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The standard or regular checking account at St. Joseph’s Credit Union is probably one of the best competitively priced products offered by any financial institution: a great service, no monthly fees, checks at competitive rates, and dividends paid on the account. And now checks can be reordered here on the website. The checking account is important to our members – It is used daily – developing a strong financial relationship between the member and the credit union Only members of the credit union are able to open a checking account. The minimum balance required to open a checking account is $25. A check will be made with ChexSystems for approval at the time an account is opened for all signers on the account as a requirement prior to opening the account. It is the member’s responsibility to maintain a positive balance in the account at all times, to maintain their check register, and to reconcile their account at least monthly within 30 days of the statement cycle. This is a transaction account. Automated electronic fund transactions, such as, direct deposits, insurance, and mortgages are allowed. No transaction limitations apply as long as a positive balance is available at the time of presentment. We are not required to honor any restrictive legend unless we have agreed to the restriction in writing. Electronic Transactions deposits and withdrawals are usually posted in the morning of each workday. And checks are presented and posted in the late afternoon or evening of each workday. Members are required to have sufficient funds in the account at the time of transaction presentment. The checking account earns a monthly dividend using the daily balance method, which applies a daily periodic rate to the balance in the account each day. You must maintain a minimum daily balance of $500 in your account each day to obtain the disclosed annual percentage yield. Dividends are posted to the account on the first day following the ending date of the dividend period. The dividend rate and annual percentage yield may change at any time, as determined by the credit union board of directors. Please refer to the rate section for current or anticipated Annual Percentage Yield for the Checking Account. Members with checking accounts may place a stop payment order on their checking account in the manner required by law and must be received at the credit union in time to give us a reasonable opportunity to act on it before posting transactions and to provide information that the credit union may use to identify the specific transaction using the credit union’s automated data systems. Please refer to our separate Truth-In Savings Disclosure for complete disclosure information. |
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