GEMC Federal Credit Union

The regular savings account is a great way to keep money handy when you need it while you earn attractive dividends. There are no minimum deposits, simply keep $5 in the account for it to remain open. Please note that accounts with a balance under $100 that remain inactive for more than one year will be subject to a $15 per quarter Inactive Share Fee. See Fee Schedule for details.

Savings Accounts earn a competitive dividend rate paid quarterly on the Average Daily Balance in the account.

ATM Card Services
The GEMC FCU ATM card allows access to your savings account 24 hours a day, seven days a week through GEMC FCU owned ATMs and the CU24 shared ATM network. To find an ATM convenient to your location, visit the ATM/Branch locator to the right.

Money Market Accounts

Money Market Accounts are designed for members who are looking for a safe way to earn attractive dividends. Starting at a minimum balance of $2,500, Money Market Accounts benefit from higher dividend rates, similar to Certificate Accounts, but your money is much more accessible than Certificate Accounts. Money Market Account holders may access their funds via a limited number of check and withdrawals per calendar month.

Dividends are compounded and paid monthly. Dividend rates are tiered by the balance in the account.

Holiday Club Accounts

Our Holiday Club Accounts are similar to a regular savings account, but these special accounts are designed to give members an opportunity to save money all year for holiday spending. In the first week of November, your accumulated funds will automatically be transferred into your regular savings account, ready and waiting for your holiday spending needs.

Savings Accounts earn a competitive dividend rate paid quarterly on the Average Daily Balance in the account.

Certificate Accounts

Certificate Accounts offer higher dividend rates in exchange for a long-term investment. Terms vary from 6 months to 5 years and are a safe and guaranteed growth option for money you do not need for immediate use.

Dividends are compounded and paid monthly, early withdrawal penalties apply.

Jumbo rates are also available with a minimum opening deposit of $100,000.

IRAs

Though the name IRA stands for Individual Retirement Account, don't be deceived; these accounts can be for much more than retirement. Always consult your tax advisor regarding the tax advantages and/or implication concerning all types of IRAs.

Traditional
A Traditional IRA can be opened and funded without any employer participation. Contributions and/or earnings are tax-deferred until withdrawal at retirement. The money in the account is always accessible, however a 10 percent early distribution penalty may apply if you withdraw funds prior to turning 59 ½ years of age. Exemptions to the early distribution policy include: disability, qualifying education expenses, unemployment, qualifying first home purchase, death, or receipt of your IRA assets in equal payments over your life expectancy.

Contact the Credit Union for information regarding current Traditional IRA contribution guidelines and limitations.

Roth
The primary difference between a Traditional and Roth IRA is when the money in the account is taxed. Money that you contribute into a Roth IRA has already been taxed, so the principal amount is never subject to taxes or penalties in the future, as long as you stay within the contribution guidelines.

If you do not withdraw any of the earnings until you have had the plan for at least five years and satisfy one of the qualifying events, your tax-deferred earning become tax-free. Unlike the Traditional IRA, there is no age limit on contributions.

Coverdell
Coverdell Educational IRAs can be used to fund a child's education. They can be opened for any child under the age of 18, with a maximum annual contribution of $2000 per year until the child's 18th birthday. Withdrawals can be used to pay for tuition, books, supplies and room and board (for full-time students).

If the child does not attend college, the money must be withdrawn by the time(s) he turns 30, but those earnings are subject to income tax and a 10% penalty.

Investments - Members Financial Network

Members Financial Network is a suite of online financial tools designed especially for credit union members. It includes online securities trading, money management tools, financial calculators, access to insurance and other financial products, an online financial library, and more. Visit Members Financial Services now.

NCUA Insurance

The National Credit Union Administration (NCUA) provides insurance coverage of up to at least $250,000 for your Credit Union account(s). To learn more about the type of accounts and the total amounts that the NCUA may insure, visit the NCUA at http://webapps.ncua.gov/Ins/