ACCOUNTS
Learn about the varied accounts available for Old Ocean Federal Credit Union members.
SHARE SAVINGS
All Old Ocean Federal Credit Union members must have a share savings account at Old Ocean Federal Credit
Union. The account, which is insured up to $100,000 by the NCUA, provides members a dividend based on its
Average Daily Balance, compounded and credited monthly.
Old Ocean Federal Credit Union understands that many unplanned events happen daily and people need
immediate access to their money. That's why Old Ocean Federal Credit Union provides constant access to the
Share Savings account through a variety of services, including PAL Telephone Access System and Online
Banking. Other account features include:
- $25 minimum deposit to open
- $1 one time membership fee
- No monthly service charge
- Interest earning account
- Access to all other member only services
Contact a credit union representative or complete our
online application form and start saving today!
REGULAR SHARE DRAFT
More than just a traditional bank checking account, the Old Ocean Federal Credit Union Share Draft Account
has added benefits-including earning interest regardless of the account's balance. The interest is
calculated based on the average daily balance and compounded daily. Other features of the account include:
- $100 minimum deposit to open
- No monthly service charge with a minimum balance of $100
- Visa Debit Card with free unlimited ATM transactions at our ATMs and no charges for point of sale
purchases
- Free 24-hour banking with PAL system and Online Banking
- Interest earning account
- Unlimited check writing
- Overdraft protection
Call a credit union representative about opening your share draft account
today or fill out our online application. If you are between the ages of 16-24 or
62+ years, we have special accounts to meet your
particular needs. See our Rising Star Share Draft Accounts or our Silver Share Draft, for more information
on those benefits.
RISING STAR SHARE DRAFT
Young people have different financial needs. The Rising Star Share Draft account at Old Ocean Federal
Credit Union was established to help meet those needs. If you are between the ages of 16-24 (those under 18
must have an eligible adult as a joint owner), you qualify to open the Rising Star Share Draft account. The
Rising Star Share Draft account is designed for those who are just beginning to establish themselves
financially. The account provides flexibility, with reduced opening account requirements. Other benefits of
the account include:
- $50 minimum deposit to open the account
- No minimum monthly balance requirement
- No monthly service fee
- First 50 checks free, with an initial check order at the time the account is opened
- Free Budget Planning
- Account will automatically convert to regular share draft account on member's 25th birthday
If you qualify and are interested in opening a Rising Star Share Draft account or even converting
another type of account to the Rising Star Share Draft, please call a
credit union representative and start saving money today!
SILVER STAR SHARE DRAFT
Old Ocean Federal Credit Union's senior members are its silver lining! They deserve extra special
treatment, so we've designed an account especially for them. The Silver Star Share Draft account is designed for
those members who are 62 years of age and older. The account features:
- $50 minimum deposit to open
- No minimum balance requirement
- No monthly service fee
- Free checks for the life of the account
- No fee for cashier's checks
- No fee for money orders
Please call a credit union representative if you qualify. They can help you
open an account or convert your existing account to a Silver Star Share Draft account.
MONEY MARKET
For those members looking for a greater return on their money, Old Ocean Federal Credit Union's Money
Market Account provides higher dividends. Other account features include:
- 182-day term
- Rates set by board monthly
- Minimum $1,000 deposit
- Ability to add deposits after the account is opened
- Dividends paid at maturity
- Dividends will be paid for early withdrawal
Dividends are calculated on an average daily balance and are not compounded.
To close the account, members are required to contact Old Ocean Federal Credit Union at least 7 days prior
to maturity, otherwise the account will be renewed for another term.
For more information on this account, please contact a credit union
representative.
SHARE CERTIFICATES
Share Certificates are similar to traditional Certificates of Deposit, a special savings account that
allows you to save money for a designated amount of time at a higher rate. These accounts are also insured
under the NCUA. The accounts also feature:
- 3, 6, and 12 month terms
- Minimum deposit of $1,000
- Dividends calculated on an average daily balance
- Paid at maturity
For more information about this service, please contact a credit union
representative.
INDIVIDUAL RETIREMENT (IRA)
Old Ocean Federal Credit Union can help you save for retirement too. Our IRA accounts are similar to our
Share Certificates with the exception that the money contained within them is set aside until retirement.
Savvy investors understand that saving with tax exempt dollars is a smart way to help fund retirement
years. Account features include:
- 12-month term
- No monthly fees
- Deposits can be made either in "lump sums" or by regular deposit throughout the year
- Dividends are calculated on an average daily balance
- Dividends are compounded and paid quarterly
- 7-day grace period for early renewals
- Penalty is applied to early withdrawals or transfers between accounts before maturity
- Statements are mailed quarterly
For more information on Old Ocean Federal Credit Union's IRAs, please contact a credit union representative.
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