New Horizons Credit Union: Member Services

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SAVINGS

The Credit Union´s regular savings accounts are referred to as share accounts because, as a member, you share in the ownership of the Credit Union. An initial deposit of $25 will establish your account. (This is not a fee.)

Dividends on your share account are calculated daily and posted monthly. Dividend rates are reviewed by the Board of Directors periodically and are subject to change. These rates are posted in the Credit Union and on this site under Savings Rates.

Your quarterly statement will give you an itemized list of transactions on your account for the quarterly period.

You may, at any time, add a joint owner to your share account, thereby giving another individual access to your savings account. The joint owner has rights of survivorship on a share account, but is not entitled to membership privileges. Joint owners, who are eligible for membership, are encouraged to open separate accounts with the Credit Union.

We encourage the development of good saving habits. Therefore, we make it easy for you through payroll deduction, and direct deposit. So, start building a secure financial future for you and your family now!

CHECKING

Stop paying monthly maintenance fees now! Our Checking Account is FREE! Our members enjoy a checking account that doesn´t waste their money on unnecessary fees and excessive charges. A checking account from New Horizons Credit Union lets you use all your money, without fees that most financial institutions charge you.

A Checking Account with the Credit Union offers many advantages... duplicate checks for easy record keeping, an easy-to-read monthly statement which clearly lists each transaction, deposits through payroll deduction, or direct deposit, and overdraft protection. PLUS, it´s free!

Our Checking Account offers unlimited check writing and no "per check" charge. There is no "cut-off" time on deposits, you receive immediate credit on deposits made to your checking account, regardless of the time of day. Deposits can be made in person, by mail or telephone transfer, and by payroll deduction/direct deposit. And, at New Horizons Credit Union, we don´t charge you a monthly service fee or require a minimum balance. Now that´s checking with a plus!

In order to avoid the possibility of overdrawing, you have two options to cover your account. First is our overdraft loan protection. If your application is approved, you may have an overdraft loan, up to $500, to cover those instances when you write checks for more than the account balance. This is very helpful when you happen upon that "once in a lifetime" bargain that you simply cannot pass up. Or, we will transfer money from your share account to cover checks. However, automatic transfers are only allowed six times in one month per federal regulations.

With the Credit Union ATM (Automated Teller Machine) service you have access to your Credit Union funds through the Honor and Cirrus networks nationwide.

Through VOICE 24 you are able to access your checking account, as well as many of your Credit Union accounts, 24-hours a day, seven days a week, in the privacy of your home or office by any touch-tone phone.

A checking account at New Horizons Credit Union is one of the best deals around.

CHRISTMAS CLUB

Open a Credit Union Christmas Club Account to save for that special time of the year. Make deposits by payroll deduction, mail, or in person. You decide when and how much to deposit.

Your Christmas Club Account will earn a monthly dividend at competitive rates, and a check for the account balance, including the earned dividends, will be transferred to your primary share account the first week in November.

VACATION ACCOUNT

Open a Credit Union Vacation Account to save for that dream vacation! You can make deposits the same as the Christmas Club Account, through payroll deduction, mail, or in person. There is no minimum deposit, you make the choice. Your Vacation Club earns dividends which are calculated and posted monthly.

Stop by and begin saving for that DREAM VACATION today!

MONEY MARKET ACCOUNT

Looking for a safe investment? Our popular, high-interest money market savings account offers the flexibility of checking account combined with the security of NCUA and private insurance.

Money Market Savings Accounts are safe, flexible, and convenient. It offers the stability of higher interest rates and the flexibility of a checking account. Unlike mutual funds and brokerage house money market accounts, your funds are insured up to $100,000.00 by the National Credit Union Administration (NCUA) and $250,000.00 by Excess Share Insurance for a total of $350,000.00. You can't find a better investment for the liquid cash funds portion of your portfolio.

The more you invest, the more you'll earn!

Our Money Market features five tiers that allow you to earn a higher yield on larger balances. Call or stop by any of our offices and get started today.

CERTIFICATES OF DEPOSIT

New Horizons Credit Union offers short and long term investment plans designed to accommodate all of our members needs. With your investments, small or large, you can be assured of competitive rates and high yield.

CERTIFICATES OF DEPOSIT:
Certificates of Deposit terms range from 3 to 36 months with a minimum deposit of $500.00. Dividends are calculated and posted monthly.

Call or visit any of our offices for information regarding our specific investment options. We will gladly provide current rates to assist you in your decision making process.

IRA/IRA CERTIFICATES OF DEPOSIT

The new Economic Growth And Tax Relief Reconciliation Act of 2001 tax law increases annual limits for IRA contributions:

The current $2,000 annual limit on tax-deferred contributions to Traditional IRAs and to Roth IRAs will increase over time. Annual limits will grow to $3,000 in 2002, $4,000 in 2005, and $5,000 in 2008. The limit will be indexed to inflation in $500 increments starting in 2009.
Under a special "catch up" provision, workers age 50 and older may begin contributing to Traditional and Roth IRAs at the $3,500 level this year.
The maximum annual contribution limit for the Coverdell Education IRA will increase from $500 to $2,000 per child.
Tax-free distributions from the Coverdell Education IRAs will be permitted for elementary and secondary school expenses.At different stages in your life, you face different financial needs. Whether you want to start saving for your future, avoid taxes on a pension plan payout, or protect a lifetime of savings, an New Horizons Credit Union IRA may be the right solution. Besides flexibility, IRAs offer advantages over other savings options, such as the opportunity for tax-deductible contributions or tax-free savings.New Horizons Credit Union offers the following IRA investment options for Traditional, Roth or Coverdell Education IRAs:

- Savings account (no minimum balance)
- Certificates of Deposit (minimum balance as low as $500)

IRAs at New Horizons Credit Union are federally insured up to $250,000 per member (separate from your other New Horizons Credit Union accounts) by the National Credit Union Administration, and additionally insured to $250,000 per member by Excess Share Insurance. That gives you up to $500,000 in deposit insurance protection for your IRA accounts at New Horizons Credit Union.

For more information on IRAs, and visit one of our Branches or call a Member Service Representative at (251) 316-3240.