Deposit Accounts

Share Accounts (Savings Accounts)

These are your member Savings Accounts. By making and maintaining your initial $10 deposit, you are a member of First Choice Federal Credit Union and “Share” in the membership and ownership of your credit union. A member in good standing with a Share Account is eligible to vote at the Annual Meeting and even run for a Director position. Share Accounts pay a quarterly dividend. We love serving our membership look forward to serving you.

Share Draft (Checking Accounts)

These are your Checking Accounts… Your checking accounts that have NO minimum balance requirements and NO monthly maintenance fees for personal accounts ($5.00 monthly maintenance fee for business accounts). The only thing you pay for is the checks that you order. Pair this with a debit card and you have the most convenient and powerful tool in your wallet.

Loan Collateral Account

This is an account that is matched with your Fully Secured Share Loan. While those funds are allocated to securing any outstanding loan balances, the funds in this savings account are earning the same interest as your Share Accounts. This is a great way to get the borrowing power of a loan, but still have the savings remaining when the loan is paid off.

Club Accounts

These are segmented accounts to help you save for big events like Vacation or Christmas. The Vacation Clubs pays out in April and the Christmas Clubs pay out in October of each year. These accounts are very popular with members that utilize Payroll Deduction or Automatic Transfers. The money grows in these accounts and then is there for you just at the right time. You have limited access to the money until the designated time to encourage you to save. If you choose to close this account prior to the designated times there will be a $25.00 fee for each account.

Escrow Accounts

While not required, it is always a smart idea to start an Escrow account for Property Taxes and Insurance. If your Mortgage does not already automatically save for these expenses, let the credit union help with an automatic transfer. This way when taxes and insurance are due, you have the money set aside.

Certificate of Deposits (CDs)

The corner stone of any savers portfolio. CDs typically grow at a higher rate of interest for a fixed time. While the CD is maturing you do not have access to it without paying a penalty. CDs accrue interest quarterly.

Individual Retirement Accounts (IRAs)

These accounts are to be utilized to set aside funds for retirement. We offer IRA CDs that function just like other Certificates of Deposit. You can have the interest of these products grow Tax Deferred (Traditional) or accrue at your regular schedule (Roth). We offer a Traditional IRA Savings Accounts that is not tied to a term. Consult your tax preparer for the best option for you.