Torch Lake Federal Credit Union Savings & Checking Accounts

 

Share Savings Accounts

To open a share savings account a deposit of $25 is required and must be maintained in a share savings. All new members are required to provide valid identification when opening a new account, such as valid driver’s license and another form of identity. Once you open your share savings account you are *qualified to apply for loans, open a share checking account or open a share certificate of deposit.

*Each member is required to maintain $25 in the share savings account.
*Please call our office to verify acceptable documents for Customer Identification/Account Opening.

 

Minor Children Accounts

Applicants under 17 years of age has a $5 deposit requirement. Identification requirement for minor children is a social security card and if applicable a school photo ID.

 

Christmas Club Accounts

Be prepared for holiday shopping, with the flexability of withdrawing your funds anytime. Christmas Club accounts can be opened anytime and checks are sent out November 1st, but if an unexpected expense occurs you are able to access your funds.
Dividends for a Christmas Club are calculated monthly.

*Qualification is determined by policy, Torch Lake Federal Credit Union reserves the right to refuse extended services due to credit loss.
**Any person who is joint on a savings account is required to provide required identification.

 

Benefits of Torch Lake Federal Credit Union Share Savings Accounts

• Free on-line account access
• Free VISA ® ATM Card
• Free E-Statement
• Free telephone inquiries
• Free monthly ACH payments
• Free ATM withdrawals at our NorthEnd Office or just a $1 fee at any Wells Fargo location (other location fees will vary)
• Direct Deposit information
• Christmas Club can be withdrawn anytime

Share Savings

Effective Date: Sunday, February 5th, 2012

Rate

0.15% APY*

*Annual Percentage Yield

 

Share Draft Checking Accounts

To open a share checking account, a share savings is required. You must order your first box of checks from us, thereafter you are able to order from a check service of your choice-in addition a one time setup fee of $15 is charged for opening the checking account.

Share draft applicants under the age of 18 are required to have a parent or guardian accompany them on the account.

• No minimum balance
• No monthly service charge
• Unlimited check writing
• ATM-Debit Cards

 

Benefits of a Share Checking Account

• FREE ON-LINE ACCOUNT ACCESS (VIEW/PRINT CHECKS AND ACCOUNT HISTORY)
• FREE Estatements GO GREEN!
• FREE Direct Deposit assistance
• FREE VISA ATM/Debit Card
• FREE ATM withdrawals at our NorthEnd Branch or $1 at any Wells Fargo location
• FREE telephone transfers (3 per month)

 

Senior Share Draft Checking Account
 

• 55 YEARS OR OVER 1 FREE BOX OF CHECKS/YEAR
• FREE ON-LINE ACCOUNT ACCESS (VIEW/PRINT CHECKS AND ACCOUNT HISTORY)
• FREE eStatements GO GREEN!
• FREE Direct Deposit assistance
• FREE VISA ATM/Debit Card
• FREE ATM withdrawals at our NorthEnd Branch or $1 at any Wells Fargo location
• FREE telephone transfers (3 per month)

 

 

Share Certificates

Torch Lake Federal Credit Union offers Share Certificates with terms of 6 month, 12 month, 18 month or 24 months. Our rates are set by the Board of Directors and rates change as the market trends fluctuate. Our goal is to provide members with competitive rates with minimal investment requirements.

Share Certificate

6 Month Certificate
Effective Date: Sunday, February 5th, 2012
Rate	Term
6 Month Share Certificates not available at this time

12 Month Certificate
Effective Date: Sunday, February 5th, 2012
Rate	Term
050% APY*	12 Months
Minimum Deposit $500

18 Month Certificate
Effective Date: Sunday, February 5th, 2012
Rate	Term
0.50% APY*	18 Months
Minimum Deposit $500

24 Month Certificate
Effective Date: Sunday, February 5th, 2012
Rate	Term
.65% APY*	24 Months
Minimum Deposit $500

*Annual Percentage Yield

NCUA Insured up to $250,000