not done in person or at an ATM.

• Overdraft transfers (made automatically to cover insufficient funds in other accounts)
• ACH withdrawals by third parties
• ACH transfers to other deposit accounts. (Transfers to credit union loans are not counted toward the limit.)
• Internet Banking (Home Banking) transfers
• Phone Banking transfers (performed by a credit union representative)
• Payroll transfers (except for those to credit union loans)

Members are allowed a total of six of the above listed transactions per quarter, per account.*
In any given quarter, you are limited to no more than six preauthorized, automatic, electronic or telephone transfers from a deposit account governed by Regulation D. You are allowed up to six Regulation D transactions per quarter for each of your deposit accounts.  If you exceed these limitations, your transaction may be refused or reversed, and your account may be subject to a fee or closed.  The credit union also reserves the right to take other action as necessary to ensure compliance.
If you arrange for automatic withdrawals from your Share/Savings for a utility or subscription service, etc., these transactions are impacted by Regulation D. To avoid this, please set up all automatic withdrawals to come out of your checking account.

*Transfers/withdrawals done in-person at the credit union, including lobby and ATM transactions, are not affected by the Regulation. Therefore, the fee will not apply to such transactions.  A fee may be charged if the number of transactions that count toward the Regulation D limit exceeds six in a quarter.  Please consult our current Rates and Fees Schedule for more information on fees.
These are transactions that are not considered Regulation D Transactions

• Deposits
• Transactions made at our offices
• ATM transactions
• Transfers made to FedStar CU loans
• Transactions sent in by mail or through the Night Deposit
• Withdrawals resulting in a Cashier’s Check made payable to yourself
• Checking account transactions 

Deposits to Savings are not limited – the purpose of a Share/Savings account is to put money into the account. Regulation D only limits withdrawals from Share/Savings.
Regulation D transactions must be limited to six (6) or less per month. Some options include:

• Open a checking account if you do not already have one with FedStar Credit Union. FedStar CU offers great interest earning checking accounts, including Free Debit Card, Free Home Banking, Free Online Bill Pay and more.
• Use your checking account for the majority of your withdrawals and transfers.
• Plan ahead and make one large transfer instead of several small transfers. Each Regulation D transfer counts as one transaction, no matter the amount.
• Consider visiting us in person, using an ATM, or mailing your transfer request. These transfers are not limited.
• Have your Direct Deposit sent to your Checking account. You may transfer excess funds to your Share/Savings without limit.

To read more about this regulation and other regulations, please visit the Federal Reserve website.