Account FAQs

Savings Accounts
 

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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Checking Accounts
 
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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ATM’s
 
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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IRA Certificates
 
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.
     
Phone: (918) 663-9303
   
   
 
     
This credit union is federally insured by the National Credit Union Administration.
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