General
PRIMARY SHARE ACCOUNT: A Primary Share (Savings) Account is required for membership at ECU. Once your membership is established, you can begin taking advantage of all our products and services. All it takes to get started is a minimum opening deposit of $25 and a one-time membership fee of $1. At ECU, your savings are federally insured by the U.S. Government through the National Credit Union Administration (NCUA). NCUA insures your individual savings accounts up to a maximum of $250,000, regardless of the number of individual accounts you may have.
Effective April 1, 2006, NCUA has announced that they will now insure IRA deposits up to an additional $250,000 instead of $100,000. Joint, individual, retirement, and other account relationships are insured separately. To view NCUA Deposit Booklet click here.
In addition to NCUA, Excess Share Insurance (ESI) provides an additional $250,000 of savings coverage to qualifying accounts. ESI is a licensed property and casualty insurance company. Members exceeding the maximum level of coverage provided by the NCUA are also insured up to an additional $250,000 by ESI. For example, if a member has a savings account, checking account and certificate of deposit at ECU that when added together totals $300,000, the first $250,000 is insured by NCUA with the remaining insured by ESI.
DEPOSIT SHARE ACCOUNT: A safe way to save. A deposit share account, unlike the regular share accounts, collects interest instead of dividends and is available to all members. The interest is calculated daily using the simple interest method and credited to your account every month.
SUMMER SALARY SAVINGS PROGRAM: For education professionals who are paid nine or ten times a year, ECU can help you save for the additional 2 or 3 months. We can conserve a portion of each paycheck to provide for the extra unpaid months. Then we send you three “summer paychecks” from your accumulated savings.