Sunday, September 5th, 2010.
Ferko Maryland Federal Credit Union
7630 Hayward Rd
Frederick, MD 21702
Tel: (301) 662-7266
Alt:
Fax: 301-662-4525
DIRECT DEPOSIT & SHARE DRAFT (CHECKING) ACCOUNTS ARE NOW AVAILABLE!
For more info, click the Services tab above or call us today!
DEPOSIT ACCOUNTS
Share Savings
When you become a member of FERKO a
Share Savings Account is opened in your name. Your savings is called a “share account”
because it is your share of ownership in FERKO Maryland Federal Credit Union. Your
deposits to this account purchases shares on which you receive dividends. Dividends,
reported as interest income to the IRS, accrue daily and are credited to your account
quarterly. All shares are insured up to the maximum of
$250,000.00 by the National Credit Union Administration. You must have a savings share
account in order to have any other services with us. Statements will be provided
quarterly. If you also have a share draft account, statements will be provided monthly.
Par value of a share in FERKO is $5.00. All members must maintain a $25 balance in
their savings account to remain a member, and demonstrate regular activity in their
account to keep it open.
* It is the best way to save on a
regular basis.
* Deposit through payroll deduction,
by mail, or in person.
* Withdrawals can be made in person,
by phone, or by mail.
Share Draft (Checking)
Members opening a share draft account (checking account)
receive an all-inclusive monthly statement. There is no minimum balance required or
service charge. With FERKO you receive unlimited check writing privileges.
* There
is a minimum balance of $100.00 required to open this account.
* No
monthly fees
* No
annual fee
* No
minimum balance requirements
* No
maintenance fees
* No
charge per check
* Overdraft
protection from share savings account
* There
are no dividends or interest paid on this account
* Accounts
insured by NCUA up to $250,000.00
* Monthly
statements of transactions
* Quality
checks from Deluxe Check Printers.
DEPOSIT SERVICES
Payroll Deduction
Payroll deduction is available for members. By completing and signing a few cards,
automatic deductions for savings, checking, and/or loan payments can occur. When you
choose payroll deduction, you decide how much you want deducted per pay period, and what
amounts should be deposited or credited to specific accounts.
Overdraft Protection – Share
Draft Account
If you accidently overdraw your Share
Draft account, we will automatically transfer funds from your Share account to cover the
draft in increments of $100 sufficient to permit the Credit Union to honor such a share
draft plus a nominal fee. You must have an available balance in your Share Account to
cover the transfer. Overdrafts beyond uncommitted shares will result in the draft(s) being
returned unpaid for Insufficient Funds (NSF) and an Insufficient Funds (NSF) fee will be
charged.
Summer Pay Deductions
FERKO pays you dividends on your summer
pay deductions. We’ll send you checks when you want them all during the summer. Call us
today to help us help you get ready for summer vacation!
Life Savings Insurance
FERKO provides Life Savings insurance on deposits up to $4,000.00.
The amount of insurance depends on the age of the member at the time of the deposit. Call
the credit union at 301-662-7266 for specifics on this insurance benefit.
LOAN PRODUCTS & SERVICES
New & Used Vehicles –
Autos, Trucks, Motorcycles, Boats
With some of the lowest rates in town and
terms up to 72 months, we can help put you behind the wheel of a new or used vehicle.
We’ll even finance up to 100% of the purchase price! If there is a car, truck,
motorcycle or boat out there for you, we can help you get it!
Personal Signature
Personal loans allow you to borrow without
collateral. You can use a personal loan for bill consolidation, a special vacation, and
more. Your loan is secured by your promise to pay. Personal loans allow members to borrow
money collateralized by his or her signature only. The funds can be used for any
purpose. You can borrow up to $6,000 with your signature.
Home Improvement
Let FERKO help you with your home
improvement needs. Maybe you're thinking of redoing part of your house. Perhaps you want
the kitchen of your dreams or an extra bathroom. Whether
you need to replace, redo, or start fresh, we’ll help you keep your home in tip-top
shape. You can borrow up to $6,000 at attractable rates for your home improvement project.
Share Secured
FERKO offers share secured loans. Instead
of being secured by your signature, these loans are secured with funds you have on deposit
at the Credit Union in a share savings account. These loans can also be used for any
reasonable purpose and because the loan is secured with funds, often times the rates are
more attractive than unsecured personal loans. The funds must stay on deposit at until the
loan is paid off.
Summer Skip Program
The Summer Skip Program is a convenient
loan option, which allows ten (10) month employee/members to skip their loan payments
during (July and August) each year.
Credit Life Insurance
At no additional cost to our borrowers,
FERKO provides loan protection life insurance on loan balances up to a maximum of
$20,000.00.