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Savings AccountsWe offer a variety of savings and investment options with competitive rates, systematic savings options and easy access to your funds.
Your savings dollars at the Credit Union are called "shares". The funds you deposit in your Credit Union share (savings) account are in turn invested by the Credit Union or loaned to your fellow members.
At HEWFCU we provide you with a variety of ways to save:
- Regular Share Account
- Money Management Account
- Holiday Savings Account
- HEWEY Share Account
- Share Certificates
- Individual Retirement Accounts (IRAs)
Security
All member accounts with the Credit Union are federally insured to $100,000 by National Credit Union Administration, an agency of the U.S. government. All IRAs are separately insured to $100,000 by NCUA. Additionally, HEWFCU provides its members with $250,000 account insurance through Excess Share Insurance (ESI). ESI is a licensed property and casualty insurer and the nation's largest private deposit insurer.
| What is a Savings Bond? |
| What is a Share? |
| What is a Share Draft? |
| What is a Statement? |
| What is a Stop Payment? |
| Joint Account |
| What is the Equal Credit Opportunity Act (ECOA)? |
| What is an Electronic Funds Transfer? |
| What is Deposit (Share) Insurance? |
| What is the Disclosure Statement? |
| | What is a Savings Bond? |  |
Bonds issued by the U.S. governmemt to help pay its expenses and also encourage savings. Bonds can be cashed with interest after a six-month period. |
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| | What is a Share? | |
Given amount of money a person deposits with a credit union to become a member that confers ownership rights, has a stated par value, and pays dividends. A share account is what a credit union refers to as a savings account.
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| | What is a Share Draft? | |
Printed document allowing payment for goods and services. Considered a check only if drawn directly on a financial institution. If ‘payable through’ is involved, it is a draft.
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| | What is a Statement? | |
Summary for members of the transactions that occurred over the preceding month. A credit union statement lists all deposits and withdrawals, as well as the running account balance.
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| | What is a Stop Payment? | |
Member’s instructions to the credit union directing it to dishonor a specific check.
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| | Joint Account | |
Account carrying the names of two or more persons. Any account which lists two or more persons who share equally in the rights and liabilities associated with the account. Either party may perform any transaction on the account. Only the primary member has loan privileges under this one member number.
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| | What is the Equal Credit Opportunity Act (ECOA)? | |
Federal law that prohibits discrimination against an applicant for credit on the basis of age, sex, marital status, race, color, religion, national origin, or other factors.
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| | What is an Electronic Funds Transfer? | |
Any transfer of funds, other than a transaction originated by check, draft or similar paper instrument, that is initiated through an electronic terminal, telephone, or computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account. The term includes, but is not limited to, point-of-sale transfers, ATM transfer, direct deposits or withdrawals of funds, and transfers initiated by telephone. It includes all transfers resulting from debit card transactions, including those that do not involve an electronic terminal at the time of the transaction. The term does not include payments made by check, draft, or similar paper instrument at an electronic terminal.
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| | What is Deposit (Share) Insurance? | |
Insurance to guarantee the safety of your savings. There are 3 types of deposits insurance programs for financial institutions:
1. private insurers
2. state insurers
3. federally backed insurance programs.
Each is distinctly different. Only one, federal insurance is backed by the financial strength of the U.S. government. There are 2 funds that can be called federal insurance programs:
- FDIC: This refers to the Federal Deposit Insurance Corporation, an agency of the federal government that protects deposits in banks.
- NCUSIF: National Credit Union Share Insurance Fund is the insurance program that protects the savings in your credit union. It is administered by an independent agency of the federal government, the National Credit Union Administration or NCUA.
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| | What is the Disclosure Statement? | |
Release by companies of all information, positive or negative, that might bear on an investment decision or on a loan account.
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APR: *12.40%
Term: 24 months
APR: Rate charged will be 3.00% above dividend rate paid. Minimum 5.00%
Term: Term of Loan not to exceed the earliest maturity date of Certificate(s)
APR: *14.40%
Term: 48 months
APR: 1.75%
APY: 1.76%
Term: N/A
APR: 0%
APY: 0%
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