Deposit Accounts

When you become a member of the credit union you are a part owner. As such, your savings are called SHARES. Each $25.00 is considered a “share” in the credit union.

The amount of dividends you receive is based upon the credit union’s net earnings. After setting aside a required amount for legal reserves the remainder is eligible for distribution to the members. Dividends are computed to each share from the day of deposit to the day of withdrawal and credited to your account at the end of each calendar quarter. Your total dividend for the year will be recorded on your year-end statement and it should be reported as interest income on your tax return.

Your credit union offers an excellent checking account. Here are some of its nice features:

• Interest paid and compounded monthly.
• The account earns interest on any balance.
• No minimum balance service charge.
• Limited overdraft protection via transfers from your regular share account.
• Checks – C-B-W pays up to $13.00 in a 12 month period.
• Deposits may be made through payroll deduction or direct deposit.
• Each check you write produces a copy for your files.
• Your paid checks are stored by the credit union. A copy can be obtained for a small charge.
• Availability of a debit card to access cash from an ATM and make purchases at participating merchants.

Debit Card

You don’t need to carry cash and you can leave your checkbook at home. You can use this card for extra convenience when making purchases at millions of locations worldwide. You can also use it to get cash at any automated teller machine(ATM) having the VISA logo. All of your transactions are clearly detailed on your statement. This VISA Check Card makes accessing your checking account easy without the hassles of writing a check. It works like an ATM card – only better!

For a listing of all surcharge free ATM locations please checkout the website www.cudollar.org

Debit Card Important Phone Numbers

C-B-W Schools Federal Credit Union – 814-487-5714

After Hours, Lost/Stolen – 1-800-472-3272

Card Activation/PIN# – 1-800-992-3808

C-B-W offers several savings options for you to earn high interest rates. It would be in your best interest to check with us before you invest your savings because it has been our policy to pay higher rates for these certificates than the rates paid by the other local financial institutions. The rates are changed periodically to insure that your return on investment is fair and in line with the prevailing economic conditions. However, regardless of subsequent rate changes, your certificates will pay you interest at the rate stated at the time of your investment for the length of the maturity term.

There is a penalty for early withdrawals on certificates. A 30 day interest penalty will apply to early withdrawals on all certificates with the exception of the 2 year certificate which has a 90 day interest penalty.

Please visit the RATES area of our web site to find current rates.

Deposits into Roth, Traditional, or Educational IRA’s result in tax savings or tax deferred benefits for you. They also offer an excellent way to save for a secure future upon your retirement.

ROTH – Interest earned is tax-free if certain restrictions apply.

TRADITIONAL – Taxes on earnings are deferred until withdrawals are made. You may also qualify for deposits that reduce your taxable income.

EDUCATIONAL – Deposits of up to $2000 annually per child are designed to assist those saving for post high school expenses.

If you currently have an IRA with another financial institution, you may transfer it to C-B-W where you may receive higher interest, convenient services and federal insurance.

You may also open a Rollover IRA if you are retiring from your job and you are to receive a lump sum distribution from a retirement plan. Otherwise all, or part, of the distribution may be taxed to you at the time it is received.

Contact us, we’ll be happy to assist you with your IRA needs. Take advantage of IRA’s. Make sure that when you retire, you’ll have more to spend than just time!