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Accounts


Checking

One of the best services available to Members is the TCC Credit Union FREE Checking Account. There is no minimum balance required to maintain this account. There is no per-item charge with a TCC Credit Union Checking Account.

  • No minimum deposit is required to open a TCC Credit Union Checking Account.
  • No minimum balance is required to maintain a TCC Credit Union Checking Account.
  • There is no per-item charge with a TCC Credit Union Checking Account.
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Share Savings

A Share Account works just like a regular savings account. A TCC Credit Union Share Account is an easy way to save and it pays competitive dividends.

  • A deposit of $30, which includes the initial $5.00 membership fee, is all it takes to open the Share Account.
  • A balance of $100 or more will earn dividends
  • No monthly service fee will be assessed
  • Dividends are calculated on the Average Daily Balance and paid quarterly.
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Money Market

The Money Market Account (MMA) gives the Member a unique combination of benefits. It pays a higher yield than a Regular Share Account and keeps the Member's money liquid. The Member can order checks to access his/her MMA.

  • Only $2,000 is required to open and maintain the MMA.
  • The MMA earns a higher yield than a Share Account.
  • Member's money remains liquid in the MMA.
  • Member can clear up to three checks per month from the MMA, with a minimum withdrawal amount of $500.
  • Dividends are calculated on the Average Daily Balance and paid monthly.
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Individual Retirement Account (IRA)

TCC Credit Union offers a wide range of IRA products that will help make your retirement dreams come true.

  • A small minimum balance is required for the Traditional or Roth IRA.
  • No monthly fees.
  • Contributions may be made in "lump sums" or by regular deposits to the IRA Share throughout the year.
  • Dividends are paid quarterly.
  • IRA Share Certificates are also available with a minimum deposit of $2,000 and terms of 6, 12, or 24 months. Higher yields are available for certificates of $25,000 or more with 12 and 24 month terms.
  • For Current IRA and IRA Share Certificate rates, check out our Rate Board.

Traditional IRA

A traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn. Also, certain contributions may be tax deductible in the year they are made.

Roth IRA

The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a traditional IRA. Unlike the Traditional IRA, there is no requirement to begin taking distributions at age 70 ½.

Educational IRA

The Educational IRA is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore unlike the Traditional IRA, distributions from an Educational IRA are penalty free and tax-free. Consult your tax advisor for further information.

IRA Share Certificates

Earn higher dividends with an IRA Share Certificate. IRA Share Certificates are available with a minimum deposit of $2,000. *IRA Share Certificates subject to TCC credit Union penalties upon early withdrawal. Please see TCC CU Truth in Savings Disclosure for details.


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Share Certificates (CDs)

TCC Credit Union Certificates of Deposit allow you to earn a high rate of return while still being 100% insured. Invest for 6 months, 1 year or 2 years.

  • The minimum $5,000 may be invested in a short-term TCC CU Share Certificate.
  • The minimum investment allows the Member to pick the certificate's length of term.
  • Terms are from 6 to 24 months.
  • The latest TCC CU Certificate rates are available by calling or visiting TCC CU.
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$250,000+ Federal Deposit Insurance

NCUSIF (NCUA)

The share insurance at TCC Credit Union is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Federal Savings and Loan Insurance Corporation (FSLIC). Share accounts in federally insured credit unions are insured to at least $250,000, an amount equal to the insurance protection offered by the FDIC and FSLIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured to at least $250,000. There are exceptions, however. If a member has a regular share account and an Individual Retirement Account in the same credit union, each account is insured to at least $250,000. The NCUA Insurance booklet gives a more detailed explanation of insurance coverage.


Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the National Credit Union Share Insurance Fund (NCUSIF) will normally make any necessary payouts within two weeks of the time the credit union closes its doors.


Insured credit unions are required to deposit and maintain 1% of their insured shares in the NCUSIF. The fund is currently at the strongest and best reserved level in its history. Historically, deposit insurance funds strive for a ratio of equity to insured savings of a least 1%. NCUSIF ratio of equity to insured savings ranges from 1.25% to 1.30%.


As a member of TCC Credit Union, you do not pay directly for your share insurance protection. TCC Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.


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MASTERCARD® Check Card

Our MASTERCARD® Check Card offers the ultimate in convenience!


TCC Credit Union members who open a checking account can also apply for a Credit Union MASTERCARD® Check Card. This card can be used for cash access at ATM machines (just like an ATM card) and it is also a convenient alternative to using a checkbook.


Rather than writing checks to pay for purchases, members can hand merchants their Check Card. Use it anywhere you see the MASTERCARD® logo. The purchase amount is automatically withdrawn from your checking account.

  • No monthly maintenance fee.
  • No finance charges.
  • No transaction fee for purchases.
  • Accepted at merchants worldwide.
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