Checking & Savings
- Basic Checking: Is there a monthly service fee?
No, SCU’s Basic Checking has no monthly service fee.
- Do the basic or opportunity checking accounts earn interest/dividends?
No, these are non-interest-bearing accounts.
- How many checks can I write a month?
As a valued Member, you are allowed to write an unlimited amount of checks. You are also not charged a fee per check written.
- How much does it cost for my initial box of checks?
There is no cost for your initial box of checks.
- Opportunity Checking: Can this account be set up for direct deposit?
Yes. Direct deposit is required for this type of account unless your employer does not offer the service.
- Opportunity Checking: Does this account provide the courtesy clear service?
No, for this type of account that service is not available.
- Opportunity Checking: Is there a monthly fee for this account?
- Opportunity Checking: Is there any type of overdraft protection for this account?
Yes, from savings only. No line of credit will be established.
- Opportunity Checking: Is there minimum opening balance amount?
No, the minimum opening balance is $0.
- Opportunity Checking: What are the eligibility requirements?
- Opportunity Checking: What is the Opportunity Checking Account?
The Opportunity Checking Account is designed for members who may not be eligible for a regular checking account because of past financial indiscretions.
- Opportunity Checking: When will I be able to convert this account into the normal checking account?
After 12 months of active use, SCU will pay tuition for member to attend Consumer Credit Counseling Service class. After successful completion of class and the original 12-month period, member is eligible for normal SCU products and service
- Opportunity Checking: Will any part of the deposited checks be available immediately?
Only the first $100 available for immediate withdrawal.
- Opportunity Checking: Will there be check holds on this account?
Deposit Checks will garner the mandatory maximum Reg CC hold.
Deposited Checks through the ATM will also garner the max Reg CC hold.
- Super Checking: Are there any fees on a Super Checking account?
No monthly service charge.
- Super Checking: What is a Super Checking Account?
A Super Checking Account is an account in which the member will earn dividends on the balance that is retained in the account.
- Super Checking: When and how are the dividends paid on a Super checking account?
They are calculated by applying a daily periodic rate to the balance in the account each day. Dividends are paid at the end of each month. If the account is closed prior to the end of the month, no dividends will be paid for that month.
- What is a Share Draft Account?
A Share Draft Account is a "Checking" Account
- Is there a minimum opening balance requirement?
No, you can open the checking with a zero balance.
- You do not have a branch in my area, how can I get my funds?
You can access your account using Quickline, ATM (fees may apply), telephone, by mail, wire transfer (fees may apply) and through the Internet using our ebranch.
- May I use my share savings account as an overdraft for my checking?
Yes, however, if the system has to transfer the funds from your savings to your checking account, there is a $10.00 / per transfer fee.
- How often do dividends pay?
Dividends are calculated on a daily balance, paid monthly.
- How much do I need to open the account with?
$25.00 or pay a one-time entrance fee of $15.00.
- Does a savings account earn interest?
Yes, please see the "Rates" section of our web site for current dividend rates.
- Can I have payroll deduction go to my savings?
Yes, as long as your employer offers that benefit.
- Can I have more than one share savings account?
Yes, and you can title it any way you like, i.e. vacation account, tax account etc.
- Can I have a portion of my check go to account or must my whole check go in?
Yes, you may choose any amount for deposit. (Check with your employer).
- Do I get a debit card with my account?
Visa debit cards are offered on checking account products. Please contact us to request a debit card.
- Is there a daily limit on ATM withdrawals?
Yes, you can withdraw up to $500.00 per day.
- Is there a fee for ATM transactions?
Southland Members can use our network ATMs surcharge-free. Network ATMs include, Southland ATMs and CO-OP ATMs. There is a fee for out of network ATMs. Please see our fee schedule for more information.
- Will I get penalized if I go below the $2500.00 balance?
No fees will be applied, but dividends will not be earned on balances less than $2500.
- Why would I prefer a Money Market over a basic checking?
You can earn dividends on a Money Market account, but no dividends are earned on a basic checking
- Why is a Money Market account better than a Certificate account?
There is no investment period, therefore the funds are always available.
- Why can I only make 6 withdrawals per month?
According to Federal Regulation D Money Market Accounts are limited to six (6) transfers In each calendar month. No more than three can be checks made out to a third party.
- What is the charge if I exceed my withdrawals?
$10.00 per transaction.
- How would a Money Market account benefit me?
A Money Market account pays higher dividends than a regular share savings and checking accounts, you have check access, and dividend rates can fluctuate.
- How often can interest rates change in my Money Market account?
Dividends on Money Market Accounts are subject to change weekly.
- How much money is required to open a money market account?
No. There is no minimum required, but in order to earn dividends a minimum of $2500 must be kept in the account.
- How may I have access to my Money Market funds?
You may access your funds through; - Quickline - eBranch - Via mail - In person - Money Market checks - CU Service Centers
- Does the account come with free checks?
No, however, a standard box of checks can be ordered for a cost of about $14.00.
- Can I write checks off a Money Market account?
Yes, but no more than 3 per month without incurring a fee.
- Can I transfer my SCU loan payments from my Money Market account?
Yes, unlimited to SCU loan accounts.
- Can I sign up for ePay through my Money Market account?
No, due to Regulation D limitations.
- Can I have ACH credits or debits going to / coming from my Money Market account?
Yes, up to six (6).
- Can I access my money in an emergency?
Yes, the money isn’t “locked” in, but you are limited to 6 withdrawals and / or transfers a month, and of those no more than 3 can be by check.
- What terms are available for this certificate?
Terms start from 6 months up to 60 months.
- What if I do not want to tie up my money for long periods of time?
We offer the AcceleRate feature which allows you to change your rate one time during the term.
- If I have an emergency and need my money early, do I have to pay a penalty?
Unfortunately, you do. We can always do a loan against the funds and we will not have to touch the Certificate. You can continue earning dividends on the Certificate.
- I will not be available when my Certificate matures. What can I do?
We offer a 10-calendar day grace period to make changes to any Certificate. Or, we can take the information in advance and make those changes upon the maturity of your Certificate
- How many days do I have to make changes once my certificate has matured?
You will have a 10-calendar day grace period in which you can add more money, withdraw without a penalty or change the term of the Certificate. If you do not do anything within the 10-calendar day grace period, the Certificate will automatically renew for the same term at the current rate.
- Can I withdraw my dividends once a Certificate has renewed?
No, not without a penalty. Once the Certificate renews the dividends earned becomes part of the principal.
- Can I have more than one Certificate?
Yes. You can have as many as you want.
- How much would the penalty be if I withdraw before the maturity day?
If the Certificate term is for 1 year or less - the penalty is forfeiture of 90 days worth of dividends. If the Certificate term is longer than a year, the penalty is forfeiture of 180 days' worth of dividends.
- What if the rate changes?
If the rate goes down, the Certificate Account is not affected. If it goes up, you may exercise the AcceleRate feature SCU offers for the remainder of the term (this is a one-time only deal during the current term and you must notify SCU).
- How are dividends accrued?
Dividends are compounded monthly and are posted monthly on the last business day of the month.
- When will I receive my funds?
Funds are usually disbursed on November 1st.
- May I access my Holiday Club through the ATM?
ATM access is not available with the Holiday Club.
- Is there a penalty for taking my funds out early?
There is no penalty.
- Is there a minimum to open up the Holiday Club?
There is no minimum amount required to open a Holiday Club Account.
- If I wish not to have my funds paid out, what do I do?
Please provide something in writing to have your funds rolled over
- How may I make deposits to my Holiday Club account?
Deposits may be done by mail, in one of our three branches and if your employer offers payroll or direct deposit.
- Do I earn dividends on my money?
Yes, the same rate as the regular savings account.
- Can I request a check be mailed to me instead of the transfer to checking or savings?
Yes. At no charge we can have a check mailed to you on November 1st if you call within a week prior to that date.
- Can I have more than one Holiday Club Account?
Yes, you can.
- May I withdrawl my funds at any time during the year?
- What will happen to my funds on November 1st?
If your Holiday Club balance exceeds $100.00 and you have a checking it will be transferred to that account, if not, it will go to your savings account.