Q: Is there a minimum deposit
required to open a savings account?
A: The Regular Share
Savings Account requires a minimum opening
deposit of $5.00. |
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Q: Are there any fees associated
with the free checking account?
A: No. There are no per check fees,
maintenance fees or monthly service charges. |
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Q: Do I get charged a fee for
using a non-Transfund ATM?
A: That depends. We provide
you with access via the Transfund Network.
If you use a Transfund affiliated ATM, there
is no service fee. If the ATM you are using
is not part of the Network, there may be a
fee imposed by the ATM. UMFCU does not charge
you for ATM withdrawals, be it an in-network
ATM or an ATM outside our network. |
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Q: Can I list my spouse as joint
on my IRA account?
A: No, the IRA account is
an Individual Retirement Account, and by IRS
guidelines, there can only be one person listed
on this account. You can, however, list your spouse, children,
and anyone else you desire as a beneficiary on your IRA. |
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Q: Can I withdraw money from
my spouse’s IRA for them?
A: No, the only person with
access to the IRA account is the individual
owner. Again, you can list your spouse, children,
and anyone else you desire as a beneficiary
on your IRA. |
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Q: What are the rules for moving
my other IRA to an IRA at the credit union?
A: With a direct transfer (where
you tell the other financial institution to send
the funds to the credit union for the benefit of
your IRA), you have no deadlines or limitations as
long as you’re under age 70½ and the
money leaves and re-enters the same type of IRA.
With a rollover (where the funds are payable to you),
you have 60 days to redeposit the money into an IRA.
The portion of a traditional IRA distribution that’s
not re-deposited to an IRA when the clock runs out
becomes taxable income, except to the extent it represents
a return of nondeductible IRA contributions.
Rollovers between the same IRA type are also subject to a “once-a-year-rule.” Simply
put, you can’t roll over IRA funds if there was a previous rollover from
the same IRA in the last 365 days. The rule also bans rollovers from an IRA that
has received a rollover in the last 365 days. Keep in mind that if you are 70½ or
older, you’re required to receive minimum distributions from your traditional
IRA that do not qualify for any rollover or direct transfer. |
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Q: Can I contribute to an IRA
if I already have a retirement plan through my employer?
A: Yes, you can contribute to a
Traditional IRA regardless of whether or not you
have an employer-sponsored retirement plan. In fact,
IRAs are a great way to pad your savings.
While participation in a retirement plan doesn’t change how much you can
contribute to an IRA, it can affect whether or not you’re eligible to deduct
your contributions to a traditional IRA on your tax return. But keep in mind
that as long as you’ve earned compensation, you can always make nondeductible
contributions to a traditional IRA and benefit from tax-deferred earnings. |
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Q: Am I eligible to contribute
to an IRA?
A: To be eligible for a traditional
IRA, you must earn compensation or file a joint income
tax return with a spouse who earns compensation.
If you want to contribute to a traditional IRA, the
only additional requirement is that you are under
age 70½. Whether your contributions will be
tax-deductible, however, is determined by your participation
in a retirement plan and your income. |
