Saving

Members of credit unions are considered 'owners'. Your Savings account is therefore referred to as your SHARES.

SHARES represent your level of ownership in your credit union. A minimum of $25.00 is required to open a SHARE account. Deposits can be made at any time; withdrawals require the signature of the owner and withdrawals of more than $10,000 need a 48 hour advance notice.

It is essential to keep your SHARE account ACTIVE. To remain active, you must initiate at least one transaction per year. (See Dormant accounts in FAQ.) This prevents the State of PA from considering your account as unclaimed property.

Dividends are paid every quarter to members with a SHARE balance. This payment is automatically deposited to your SHARE account.

If you are approved for a loan, your SHARE balance must consist of the $25 minimum plus 2 loan payments for the loan you just had approved. If you happen to have more than one loan on the books, your SHARE balance is the total of the $25 minimum plus 2 loan payments for each of your loans. (effective 7-1- 2018)

Members with adequate SHARES in their account can use those funds as collateral on a Share-secured loan. There is no hold on your shares with a Share-secured loan.
(See Borrowing)