- Frequently Asked Questions
- Deposit Accounts
Deposit Accounts
How many days do I have once my Certificate of Deposit matures to make a decision regarding what I want to do with my money in that account?
Regular CD's that are set up for automatic renewal have a 10 day grace period following the maturity date where changes can be made without being subject to penalties. Regular certificate accounts may be automatically renewable upon request by account owner.
What is a primary savings account?
A primary savings account (Membership Share) is an insured dividend paying account that is opened with a minimum of $5 and may be added to or withdrawn from as the customer so chooses.
It establishes membership in the credit union.
Do you maintain a $2500 balance? You may want a money market account.
Why do I get charged a check cashing fee?
The check cashing fee is charged to cover the cost of the transaction and to encourage members to utilize lower-cost methods to complete their transactions. Members can easily avoid this fee.
The fee is waived for youth accounts, accounts using bill pay, accounts with e-statements, direct deposit, or accounts that have a minimum average daily balance of $500 over the last 60 days.
Contact us at 503.239.5336 or memberservices@ofcu.com for details on these services.
Do you have Christmas Club Accounts?
Yes, we offer special savings accounts. You can open a Christmas Club, Vacation Club or a secondary savings account for any reason.˙The minimum balance on these special accounts is only $5.
Can an IRA be placed into a trust account?
A trust is a legal entity, not an individual therefore, an IRA (Individual Retirement Account) cannot be placed into a trust.
When can I take money out of my Vacation Club?
The Vacation Club funds become available on April 1st. The funds will automatically move to your checking account (or savings if you do not have a checking account) on the first of April.
You may remove the funds from the Vacation Club prior to April 1st but you must close the club account for the remainder of the club year. If you elect to withdraw funds from your Vacation Club early, you must withdraw all funds from it.
How do I add/remove an account beneficiary?
You will need to update your membership signature card. This can be done at any of our branch locations or by contacting the Member Service Center at 503.239.5336 or 800.982.2974 or email memberservices@ofcu.com.
What is the Teen Club?
The Teen Club is for members age 13 to 17 to learn how to manage their money and prepare for the future.
To become a member of the Teen Club, members must open a savings account with a minimum deposit of $5. Teen club members will earn a higher interest rate in their Teen Club account (up to $500).
How do I remove the ITF status on my account once I'm 18 years old?
An updated Membership Agreement is required to remove the In Trust For (ITF) status from your account. This agreement will need to be signed by each owner of the account. Visit us at a branch or contact us at 503.239.5336, to request an updated Membership Agreement.
What is a Bump CD?
A Bump Certificate of Deposit (CD), is a unique CD that allows you to bump your rate 1 time to the current market rate. The new rate remains until maturity, which is based on the original CD term.
How many cross account or inter-account transfers are we limited to monthly?
The number of transfers that can be done per month depends on the type of account in which the funds are being transferred out of.
There is no limit on checking account transfers.
Transfers or withdrawals from a savings account without a signature are limited to 6 per calendar month. This is a federal regulation called Regulation D. These transactions include telephone transactions, E*Teller and overdraft transfers. Any transfer or withdrawal in excess of 6 must be completed in a branch or at an ATM.
How do I add/remove joint owners from my account?
What is the minimum balance to open and maintain a Money Market account?
The minimum balance requirement for a Money Market˙ account is $2500. If the account drops below this minimum at any time during˙a calendar month, there is a $5 fee assessed.
How often do your interest rates change for your CDs? What are the different terms?
Am I charged a fee to reopen my money market?
OFCU does not normally charge a fee to reopen a Money Market account. Although repeated opening and closing of accounts is in neither the best interest of our members or OFCU.
As listed on our fee schedule, the following charges may apply:
12. Account closed within 90 days $5.00
13. Reopen account within 90 days $10.00
Are my savings (shares) fully insured at a credit union?
Your money on deposit at Oregonians Credit Union is insured up to an aggregate of $250,000 by the National Credit Union Administration through the National Credit Union Share Insurance Fund (NCUSIF), the strongest fund protecting consumers today. And your credit union IRA funds are protected separately for an additional $250,000. That's safety you can rely on.
Backed by the "full faith and credit" of the United States government, the National Credit Union Administration is an independent federal agency that charters and supervises the nation's federal credit unions and insures the majority of federal- and state-chartered credit unions.
Click here for more info about NCUA Share Insurance Coverage.
What is included on my statement?
Statements include but are not limited to:
- A full account summary, including interest Year to Date (YTD), interest charges, penalties YTD.
- A history of each account including deposits, withdrawals, purchases, etc, in chronological order.
- An outline of checks cleared for the month in sequence order with the date, check number and amount.
- A dividends summary for each account.
- A summary of Certificates of Deposit, including penalty amount YTD, issue date, maturity date and amount.
- Loan history including interest charged and total interest for the period. YTD totals including fees charged and total interest charged and a summary of the loan account.
How many times can a garnishment take money from my account?
There is not a limit to the number of times an account can be garnished. The credit union must be served the garnishment each time a garnishor attempts to garnish an account. If an attempt is made unsuccessfully to garnish an account, the credit union must be served again.
Do you have special savings programs for my children?
Yes we do.
The Saver Hounds Club is the Kids' Club Savings Program at Oregonians Credit Union for kids ages 12 and under.
To become a member of the Saver Hounds Kids Club members must open a savings account with a minimum deposit of $5. Kids club members will earn a higher interest rate in their Saver Hounds account (up to $500).
Our Teen Club is for members age 13 to 17 to learn how to manage their money and prepare for the future.
To become a member of the Teen Club, members must open a savings account with a minimum deposit of $5. Teen club members will earn a higher interest rate in their Teen Club account (up to $500).
What is the penalty for early withdrawal on a CD account?
For CDs with a term of 365 days or less, the amount of the penalty is the lesser of the amount of accrued dividends at the time of withdrawal or 90 days dividneds. CDs with a term of 366 days or more, the amount of the penalty is the lesser of the amount of accrued divivdends at the time of withdrawal or 180 days dividends.
Why do I have to sign for cash deposits?
Your signature is your verification that the transaction was completed properly, for the correct dollar amount in the correct account.
Do you offer more deposit services than a regular savings and checking account?
We have several accounts with the CU. Can we open and fund a CD on line?
CDs cannot be created from within online banking. You may contact the Member Service Center at 503.239.5336 or 800.982.2974 to have a new certificate set up or you may stop by any branch.
When was my 1099-INT mailed?
The 1099-INT are mailed toward the end of January each year. If you were paid less than $10 in dividends, a 1099-INT was not issued.
What is the pledge in my savings account?
There will always be a pledge of $5 ($10 for joint memberships) in a savings account because this is what holds your membership or ""share"" in the credit union. This $5 ($10) becomes available to you when or if you close the account.
What is a Certificate of Deposit (CD)?
Is there a penalty for redeeming certificates early?
For CDs with a term of 365 days or less, the amount of the penalty is the lesser of the amount of accrued dividends at the time of withdrawal or 90 days dividends. CDs with a term of 366 days or more, the amount of the penalty is the lesser of the amount of accrued dividends at the time of withdrawal or 180 days dividends.
Why is there a $2000.00 per day cash limit?
There are several reasons that we have $2000 per day maximum cash withdrawal limit.
- An excess amount of cash poses a security risk for the member and the credit union.
- It is not possible for the credit union to determine the amount of funds requested per member per day, therefore a maximum limit of $2000 per day has been imposed so that we are able to serve all members.
- Cash on hand is a non interest earning asset. This means that these funds are not earning dividends that can be used for the benefit of the entire membership. These benefits can include lower loan rates and higher savings rates.
What is the minimum balance requirement in my savings/share account to earn any interest?
The minimum balance required to earn dividends in a savings/share account is $100.00. This excludes the Saver Hounds Kids Club Account which requires a minimum balance of $5 to earn dividends.
Do you offer youth accounts?
Yes we have youth account options.
We have a Saver Hounds account for ages 0-12.
https://www.oregonianscu.com/accounts/youth.htm
For teens (13-17) we have the Teen Club account.
What do I need to bring in order to open a checking or savings account?
First you must be eligible for membership. Membership is open to those who live or work in one of 13 Oregon counties.
When you submit your membership application, we need a current form of government issued photo ID (for all signers on the account) and proof of employment such as a check stub or identification card. There is a $5 one time membership fee and $5 minimum opening balance for a savings account for a total of $10. The checking account requires an initial minimum deposit of $50 to open.
What is your current interest rate on a savings account?
Compare our Regular Savings to bank statement savings accounts and you'll see how much better it is. You'll pay no monthly fees and the minimum balance, at $5, is insignificant. The interest rate is typically higher than rates paid by commercial banks on statement savings accounts.
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