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The First Kingsport Credit Union's share account is the key to being a member of the credit union. To open a share account, the member needs to deposit $25.00 into a share account or start a payroll deduction or allotment to build to this minimum deposit requirement.
The share account is what makes you a member of the credit union. With a share account you are eligible to use all of the services that the credit union offers.
You can save "painlessly" with payroll deductions, allotments, or direct deposit. Dividends are accrued daily and posted quarterly to the share account.
The share account is also accessible via an ATM Card. The credit union subscribes to the Plus network and Pulse. Members can also access their account 24-7 by signing up to use the "call unit" and/or virtual branch. Using either of these, you can inquire on your balance, transfer funds, see what deposits have been credited, etc.
All share accounts are insured by NCUA for deposits up to $100,000.00.
Annual percentage yields are based on the assumption that dividends will remain on deposit until maturity. A withdrawal, therefore, will reduce earnings.
Dividends are paid from current earnings of the credit union after all required transfers to reserves at the end of a dividend period are made. The board of directors sets dividend rates at the end of each quarter for the past three months. Dividends post the last day of the quarter.
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