Savings Accounts


Savings accounts at your credit union are called share accounts. In order to open an account with the credit union, you must deposit the equivalent of one share, which is equal to $5.00. Earnings paid on share accounts are referred to as dividends. Share accounts at IRCO normally earn higher dividends than at most other financial institutions and are fully competitive with today’s market.

Dividends are calculated as follows: deposits earn dividends based on the day of deposit, day of withdrawal method. Dividends are declared by the Board of Directors and paid to share accounts at the end of each quarter.

As a federally chartered credit union, we fall under the supervision of NCUA, an agency of the federal government. Accounts are insured up to $500,000 by the National Credit Union Association (NCUA) and Excess Share Insurance (ESI).

Detailed quarterly statements are mailed to all members with active accounts. Monthly statements are mailed to those members who have a share draft checking account or any type of EFT (electronic fund transfer) activity. Statements detailing earned dividends exceeding $10.00 (Form 1099) are mailed at the end of each year.