Savings Accounts
Whether it’s a lifelong dream or a weekend getaway, Amherst Federal Credit Union offers a variety of great savings options to help you
meet your financial goals
Our deposit accounts let you earn competitive interest rates while keeping your money totally liquid so you can get to it when you need it. The National Credit Union Administration (NCUA) federally insures our credit union and each member’s deposits are backed by the full faith and credit of the United States Government to $250,000.
Share (Savings) Accounts
Every member is an owner of the 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.
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. 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.
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 Check Card or 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 Club money is held and can only be withdrawn with a fee prior to automatically being transferred into your share (savings) account on the 1st of November.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 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. Our minimum term share certificate deposit is $1,000.00. When it’s time to open a new certificate or roll over an old one, be sure to compare our rates to other area institutions. 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.