Info Desk

Fee Schedule

February 1, 2018 Fee Schedule

Fee Description Fee Amount
Secure Checking $4.95/Month
Basic Checking Account (Minimum Services) FREE*
Overdraft Protection Advance FREE
Debit Card FREE
Reissue Debit Card/Pin number $8.00
Non-Sufficient Funds (NSF) $30.00/Item
Inactive Account (After 12 Months With No Activity)

$5.00 (Monthly Fee on Member Balances Less Than $75.00)

ATM or POS Overdraft $30.00
Courtesy Pay $30.00
Deposited Return Check $30.00
Low Balance Fee (Money Market Accounts less than $2,500) $5.00
Account Research Per Hour
($15.00 minimum charge)
$15.00
Account Balancing Per Hour ($15.00 minimum charge) $15.00
Interim Statement Per Page $5.00
Stop Payment $30.00
Copy of Share Draft $5.00
Share Draft and ACH Exception Processing (Manual Posting) $5.00
Share Account

FREE – With $25.00 Minimum Daily Balance ($1.00 Monthly Fee On Minimum Daily Balances Less Than $25.00)

Phone Payment Fee $10.00
Closed Account Fee $25.00 (only assessed if account is open less than 90 days)
Verification of Deposit Request $10.00
Share Account Withdrawal FREE (Six (6) Withdrawals Monthly –
$3.00 for each additional withdrawal)
Levy or Garnishment Processing $30.00
Express Mail Next Day $35.00
Wire Transfer – Domestic outgoing $25.00
Address Research/Invalid Address $5.00
Non Recording Fee on Titles $20.00
Loan Modification Fee $30.00
Debit Card Rush Delivery $40.00 
Loan Application Fee  $25.00 
Paper Statement Fee with Basic Checking $1.00*
Bill Pay Fee with Basic Checking $5.95*

 

Calculators

Privacy Policy

Notices

No new notices at this time. Thanks for being a member of Carolina Federal Credit Union.

Routing Number

Our Routing Number is : 253175397

Financial Literacy

6 Simple Ways to Rev Up Your Savings

  • Save for specific goals:
    • You should have a savings plan for large future expenses that you anticipate — perhaps education costs, a home or car purchase, starting a small business, or preparing for retirement (even though that may be many years away). And, young adults just starting to be responsible for their own expenses should build up an emergency fund that would cover at least six months of living expenses to help get through a difficult time, such as a job loss, major car repairs, or unexpected medical expenses not covered by insurance.

 

  • Commit to saving money regularly:
    • This is important for everyone, but especially if you are supporting yourself financially.

 

  • Aim to save a minimum of 10% of any money you earn or receive:
    • Putting aside a designated amount is known as “paying yourself first,” because you are saving before you’re tempted to spend.

 

  • Put your savings on auto-pilot:
    • Make saving money quick and easy by having your employer direct-deposit part of your paycheck into a federally insured savings account. Your employer or your financial institution may be able to set this up for you. If you don’t yet have a steady job, you can still set up regular transfers into a savings account.

 

  • Make use of tax-advantaged retirement accounts and matching funds:
    • Look into all your retirement savings options at work, which may come with matching contributions from your employer. Chances are your retirement savings will hardly reduce your take-home pay because of what you’ll save in income taxes, and the sooner you start in your career, the more you can take advantage of compound growth.
      If you’ve contributed the maximum at work or if your employer doesn’t have a retirement savings program, consider establishing your own IRA (Individual Retirement Account) with a credit union or investment firm and make regular transfers into it. Remember that you can set up an automatic transfer from a checking/share draft account into a savings/investment account for retirement or any purpose.

 

  • Decide where to keep the money intended for certain purposes:
    • Consider keeping emergency savings in a separate federally insured savings account instead of a checking/share draft account so that you can better resist the urge to raid the funds for everyday expenses. Be sure to develop a plan to replenish any withdrawals from your emergency fund.
    • For large purchases you hope to make years from now, consider share certificates and U.S. Savings Bonds, which generally earn more in interest than a basic savings account because you agree to keep the funds untouched for a minimum period of time.
    • For other long-term savings, including retirement savings, young adults may want to consider supplementing their insured deposits with low-fee, diversified mutual funds (a professionally managed mix of stocks, bonds and so on) or similar investments that are not deposits and are not insured against loss by the NCUA or FDIC. With non-deposit investments, you assume the risk of loss for the opportunity to have a higher rate of return over many years.
    • For future college expenses, look into 529 plans, which provide an easy way to save for college expenses and may offer tax benefits.
    • For healthcare, find out whether you are eligible for a health savings account (HSA), a tax-advantaged way for people enrolled in high-deductible health insurance plans to save for medical expenses.

 

Think about ways to cut your expenses and add more to savings. For your financial services, research lower-cost checking/share draft accounts at your credit union and some competitors. And, if you are paying interest on credit cards or fees for spending more money than you have available in your checking/share draft account, develop a plan to stop.

More broadly, look at your monthly expenses for everything from food to phones and think about ways to save.

 

Link to article on mycreditunion.gov: https://www.mycreditunion.gov/protect/Pages/Tips-for-Young-Adults.aspx

 

Building Your Credit Score

DO’S:

Get a Secured Credit Card:

  • No application fees
  • Low annual fees
  • Low deposit of only a couple of hundred dollars required

Make Payments in Full Month to Month:

  • Set up automatic payments
  • Use calendar reminders

Keep Debts Low:

  • Stay below 30% of your total credit limit

Misc. Tips:

  • Keep credit cards open as long as possible
  • Diversify the types of credit to utilize
  • Check your credit report regularly

 

DON’TS:

Upgrade to an Unsecured Credit Card

Take Out Cash Advances

Open a Bundle of Cards at Once

 

Reap the Benefits of Good Credit:

  • Good rewards
  • Cash Back
  • Lower Interest Rates

 

Link to article on mycreditunion.gov: https://www.mycreditunion.gov/Protect/Pages/credit-reports.aspx

 

Understanding Your Credit Score

A credit score is a number that reflects the information in your credit report. The score summarizes your credit history and helps lenders predict how likely it is that you will repay a loan and make payments when they are due. Lenders may use credit scores in deciding whether to grant you credit, what terms you are offered, or the interest rate you will pay on a loan.

Information used to calculate your credit score can include:

  • the number and type of accounts you have (credit cards, auto loans, mortgages, etc.);
  • whether you pay your bills on time;
  • how much of your available credit you are currently using;
  • whether you have any collection actions against you;
  • the amount of your outstanding debt; and
  • the age of your accounts.

Q: What can cause my credit score to change?

A: Because your credit score reflects the information in your credit report, changes to your credit report may cause your credit score to change. For instance, if you pay your bills late or incur more debt, your credit score may go down. However, if you pay down an outstanding balance on a credit card or mortgage, or correct an error in your credit report, your credit score may go up.

Q: How can I get my credit score?

A: In some cases, a lender may tell you your credit score for free when you apply for credit. For example, if you apply for a mortgage, you may receive the credit score or scores that were used to determine whether the lender would extend credit to you and on what terms. You may also receive a free credit score or scores from lenders when you apply for other types of credit, such as an automobile loan or a credit card.

If you are a Carolina Federal Credit Union Member and have a Secure Checking Account you can also check your credit score on SecureChecking.com.

Link to article on mycreditunion.gov: https://www.mycreditunion.gov/Protect/Pages/your-credit-score.aspx

 

 

Renting, Buying & Owning: Let’s Get Started

These homeownership and mortgage loan calculators, from Freddie Mac, will help you understand the financial differences between renting and homeownership.  Additionally, calculate how much you can borrow or afford, understand the financial differences between fixed- and adjustable-rate mortgages, estimate closing costs, or learn how a different term (for example, a 15-year vs. 30-year term) affects your mortgage payment and overcall cost of the loan.

Link to article on mycreditunion.gov: https://www.mycreditunion.gov/tools-resources/Pages/Mortgage-Loan-Calculator.aspx

 

 

Personal Budgeting Worksheet

This Make a Budget worksheet from the Federal Trade Commission, helps you evaluate which expenses are flexible and which are fixed.  Use the worksheet for at least two or three consecutive months. This will give you an idea of how you are spending your money and changes you can make to improve your situation.

Here is a quick review of the two types of expenses to help get you started:

Fixed Expenses

  • Fixed expenses are items you have little or no control over.  
  • You will pay a fixed amount for these expenses each month.
  • Remember, you have some control over certain expenses before you sign a contract, for example, a short term or payday loan, car loan, or home mortgage.  You should shop for the best value before committing to the payments.

Examples:

  • Health Insurance, car Insurance, life Insurance and home owners or renters insurance
  • Rent or Mortgage
  • Auto Loan or Lease Payment

 

Flexible Expenses

  • Flexible expenses are expenses that you can control.
  • When thinking about flexible expenses, think about what you need and what you want. Is it a necessity or a discretionary expense? This will help you control your spending in this category. 
  • What are some ways that you could control the costs of these expenses?
  • Also, make sure to pay yourself first. Set aside money from each paycheck and put it towards your savings.

Examples:

  • Groceries, coffee, or restaurants
  • Utilities
  • Gasoline, internet, cable, phone, or cell phone
  • Car or home repair
  • Activities or hobbies
  • Savings
  • Emergency Savings

Link to article on mycreditunion.gov: https://www.mycreditunion.gov/tools-resources/Pages/Personal-Budgeting-Worksheet.aspx

×

Fall 2018 Newsletter