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YOUR SOUTHERN MARYLAND COMMUNITY CREDIT UNION

When you become a member of Cedar Point Federal Credit Union you will receive a six digit account number. That number is your Member ID for all accounts.

 

Various share and loan accounts are defined by a suffix. (ie. 123456-0) IRA accounts and other types of certificates have separately defined suffixes.

 

Suffixes:

 

Share Savings..................0, 10, 11, etc.

Share Draft......................8, 28, 38

Money Market................3

Christmas Club...............2

You can view your accounts on our mobile app.

Please read the appropriate disclosures or contact the credit union if you would like a disclosure mailed to you.

Rates are subject to change.

SHARE ACCOUNTS

Basic Shares

A $25.00 minimum deposit is required to open a basic share (savings) account. A competitive dividend rate is earned with an average daily balance of at least $100.00. You may open additional savings accounts (sub-share accounts) at any time. In addition, you will receive monthly statements on your accounts, with dividends paying quarterly.

Share Draft

Cedar Point does not charge a fee for basic share draft (checking), and there are no minimum balance requirements, or fees if your balance falls below a certain level. Regardless of the number of checks you write each month, you are not charged a fee for basic checking (there are service fees for stop payments, check copies, returned checks, overdrafts and certified share drafts). With an average daily balance of $500.00 or more your account will earn dividends while waiting for your checks to clear.

Youth Accounts

Dependant children of those eligible for Cedar Point membership are eligible to open their own Looney Tunes or YOUth Savings Club account. The account requires a $5.00 minimum deposit and must be opened "in care of" a responsible adult who is in the Cedar Point Field of Membership.

Tiered Money Market

Christmas Club

IRA Shares

Coverdell ESA

This account requires a minimum balance of $2,500.00. Withdrawals are limited to six per quarter - with a minimum withdrawal amount of $250.00.

A Christmas Club Account can be opened at any time, and deposits made any time throughout the year. Funds are automatically transferred to the sub-share you designate, or a check can be mailed to the address on file, on the first business day in October. Additional withdrawals are not permitted on the account. If a withdrawal is necessary, the account will be closed and cannot be reopened until the following year.

An Individual Retirement Account (IRA) is an excellent tool for retirement savings. Unlike most investments, depending on the type of IRA you choose, contributions may be tax-deductible and will grow either tax-deferred or tax-free* Cedar Point Federal Credit Union offers both traditional IRAs and Roth IRAs. Please contact your favorite member service representative for more information.

A Coverdell Education Savings Account (ESA) (formerly an Education IRA) is a great way for parents, grandparents and others to help meet the rising costs of a student's education. Income limitations apply. Consult your tax advisor for more information on how IRAs can affect your taxes.

CERTIFICATE ACCOUNTS

Certificate Accounts

Easy Builder Certificates

We offer certificate terms from three months to 60 months. The minimum deposit for a certificate account is $1,000.00. A penalty (maximum of 90 days dividends) will be charged for early withdrawal of certificate accounts. Rates are fixed for the entire term of the certificate account and funds cannot be deposited into existing accounts until maturity.

The Easy Builder Certificate Account gives members the opportunity to start building their savings at certificate rates for a smaller initial investment.  We offer certificate terms, from three to 12 months. The minimum deposit for an Easy Builder certificate account is only $250.00 with additional deposits allowed (the 12 month certificate requires additional deposits of at least $25 per month by automatic transfer). A penalty (maximum of 90 days dividends) will be charged for early withdrawal of certificate accounts. Rates are fixed for the entire term of the certificate account.

Young Investor Option

The Young Investor Option is available to our members who are age 25 or below.  Young investors can open an Easy Builder Certificate Account for as little as $50.00 with additional deposits allowed (the 12 month certificate requires additional deposits of at least $25 per month by automatic transfer). Rates are fixed for the entire term of the certificate account.

IRA Certificates

Coverdell ESA Certificates

An Individual Retirement Account (IRA) is an excellent tool for retirement savings. Unlike most investments, depending on the type of IRA you choose, contributions may be tax-deductible and will grow either tax-deferred or tax-free* Cedar Point Federal Credit Union offers both traditional IRAs and Roth IRAs. Please contact your favorite member service representative for more information.

A Coverdell Education Savings Account (ESA) (formerly an Education IRA) is a great way for parents, grandparents and others to help meet the rising costs of a student's education. Income limitations apply. Consult your tax advisor for more information on how IRAs can affect your taxes.

Club Accounts

Christmas Club - see above

CLUB ACCOUNTS

Benefits Plus©

Looney Tunes and YOUth Savings Club

Benefits Plus includes many services, both in-house and through the Benefits Plus organization. Members must have a share draft account in good standing. The fee of $4.95/month is automatically taken from the share draft account on the first business day of each month.

Dependant children of those eligible for Cedar Point membership are eligible to open their own Looney Tunes or YOUth Savings Club account. The account requires a $5.00 minimum deposit and must be opened "in care of" a responsible adult who is in the Cedar Point Field of Membership.

Seniors' Club

If you're 55 or older, you automatically qualify for Cedar Point Federal Credit Union's exclusive financial club: The Seniors' Club. Check out the benefits of becoming a club member by clicking above.

301-863-7071  ●  800-201-1647

 

Routing Number ● 255077736

 

 

APY = Annual Percentage Yield

APR = Annual Percentage Rate

*Early withdrawal penalties will apply.

Fees could reduce earnings on your account.

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We do Business in Accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Federally Insured by NCUA

We do Business in Accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Cedar Point Federal Credit Union is a proud member of the National Association of Federal Credit Unions.