Savings Accounts

Share (Savings) Accounts

Every member is an owner of Amherst Federal Credit Union. A deposit of one share – $5.00 – is required for membership. Shares held in a savings account are the primary benefit of that ownership.

Dividends are declared and paid quarterly by the Board of Directors. Statements are sent to members quarterly along with a copy of our newsletter. Our share dividend rate is often competitive to other local credit unions. View our full savings rate schedule here.

When a member’s Share Account is inactive for twenty-four months or more, an account fee of $15.00 is charged each quarter. An account is considered “inactive” when there is no deposit or withdrawal by the member. Payment of dividends is not classified as account activity. We will attempt to contact members before any dormancy fees are assessed. After five years of inactivity, the account is declared abandoned under New York State Law and turned over to the Office of the State Controller.

Direct Deposit/Payroll Deduction

Amherst FCU accepts both Direct Deposit and Payroll Deduction from nearly all employers. Setting up a Direct Deposit or Payroll Deduction is a great way to save and allow quick and easy access to your funds or to build your savings. All you need is your account number and routing number. If your employer requires a voided check, we can provide an account verification letter upon request.

ATM Cards

ATM service is available for withdrawals from Shares (Savings) Accounts and Share Draft (Checking) Accounts. Enjoy fee-less withdrawals from our ATM network including M&T and Allpoint ATMs.

ATM Service

Use your ATM card for withdrawals from your savings or checking account with the credit union. Your first 6 transactions a month are surcharge free at any Allpoint or M&T Bank ATM. Please keep in mind that there may be transaction fees and/or surcharge fees that apply. Check out Allpoint’s online ATM locator to find ATMs on the go!

Holiday Club Accounts

Save for the holidays your way. Make periodic deposits, or enroll for payroll deduction or direct deposit to be sure to have enough money set aside for holiday expenses. Club money is held and can only be withdrawn with a fee prior to automatically being transferred into your share (savings) account on the 1st of November.

Overdraft Protection

Avoid bounced checks and payments with multiple layers of overdraft protection. By default, your draft (checking) account is linked to your share (savings) account for automatic overdraft protection with a small fee of $5.00 per automatic overdraft transfer. Amherst FCU will also manually transfer funds from attached and joint accounts when applicable as overdraft protection for a small fee of $8.00 per manual overdraft transfer. You may sign a request to opt-out of automatic and manual overdraft protection, though this may result in checks or payments bouncing and larger non-sufficient funds fees being assessed in lieu of the overdraft protection fees. Members may also apply for an overdraft line of credit.

Term Share Certificates & IRA Accounts

Term share certificates are similar to certificates of deposit or CDs offered by other financial institutions. The interest rate is guaranteed for the term of the deposit. We offer one year terms at very competitive rates, often comparable to high-yield savings rates offered by local and national institutions. We also occasionally run promotions offering varying term lengths. Our minimum term share certificate deposit is $500.00. Like all Credit Union deposits, our Certificates are insured by NCUA through the NCUSIF, an agency of the federal government.

Use our Term Share Certificates for regular, Roth and Education IRA accounts. Ask about contributory IRA accounts to build your balance each payday until it’s large enough for a Term Share Certificate.