Share Savings Account

Credit Union Membership Begins With A Share Savings Account

Membership at Arkansas Federal begins by opening a Share Savings Account (savings in your credit union are called shares). It's all you need to be a primary credit union member. With membership, you become eligible for the full range of valuable Member's Choice financial products and services. At Arkansas Federal, members have More Options and More Choices when it comes to saving for the future.

Although you can deposit as much as you like in your Share Savings Account, new members can open an account with a minimum deposit of just $5.00. Opening your Share Savings account is both simple and pocketbook-friendly. Because the account is designed as a savings tool, withdrawals are limited to four (4) per month. For each withdrawal beyond this limit, excluding ATM withdrawals, a nominal charge will be assessed.

It is important to remember that membership does not end if you retire, leave your current place of employment, or move. Credit union membership is a lifetime benefit. Once you are a member, you may remain a member for life. That means you and your family can continue to receive the same low-cost financial products and services membership in Arkansas Federal offers.

Click here to check our Share Savings rates.

Joint Account Holders

Often, married members elect to name their spouse as a joint owner on their account. The joint owner is able to transact business on the account but does not enjoy full membership rights, such as voting for your Board of Directors or applying for a loan in their own name. By opening a separate Share Savings Account, your spouse can establish primary member status and enjoy all the benefits of Arkansas Federal membership.

Account Statements

Statements for your account are mailed quarterly unless you transact business on the account(s) using an ATM*, 24-Hour Touch-Tone-Teller*, Online Account Access*, Direct Deposit*, or if you have a Fee-Free Checking Account*, then a statement is mailed monthly. Members enrolled in Online Account Access will receive account statement notification via e-mail with access to view their account statements electronically in Online Account Access.

Automatic Overdraft Protection

Your Share Savings Account can also serve as automatic Overdraft Protection for your Fee-Free Checking Account in the event that you write checks in excess of your checking balance; funds are transferred from your Share Savings Account directly into your Checking Account in $1.00 increments. Overdraft Protection transfers are limited to six (6) per month, and each transfer carries a nominal charge.

Share Pledged Loans

A Share Savings Account can also help you build your credit for future loans through Share Pledged Loans. With a Share Pledged Loan, you can borrow against money on deposit in your Share Savings Account, using those funds as collateral for a loan of the same amount. The "pledged" funds remain secure in your Share Savings Account and continue to earn dividends.

Direct Deposit/Payroll Deduction

Take advantage of Direct Deposit/Payroll Deduction to help grow your savings and secure your financial future. This service allows you to earmark for savings part of each paycheck-as little as $1.00 or as much as you would like. You will enjoy seeing measurable results in no time, and receive the satisfaction of knowing you are well on track to meet your long-term saving goals.

Dividends

Dividends for the Share Savings Account are set quarterly by your Board of Directors. Dividends are calculated on your daily balance, paid, and compounded quarterly. Arkansas Federal pays a higher dividend rate than most financial institutions. Since we have no stockholders, our profits are returned to our members in the form of higher dividends!

Your Money is Safe Here

At Arkansas Federal, we are absolutely committed to the protection of our members' funds. Our professional management team ensures that your funds are safeguarded at all times. Each account is insured up to $350,000 ($100,000 by the National Credit Union Administration NCUA, a U. S. Government Agency, and an additional $250,000 by Excess Share Insurance, Inc.)

How to Join Arkansas Federal Credit Union

To join AFCU visit one of our branch locations or contact the Call Center at 982-1000 in central Arkansas or 800-456-3000 outside central Arkansas.