Old Ocean Credit Union

Learn about the savings accounts and checking accounts available for Old Ocean Federal Credit Union members.


SAVINGS

All Old Ocean Federal Credit Union members must have a savings account at Old Ocean Federal Credit Union. The account, which is insured up to $250,000 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 Savings account through a variety of services, including CU Talk Telephone Access System and It's Me 247 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 Member Relations Representative or complete our online application form and start saving today!



REGULAR CHECKING

More than just a traditional bank checking account, the Old Ocean Federal Credit Union Checking 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 CU Talk system and It's Me 247 Online Banking
  • Interest earning account
  • Unlimited check writing
  • Overdraft protection

Call a Member Relations Representative about opening your share draft account today or fill out our online application form. 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 Checking Accounts or our Silver Star Checking Accounts, for more information on those benefits.



RISING STAR CHECKING

Young people have different financial needs. The Rising Star Checking 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 Checking account. The Rising Star Checking 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 checking account on member's 25th birthday

If you qualify and are interested in opening a Rising Star Checking account or even converting another type of account to the Rising Star Checking Account, please call a Member Relations Representative and start saving money today!



SILVER STAR CHECKING

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 Checking 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 money orders

Please call a Member Relations Representative if you qualify. They can help you open an account or convert your existing account to a Silver Star Checking 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.



CERTIFICATES

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:

  • Various terms
  • Minimum deposit of $1,000
  • Dividends calculated on an average daily balance
  • Paid monthly

For more information about this service, please contact a Member Relations Representative.


INDIVIDUAL RETIREMENT (IRA)

Old Ocean Federal Credit Union can help you save for retirement too. Our IRA accounts are similar to our 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 monthly
  • 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 Member Relations Representative.