Deposit Accounts

Savings (Share) Accounts

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.

Christmas Club Accounts

You may open a Christmas club account any time with a minimum of $5.00. You may make unlimited deposits at any time and/or sign up for payroll deduction to have money deposited each pay to your club account. Withdrawals are not permitted on your Christmas club account. In October, you will be able to withdraw the total amount in the account by us issuing a check for the total amount in the account or you may transfer the full amount in the account to your savings (share) account or checking (draft) account.

Checking (Draft) Accounts

With FERKO you receive unlimited check writing privileges and your first order of checks are paid for.

  • There is a minimum balance of $100.00 required to open this account.
  • Minimum balance requirement of $5.00 No monthly fees
  • No monthly fees
  • No maintenance fees
  • No charge per check
  • There are no dividends or interest paid on this account
  • Accounts insured by NCUA up to $250,000.00
  • Overdraft protection from share savings account
  • Overdraft transfer and Insufficient funds fees apply
  • Quality checks