Accounts

 

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

 

 

Points of Interest

 

Did you know you can have more than one savings or checking account? Open an S-10 savings account to put money in a separate pot when you're saving for something special. Open an S-28 checking and use that for your favorite hobby and keep those charges separate from the household expenses.

Share Accounts

Certificate Accounts

Club Accounts

Business 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. Click here to learn more.

 

Tiered Money Market

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.

 

Christmas Club

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.

 

IRA Shares

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.

 

Coverdell Education Savings Account

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.

 

Click here for up to date rate information

 

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

Rates may be subject to change.

Certificate Accounts

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.

 

Easy Builder Certificate Accounts

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

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.

 

Coverdell Education Savings Account Certificates

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.

 

Click here for up to date rate information

 

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

Rates may be subject to change. Fees could reduce the earnings on your account.

Benefits Plus@

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. Click here to learn more.

 

Christmas Club

We offer a dividend bearing Christmas Club savings account. A Christmas Club Account can be opened at any time and deposits made at anytime throughout the year.

On the first business day in October  your funds are automatically transferred to the sub-share you designate, or a check can be mailed to the address on file. 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.

 

Looney Tunes and YOUth Savings Club

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.
Click here to learn more.

 

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 here.

Cedar Point Federal Credit Union offers business accounts for all needs, from the largest corporations to the individual selling from catalogs in their living room. While the rate and fee structure is similar to our individual accounts, there are some differences. Please be sure to read the appropriate disclosures.

 

Businesses are eligible to open an account at Cedar Point Federal Credit Union if they regularly conduct business in St. Mary's, Calvert or Charles Counties in Maryland.

 

In order to open a business account, we must have documentation to verify who has the authority to establish an account. Following is a list of appropriate documents depending on your type of business:

 

Corporations

Articles of incorporation, business license and tax identification. We need one of the following items listed below to designate or change authority to transact business:

 

  • Letter of instruction stating who is designated to act on behalf of the corporation signed by the person of authority.
  • Minutes, signed and dated

 

L.L.C.

Articles of organization, business license, tax identification and operating agreements. We need one of the following items listed below to designate or change authority to transact business

 

  • Letter of instruction stating who is designated to act on behalf of the corporation signed by the person of authority.
  • Minutes, signed and dated

 

Partnership

Partnership agreement, business license and tax identification. To designate or change authority to transact business a letter of instruction signed as stated in the partnership agreement.

 

Clubs

Tax ID if available. All members associated with the club must fit into our field of membership. To designate or change authority to transact business, a letter of instruction signed by an authorized individual. In the absence of this signatory on account we will accept a letter from a person in position of authority.

 

Associations/Organizations

Signed and dated charter, bylaws and minutes from the last held meeting appointing those entities as specified in the organization bylaws. To make any changes, we need one of the following: a letter of instruction signed by existing account holders and signatories on account stating who is designated to act on behalf of the corporation.

 

Sole proprietor using a tax id other than own SSN#

Trade name document, business license, and tax identification, or other supporting documentation.

 

Member accepting payments on behalf of a larger company (e.g. Mary Kay, Tupperware, or March of Dimes)

We need a letter or contract from the actual business owner indicating authorization to transact business under that name.

Cedar Point Federal Credit Union

22745 Maple Road, Lexington Park, MD 20653

301-863-7071  ●  800-201-1647

 

Routing and Transit Number ● 255077736

 

APY = Annual Percentage Yield ● APR = Annual Percentage Rate

Federally Insured by NCUA.

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