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.
***
To maintain an active Share Savings Account Member's are required to transact a deposit or withdrawal yearly.  Dormancy Fee:  $3.00/month

 

 

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

Share Savings
Effective Date: Wednesday, September 17th, 2014
Rate
0.05% 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.

 

Benefits of a Share Checking Account

 

 

Senior Share Draft Checking Account


 

 

 

 

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: Wednesday, September 17th, 2014
RateTerm
   
6 Month Share Certificates not available at this time

12 Month Certificate
Effective Date: Wednesday, September 17th, 2014
RateTerm
0.30% APY* 12 Months
Minimum Deposit $500

18 Month Certificate
Effective Date: Wednesday, September 17th, 2014
RateTerm
0.40% APY* 18 Months
Minimum Deposit $500

24 Month Certificate
Effective Date: Wednesday, September 17th, 2014
RateTerm
0.40% APY* 24 Months
Minimum Deposit $500

*Annual Percentage Yield

NCUA Insured up to $250,000