|
|
|
|
After completing a membership application, all members in the BVA Federal Credit Union must deposit a minimum of $5 in a Regular Share/Savings Account. Once you are a member, you are eligible for all benefits and services offered by the Credit Union. All savings accounts earn the same rate. Money can be deposited into all savings accounts by payroll deduction, direct deposit, or in person at the office. Accounts with balances over $50 will receive quarterly dividends. Interest will be earned from the date of the deposit to the date of withdrawal.
Rates and yields in effect are subject to change. All yields quoted are for dividends compounded daily and paid quarterly on balances over $50. Accounts with balances less than $50 will not earn dividends. Interest is earned from date of deposit to date of withdrawal. The Christmas Share account is an easy way to save year round to help pay for holiday gifts and expenses. Your Christmas Share account will be given to you near the end of October each year.
Rates and yields in effect are subject to change. All yields quoted are for dividends compounded daily and paid quarterly on balances over $50. Accounts with balances less than $50 will not earn dividends. Interest is earned from date of deposit to date of withdrawal. Christmas checks are sent to members near the end of October. This account is designed for teachers of the Belle Vernon Area School District. BVA Federal Credit Union will determine the amount needed for payroll deduction of the 22 pay periods (September to June) provided by the school district. Summer pay account distribution will be one check in July to provide money for July and August. Members with BVAFCU share drafts will have one fourth of their summer pay accounts deposited biweekly during July and August. The amount of the necessary payroll deduction will be determined at the beginning of each school year.
Rates and yields in effect are subject to change. All yields quoted are compounded daily and paid quarterly on balances over $50. Accounts with balances less than $50 will not earn dividends. Interest is earned from date of deposit to date of withdrawal. Saving money is easier when you have a saving goal. You decide what to save for and we will give you a great savings rate. Special savings accounts can be designed for any purpose. Members can call it anything from escrow, car, wedding, vacation, or whatever purposes you wish to save.
One Year Share certificates are being offered. Make your money earn more interest.
Traditional and Roth IRA Share compounded daily and paid quarterly on balances over $50. Accounts with balances less than $50 will not earn dividends
Traditional/Roth IRA Share Certificate Traditional, Roth IRA and Educational IRA one year certificates are available at this time.
Roth IRA Contributions: $3,000 for individuals and $6,000 for married couples. Eligibility: Contributions are based on single filers with Adjusted Gross Income (AGI) less than $95,000 and joint filers with AGI less than $150,000. The maximum contribution decreases for single filers with AGI between $95,000 and $100,000 and joint filers between $150,000 and $160,000. Maximum Annual Limit: Contributions will be $5,000 for 2008 through 2010. For tax years beginning after 2008, the $5,000 limit will be adjusted for inflation in $500 increments. Deductibility: Not deductible. Distributions: Tax free if in a Roth IRA at least 5 years and the distribution is after age 59 1/2 or for a first time home purchase, due to permanent disability or to a beneficiary due to death. There is no requirement to begin taking distribution by age 70 1/2. For owners age 50 and older, your annual contribution limit is $6,000 for 2008. Traditional IRA Contributions:$3,000 for individuals and $6,000 for married couples. Eligibility: Contributions are fully deductible if the individual or spouse is not an active participant in an employer pension plan, provided that their combined adjusted gross income is below $150,000. If the individual or spouse is an active participant in an employer pension plan, contributions are fully deductible for a single filer with AGI less than or at $30,000* or married couple filing a joint return with AGI less than or at $50,000*. *AGI above this amount will be subject to partial deductibility. Maximum Annual Limit: Contributions will be $4,000 for 2005 through 2007, and $5,000 for 2008 through 2010. For tax years beginning after 2008, the $5,000 limit will be adjusted for inflation in $500 increments. Distributions: Taxable. Regular withdrawals may begin penalty free at age 59 1/2. Distributions must begin by age 70 1/2. A special withdrawal may be made without tax penalty by individuals under age 59 1/2 for qualified higher education expenses for the individual, child or grandchild. A $10,000 withdrawal for first time home purchases may also be made. These withdrawals are subject to normal income tax. How does the 'catch up' contribution plan work if I am age 50 or older?
Educational IRA Contributions: $500 per year per child. AGI of contributor must be less than $95,000 for a single and less than $150,000 for married couples. Deductibility: Not deductible. Eligibility: Child must be under age 18. Parents, grandparents, other family members, friends and a child him/herself may contribute to the child's Educational IRA, provided that the total contributions for the child during the taxable year do not exceed the $500 limit. Distributions: Not taxable if used for the purpose of qualified higher education expenses. If the distribution is not used for the designated purpose, a portion of the distribution is taxable and also subject to a 10% additional penalty tax. We can accept direct rollovers/transfers.
Jumbo Share Certificate of Deposit
For any Share Certificate of Deposit: Early Withdrawal Penalty- We may impose a penalty if you withdraw any of the principal before the maturity date. Amount of Penalty- Fore Share Certificate accounts, the amount of the early withdrawal penalty for your account is ninety (90) days dividends. How the Penalty Works- The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applied whether or not the dividends have been earned. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal. Exceptions
to Early Withdrawal Penalties- At our option, we may pay the account before
maturity without imposing an early withdrawal penalty under the following
circumstances:
|
|
