Share accounts are the method by which a member accumulates savings. Deposits may be made through payroll deduction at any amount the member whishes to set. Additional deposits may be made at any time (cash, check, money order) either in person or by mail. Share accounts are insured up to $100,000 per member by NCUA (National Credit Union Administration), a U.S. government agency.
Withdrawals from Share Accounts may be made by phone, in person, by fax, or in writing with proper identification. The member will be allowed two withdrawals per quarter at no charge. However, on the third withdrawal there will be a $5.00 excessive withdrawal fee.
Stewart Credit Union also provides insurance on shares at no cost to the Member, by which the beneficiary of a deceased shareholding member will receive, in addition to the amount of shares held, a like amount in cash. This is equivalent to additional life insurance. The amount of insurance will vary according to the ledger balance of the insured member, not to exceed $2,000.
No insurance will be granted on deposits made after the member has reached age 65.
CHRISTMAS CLUB ACCOUNTS
Christmas Club Accounts are set up exclusively for Christmas expenses. Deposits may be made through payroll deduction at any amount the member wishes to set, provided that the deductions are for the same amount each pay period. Additional deposits may be made to this account at any time.
Since this account is set up specifically to save for Christmas, withdrawals are discouraged. Should an emergency withdrawal be needed, one will be allowed with a $5.00 fine. If a 2nd withdrawal is necessary, the account will be closed.
DIVIDENDS
After expenses are paid and legal reserves are set aside, the Credit Union’s income is returned to the members in the form of dividends on their shares. A dividend may be declared quarterly by the Board of Directors from income which has been collected during the preceding fiscal quarter, which remains after the payment of expenses and the amount required to be set apart as legal reserves. The dividend rate will vary each quarter but will not exceed the maximum set by State law.
AUTOMATED TELLER SYSTEM 800.729.1904 ext 1 This voice response unit allows members to check their share and loan balances as well as request withdrawals using their account number combined with their PIN number.
LOANS
To be eligible to apply an employee must meet the following requirements:
- Be employed by a Stewart affiliate for at least six months before the date of application;
- Be a member of the Credit union for at least six months before application for a loan.
Stewart Credit Union offers the following types of loans:
- New & Used Autos
- Signature Loans
- Share Secured Loans
Rates may vary and are subject to change with out prior notice. Losses in Stewart Credit Union, since its charter date, have been remarkably low. This fact has allowed the Credit Union to maintain highly competitive rates of interest. Call Stewart Credit Union or log onto Rates Page for current loan rates.
To apply for a loan, the member must complete in full the loan application and submit it to the Credit Union. The member is notified in writing or by phone of all decisions on loans. Any incomplete applications will be returned. All loan payments are made through payroll deductions.
Stewart Credit Union provides credit life insurance on all loans at no cost to the member. In the case of death of a borrower, all loans are automatically paid off (maximum coverage $10,000 per member)
AMERICAN EXPRESS Stewart Credit Union offers travelers cheques & gift cheques through American Express and money orders through Integrated Payment Systems. These items can be purchased with cash, check or a share withdrawal. Applicable fees will apply. Several denominations of travelers cheques are offered and gift cheques are available in denominations of $25, $50, and $100. Money orders can be purchased up to a $1,000 limit per money order.
