Everything You Need to Grow
At Community First Co-operative Credit Union (CFCCU) we offer a wide cross-section of financial products and services to our members. Below is a list of all the products and services currently offered at the credit union. For more detailed information on any product, simply click on the product of interest.
SAVINGS PRODUCTS:
Community First Co-operative Credit Union is primarily a savings institution. We have therefore provided a number of saving products designed to help you save more efficiently at the credit union. Below is the list of these products.
Permanent Shares
- Permanent shares are your long-term investments in the credit union.
- All members of the credit union 18 years and older are required to purchase a minimum of 40 permanent shares at the value of E.C. $200.00 to be legal members of the credit union.
- Each permanent share costs E.C. $5.00.
- Permanent shares are non-withdrawable.
- You must own permanent shares in order to access the credit union’s products and services.
- You can earn dividends (interest) on your permanent shares each year once the credit union makes a surplus.
Regular Savings Accounts
- Available to members.
- Receive 2% interest annually.
Deposit Accounts
- Acts like a second savings account and is used primarily for minor accounts and business accounts.
- This is the account to which you have access if you have a loan or an ATM card.
Minor Accounts
- Parents/Guardians can open accounts for children 0 months to 17 years old.
- Receive 1% interest annually.
School Savings Accounts
- Available to all children where the school savings program is available.
- Acts like a savings account where the children save through their schools.
- Receive a special interest.
- Save a minimum of $1.00 weekly.
Fixed Deposit Accounts
- Fixed deposit accounts begin at $5,000.
- Our fixed deposit term is 12 months.
- Earn up to 2.5% interest on your fixed deposit account.
Savings Clubs
- Operates like throwing “Box money.”
- Save a fixed amount of $50 or more each month for the specified period and earn a special interest.
- Summer Club runs from September to June.
- Christmas Club runs from January to November.
Community First Educational Savings Account (CFSEA)
- Parents and guardians now have an opportunity to open a special savings account for their children.
- CFESA runs from age 0–18 years.
- Participants are required to begin this plan with a minimum of EC $500.
- A minimum monthly deposit of $50 must be maintained.
- Withdrawals will be based on the following criteria:
- 5 days notice is required.
- Before the maturity date, withdrawals are subject to a 10% penalty of the withdrawal amount and a $25 administration fee.
- Members may withdraw up to 10% of their savings for a medical emergency without incurring a penalty.
- Members are not allowed to borrow against this fund.
- For every monthly payment missed, there is a charge of EC $25.
- Interest rate is 4% per annum, calculated on the minimum quarterly balance.
- This rate is subject to change at any time by the credit union based on market conditions.
- Upon reaching 18 years of age, the parent or guardian must give permission for the fund to be released.
Community First Individual Retirement Account (CFIRA)
- Individuals now have the opportunity of saving specifically for their retirement.
- CFIRA runs from age 18 years – 65 years.
- Members must not be more than 55 years to qualify.
- Participants are required to begin this plan with a minimum of EC $1,000.
- A minimum monthly deposit of $100 must be maintained.
- Withdrawals will be based on the following criteria:
- 5 days notice is required.
- Before the maturity date, withdrawals are subject to a 10% penalty of the withdrawal amount and a $25 administration fee.
- Members may withdraw up to 10% of their savings for a medical emergency without penalty.
- Members are allowed to use up to 50% of their CFIRA savings as security for a loan for education, land, home improvement or construction, computer purchase, and major medical expenses.
- For every monthly payment missed, there is a charge of EC $25.
- Interest rate is 5% per annum, calculated on the minimum quarterly balance.
- This rate is subject to change at any time by the credit union based on market conditions.
- At age 65, Community First Co-operative Credit Union will disburse the fund in one lump sum or in installments as directed by the member.
Self Starter Savings
- A special savings account designed for members to save money for a specific purpose and time, determined by the member.
- This account is separate from regular savings and deposit savings.
- Interest rate is 2% annually.
- A service charge of E.C $10.00 applies when withdrawals are made.
