Savings Accounts
Regular Shares
M1FCU’s share accounts are traditional accounts designed for members who are looking for a simple way to save. It offers a low $5.00 minimum balance requirement and convenient access to funds.
Each member has a Primary Share (savings) Account. This account activates your membership with the credit union and allows you to begin saving. You may have special share accounts under your original account number for things such as taxes, vacations, etc.
Share Certificates
Modesto’s First FCU offers a variety of share certificates to suit your financial needs. Our share certificates provide an excellent investment opportunity with an exciting advantage – the opportunity to lock in a higher dividend rate than a traditional Share Savings Account. Share certificate maturity dates vary as do minimum balance requirements. Dividends are paid on the last day of each quarter.
We may impose a penalty if you withdraw principal from your account before the maturity date. The penalty imposed shall be as follows:
If the qualifying period is one year or less, the member shall forfeit an amount equal to: a) all dividends for 90 days on the amount withdrawn, or b) if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as stated above, whichever is less, will be assessed on the entire amount in the account.
If the qualifying period is more than one year, the member shall forfeit an amount equal to: a) all dividends for 180 days on the amount withdrawn, or b) if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as stated above, whichever is less, will be assessed on the entire amount in the account.
Holiday Club Account
One way of budgeting for your holiday expenses is our Holiday Club Account. You decide how much you want deposited to your Club Account via payroll deduction, transfer from your savings or checking with us, or mailing the funds to us to deposit. On November 1, we will either mail you a check for the balance in the account or transfer the funds into your M1FCU savings or checking account.
You will be able to shop with funds you have already budgeted for these holiday expenses. The Holiday Club Account will then start again for the next year in the manner you choose.
Dividends paid quarterly on the average daily balance
Funds can be automatically transferred to savings, checking accounts, or withdrawn on your request
Funds may remain in account if not needed