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These accounts can be used for Christmas, taxes, vacation or a special
purpose. NFCU currently offers two options:
- Christmas Club - begins October 16 and matures October 15.
- Vacation Club - begins May 16 and matures May 15
Accounts may be opened any time during the club year. Deposits may be made by
payroll deduction, transfer or cash. Changes in deposit amounts may be made at
anytime.
Dividends, usually higher than the rate paid on regular shares, are set on a
yearly basis for each club. Dividends are compounded monthly on the average
daily balance and are paid on each account at the close of the club year. The
average daily balance method applies a periodic rate to
the average daily balance to the account for the period.
The average daily balance is calculated by adding the
balance in the account for each day of the period and
dividing that figure by the number of days in the
period. On the designated club maturity date the account balance is automatically transferred to your primary share
account. Manual transfers may be made to other accounts.
Early withdrawal of funds will result in a penalty fee.
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