Q:

What services are available on the home page for the Teachers Federal Credit Union?

A:

Quick Answer

The home page of the Teachers Federal Credit Union website provides access to services such as opening a savings or checking account, the acquisition of share certificates and access to different Visa credit card programs. Other services include online banking, mobile and direct deposits, and an option to order checks online.

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Full Answer

As of 2015, the minimum amount required to open a TFCU savings account is $1, while the minimum amount necessary to start earning interest is $50. TFCU members who only use the savings account service receive financial statements every three months, while those who use other services receive statements on a monthly basis. The National Credit Union Share Insurance Fund backs savings in the amount of up to $250,000.

TFCU share certificates serve as a worry-free investment option that lets members lock an interest rate for the full term, with dividends compounded daily. The minimum deposit for standard share certificates is $1,000, while the minimum for jumbo certificates is $100,000.The downside of this option is that it includes penalties for early withdrawals.

By using the online banking service, members can transfer money between separate accounts, apply for loans, peruse transaction records and check account balance at no charge. The mobile deposit service lets TFCU members deposit checks into a share draft account using the TFCU Mobile Banking app available on Android and iOS smartphones.

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