Member Accounts
Whether it’s a lifelong dream or a weekend getaway, Amherst Federal Credit Union offers a variety of great savings options to help you get there. They’re all NCUA-insured, so you know your money is safe. Our deposit accounts let you earn competitive interest rates while keeping your money totally liquid so you can get to it when you need it.
Share (Savings) Accounts
Every member is an owner of the Credit Union. Shares held in a savings accounts are the primary benefit of that ownership. A minimum deposit of one share – $5.00 – is required for membership.
Dividends are declared and paid quarterly by the Board of Directors. Statements are sent to members quarterly along with a our newsletter. ATM service is available for deposits and withdrawals from Shares (Savings) Accounts and Share Draft (Checking) Accounts.
When a member’s Shares Account is inactive for two or more years and the balance is less than $100, an account fee of $6.00 is charged each quarter. An account Is “inactive” when there is no deposit or withdrawal by the member. Payment of dividends is not classified as account activity. After five years of inactivity, the account is declared abandoned under New York State Law and turned over to the Office of the State Controller.
When you make a deposit or withdrawal by phone, fax or mail, please be sure to give us exact directions in your request. Include account numbers if possible. Give us a daytime phone number to reach you if we have questions. Attention to these details will help us provide quick, accurate service – just the way you want it. We may call you or ask for identification to verify the transaction.
Club Accounts
Enroll for payroll deduction or Direct Deposit to be sure to have enough money set aside for holiday expenses. Make automatic deposits every payday. Club money is automatically transfered into your share (savings) account around the 1st of November.
Share Draft (Checking) Accounts
Our FREE checking account service is available to every member. We recommend payroll deduction or direct deposit as the most convenient way to make deposits. Dividends are paid monthly at the rate of .20% APY on average daily balance of $1000.00. We offer checks in duplicate format. Easy-to-read and easy-to-use monthly statements are provided. In order to keep account costs to a minimum, paid checks are not returned. Copies of paid checks, if needed, can be requested through our office at a small fee.
Overdraft Protection
Overdraft protection is available at $2.00 per transaction plus interest, until the cash advance is repaid. Overdraft protection for qualified members prevents checks from being returned due to Non Sufficient Funds.
Term Share Certificates
Term share certificates are similar to certificates of deposit offered by other financial institutions. Rate is guaranteed for the term of the deposit. We offer one and two year terms at very competitive rates. Our minimum term share certificate deposit is $1,000.00. When it’s time to open a new certificate or roll over an old one, be sure to compare our rates to other area institutions. Like all Credit Union deposits, our Certificates are insured by NCUA through the NCUSIF, an agency of the federal government.
Use our Term Share Certificates for regular, Roth and Education IRA accounts. Ask about contributory IRA accounts to build your balance each payday until it’s large enough for a Term Share Certificate.
Need help logging in? If you are having trouble accessing your account, or if this is your first time logging in to home banking, please contact the credit union office so we can help with the setup of your online account.
