Share Account (Savings)
Share accounts require an initial deposit of $50.00 and a maintained deposit of $100.00. Deposits can be made in any amount through deduction or over-the-counter transactions.
All share accounts are insured up to $250,000.00 by the National Credit Union Administration. Share accounts represent a systematic way to save a percentage of your earnings. Dividends are earned and paid quarterly.
West Penn P&P Federal Credit Union usually pays higher rates than other institutions because members are the “owners” and all profits go to them rather than stockholders.
See Truth-In-Savings Disclosure for the Regular Share Account.
Share Draft Account (Checking)
A share draft is a credit union check.
An easy way to pay your bills is simply writing a check.
With a share draft account your money is safe. Deposits can be credited to your share draft through payroll deduction, by mail or at the office. Better than traditional checking accounts because:
The account pays interest on amounts over $100
No monthly service charge
An added convenience, PAYROLL DEDUCTION
eliminates long lines and assures you that your funds
will be automatically credited to your account.
See Truth-In-Savings Disclosure for the Share Draft Account.
Individual Retirement Accounts (IRA) – Traditional, Roth, Education
West Penn P&P Federal Credit Unions’ IRA program pays a high competitive rate compounding quarterly. There is no service or setup charge. Contributions may be made by payroll deductions, monthly payments or lump sums.
See Truth-In-Savings Disclosure for the IRA Account.
Certificate of Deposit
Certificate of Deposit (CD) locks in an attractive interest rate for a specific period of time and still will have the security of Federal Deposit Insurance. It pays a higher rate than a regular savings account, and can be locked in for 6 Months, 1 Year, 2 Years or 3 Years.
See Truth-In-Savings Disclosure for Certificate of Deposit.
Christmas Club Account
See Truth-In-Savings Disclosure for the Christmas Club Account Account.
Money Market Account
The Minimum Balance requirement to open the PRIME MONEY MARKET account is $10,000.
The Minimum Balance requirement to open the GOLD MONEY MARKET account is $25,000.
See Truth-In-Savings Discloure for the Money Market Account.