Share Accounts Page

The initial account you open to become a member is also referred to as your suffix “A” or “Primary” share account. (The term “share” refers to your ownership in the credit union.) A minimum balance of $50.00 must be maintained at all times in this account unless you have payroll deduction or direct deposit. You may add additional share accounts to save for a new home, your children’s college fund, or for some other special purpose. See current rates and fee schedule.

The NBC (NY) EFCU sharedraft account (also referred to as suffix 0) gives you the advantage of no-fee checking, regardless of your account balance. What’s more, if you maintain a minimum balance of just $500, you’ll earn interest on your account. Some of our other features include:

For your convenience and understanding, the following are some of the highlights of our sharedraft policy:

Honestly, how does your bank’s “free” checking compare with those features? (For example, a $500 check you deposited is returned resulting in a $25.00 fee. Before you get a notice in the mail ten days later, your bank has bounced 5 checks totaling $125.00 in fees. Sound familiar? Think this doesn’t happen?) See current rates and fee schedule.

Keep those bells jingling every holiday season when you plan ahead with a Holiday Club Account. Our Holiday Club Accounts begin each October, but you can join at anytime during the year. Your holiday funds are then transferred into your primary share account the following October (around the 3rd week). Accounts are automatically renewed each year unless you notify the credit union.

All members with Holiday Club Accounts are eligible to receive a complimentary holiday gift and are entered into a cash bonus drawing that is held each quarter. The first three quarters could win a $50.00 cash bonus and the forth quarter is worth $150.00. The drawing dates are December 15th, March 15th, June 15th, and September 15th. See current rates and fee schedule.

Many people never take their dream vacation because they can’t pay for it. You don’t have to be one of those unfortunate souls. Open a Vacation Club Account and soon you’ll have the extra cash you need to take a vacation worth remembering. An affordable deposit each payday (via payroll deduction or from your direct deposit) can get you started. See current rates.

Flexibility
The NBC (NY) EFCU understands that our members have different savings needs. While some may prefer short-term maturities with high liquidity, others prefer to deposit their funds for a longer term to optimize dividends. You may select a share certificate with the rate and term that will meets your individual needs.

High Yields Guaranteed
Similar to certificates of deposits (CD’s), our share certificates pay higher yield than share accounts and are generally paying interest greater than U.S. Treasury Securities. And unlike mutual funds, share certificate rates (and principal) are guaranteed. See current rates.

How you can benefit from a credit union IRA.
At different stages in your life, you face different financial needs. Whether you want to start saving for your future, avoid taxes on a pension plan payout *, or protect a lifetime of savings, a credit union IRA may be the right solution. Besides flexibility, IRAs offer

advantages over other savings options, such as the opportunity for tax-deductible contributions or tax-free earnings. (*If you take a lump-sum payment directly from your plan, 20% of it will be withheld for federal taxes. With a direct rollover of your payout to a credit union IRA, you can avoid income taxes as well as the 10% early distribution tax on most withdrawals if you are under age 59 ½.)

Save with an IRA – and start early.
You can’t depend on Social Security and pensions to bankroll your future. That’s why you need to build your personal savings with a credit union IRA.

It’s never too early or too late to start saving for your retirement. Most individuals can deduct at least a portion of their annual IRA contribution from their taxable income each year.* For those unable to deduct their annual contribution, an IRA still remains one of the best methods to save towards retirement. Since IRA earnings are sheltered from taxes, IRAs grow faster than ordinary savings accounts. (*Consult your tax advisor for

further information.)

The NBC (NY) EFCU offers 3 ways to contribute to an IRA. An IRA Share Account can be opened for just $100, and you can add to it anytime – either with additional deposits, rollovers from existing IRAs, or through payroll deduction. An IRA Share Certificate can be opened for just $1,000 with higher yielding, tax-deferred dividends.

Consolidate your funds into an IRA.
Retirement is a time for rest and relaxation, not fussing over your finances. By consolidation your retirement funds into a credit union IRA, you’ll find it easier to enjoy your golden years. A credit union IRA is safe and will protect the money you’ve worked so hard to save. Reducing investment risk is important as retirement nears. Also, with all your funds at your credit union, you can perform all IRA transactions – such as taking distributions, naming beneficiaries and more – in one place. You can work one-on-one with the same friendly, helpful staff person.

See current rates and fee schedule.

	Traditional	Roth	Educational

Who Can Contribute?	Anyone under age 70 ½ with income from compensation	Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI * - Up to $95,000 (single filers) -Up to $150,000 (joint filers) Reduced contributions allowed for higher incomes (up to $110,000 for single filers and $160,000 for joint filers)	Same eligibility requirements as the Roth IRA Contributions not allowed: Once the beneficiary of the Education IRA reaches age 18 (exceptions may be made for special-needs children) In any year that a contribution is made to a state tuition program for the same IRA beneficiary
How Much Can I Contribute?	Total combined contributions to Roth and Traditional IRAs up to $2,000/year or 100% of compensation, whichever is less Contribution limits are increased to $3,000 for 2002 -2004, $4,000 for 2005 - 2007, and $5,000 plus index thereafter	Total combined contributions to Roth and Traditional IRA's up to $2,000/year or 100% of compensation whichever is less Contribution limits are increased to $3,000 for 2002 -2004, $4,000 for 2005 - 2007, and $5,000 plus index thereafter	No more than $500 total each year for all Education IRA's opened on the child's behalf ($2,000 effective in 2002)
Who Can Make Deductible Contributions?	Fully deductible contributions: Single individuals not active in employer retirement plans (regardless of income) Single individuals active in employer retirement plans wit h MAGI* of $30,000 or less Married couples with neither spouse active in an employer retirement plan (regardless of income) Married individuals active in employer retirement plans with joint tax returns showing MAGI* of $50,000 or less Married individuals not active in employer retirement plans with spouses who are, as long as MAGI * is $150,000 or less Individuals with incomes exceeding the above limits may be able to make deductible contributions of less that $2,000	No one can deduct contributions	No one can deduct contributions
What are the Tax Advantages?	Earning grow tax deferred until withdrawn Contributions maybe tax deductible	Contributions can be withdrawn tax - and penalty-free at any time After the account has been open five tax years, earnings can be withdrawn tax-and penalty - free for any of these reasons: after age 59 1/2, disability, death, or a first-time home purchase Earnings can be withdrawn penalty-free for the same reasons as those for penalty-free (withdrawals from traditional IRAs withdrawal may be subject to tax)	Withdrawals for qualified higher-education expenses are tax-free
When Can I Withdraw Without Restrictions?	Withdraw penalty-free for any of the following reasons: Qualified higher-education expenses First time home purchase After age 59 1/2 Disability Qualifying medical expenses exceeding 7.5% of income Payment to beneficiaries upon the owner's death Payment of health insurance premiums while unemployed	Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason Not required to start withdrawals at age 70 1/2	Withdrawals are tax-and penalty-free only for qualified higher-education expenses (earnings are subject to tax and penalty for other withdrawals) Funds can be transferred from one child's account to another child in the family