The CU offers various Savings Accounts, called SHARES. Available are a regular share account (every member has this account with a minimum balance requirement of $5), a Christmas Club account, and other specialty share accounts which can be tailored to the needs of each member.
The above accounts are insured up to a maximum of $250,000 per account holder by the National Credit Union Administration, a U.S. government agency. Currently, the credit union has a limit of $150,000 in cumulative savings balance for any one member.
Dividends on regular share accounts are calculated on the daily balance and the dividend rate is variable. The dividend on the last declaration date, 06/30/2016, was .25% with a corresponding annual percentage yield of .25% The dividend on these accounts is paid quarterly, and the rate may change every quarter as determined by the CU's board of directors.
Dividends on Preferred Shares (available only to current Preferred Share owners at this time) are calculated on the daily balance and the dividend rate is variable. The dividend on the last dividend date, 06/30/2016, was .50% with a corresponding annual percentage yield of .50%. The dividend on these accounts is paid semiannually on June 30 and December 31, and the rate may change every dividend period as determined by the CU's board of directors.
The dividend on the Christmas Club account is paid annually, on October 31, and may change every year as determined by the CU board of directors. The dividend rate on this account, as of the last dividend declaration date of 10/26/2015, was .25%, with a corresponding annual percentage yield of .25%.
The CU offers various loans at competitve fixed rates. Any CU member in good standing with the CU may apply for a loan. Loan approval decision is based on credit history including BEACON (credit) score and debt to income ratio of the applicant. Loan limits and rates are reviewed at least quarterly by the CU Board, and are subject to change without notice. "Specials" are offered periodically.
Automatic Payroll Deduction
The University of St. Thomas and St. Thomas Academy each offer this service for both loan payments and deposits to savings. For members who are not employees of either of these institutions, use of a Bill Pay type service is encouraged. Checks or money orders can also be used for both deposits to shares and loan payments.
Documents to be notarized must be signed in presence of CU personnel, and signer must present a picture ID. There is no charge for this service at the credit union. Please call to be sure that notary is available (651) 962-6660.