The share account is a regular savings account and it is the member's primary ownership into the credit union. Each primary member must have one of these accounts to have any other savings or loan products that the credit union offers. There is a $5.00 minimum to open this account and there is no maximum amount that can be deposited into this account. All deposit accounts are insured up to $250,000 by NCUA. This primary membership is what gives a member voting rights at all called meetings of Energen Credit Union.
The share accounts pay quarterly dividends and the dividend amount is declared and voted on by the Board of Directors. Members can choose to have all or a portion of their payroll deposited into this account. The share account can have either a single owner or a joint owner. A joint owner has full transactional access to the account and can't be removed by the primary member unless the joint owner gives written consent. A primary member may choose instead to have a beneficiary on his/her primary account. A beneficiary does not have transaction authority on the primary member's account until the primary member is deceased.
The share account is not a transactional account and is restricted on the number of withdrawals per month and there is no service charge associated with this account. This account can be accessed for withdrawal by an ATM card issued to a member by Energen Credit Union. Energen Credit Union has seven ATM's located at the Metro, Plaza, Southern Operations Center, Western Operation Center, Midtown, Birmingham Branch, and Montgomery Branch. There is no fee associated with using Energen Credit Union's ATM machines to access you Energen Credit Union share account.
Share draft account
The share draft account is a free checking account. Any member that has a share account can have a share draft account. There is no monthly service charge or per check charge on the draft account. There is also no minimum balance required on the share draft account. The only charge associated with the share draft account is the purchase of checks. A share draft account can be opened up with a deposit of as little as $15.00. The share draft account allows members to write checks and have them clear off their account at Energen Credit Union. Deposits can be made to this account by payroll direct deposit from any company that offers direct deposit to its employees so an Energen employee and their working spouse can have their payroll checks direct deposited to Energen Credit Union.
To enhance the share draft account, Energen Credit Union offers a free MasterCard Check/Debit cards or regular ATM cards. To receive a free debit card, a member must submit an application to the credit union and be qualified. Members do not have to qualify to receive a free ATM card.
Members can have items such as utility payments, insurance premiums, health club dues, and loan payments to other financial institution, debited from the share draft account at Energen Credit Union.
Energen Credit Union reserves the right to closes any share draft account that has excessive return items or NSF's.
Share certificates are time deposits that have maturities of 6, 12, 24, 36, 48, and 60 months. The dividends on share certificates can compound back into the certificate or can be paid monthly in the form of a check mailed to the member's residence. Energen Credit Union will allow deposits into the share certificate with no penalty. There are penalties for early withdrawals on share certificates. On a certificate of twelve months or less, the penalty is one month's interest. On a certificate greater than twelve months, the penalty is two month's interest.
At maturity, share certificates can automatically renew into the same maturity certificate at the current rate at Energen Credit Union or you can choose to have the funds mailed to you or you can pick up a check at the credit union or you can have the funds deposited into you share account.
Share certificates at Energen Credit Union are insured by the NCUA up to $100,000.
Individual retirement Accounts (IRA's)
Energen Credit Union offers two types of IRA's, Traditional and Roth.
Traditional IRA's are contributions to an IRA made on a pre-tax basis. Traditional IRA's lower gross annual income and can lower tax liabilities in some cases. There are substantial penalties for withdrawals made on traditional IRA's before age 59 ½.
Roth IRA's are contributions to an IRA made on a post-tax basis. Withdrawals made on Roth IRA's prior to age 59 ½ are penalized only on the dividends earned by the Roth IRA.
Each member should consult their own tax accountant or advisor to determine which Energen Credit Union IRA is best for them.