Account Types

Share Accounts (Savings)

· Account must be opened with minimum deposit of $50.00 plus $1.00 non-refundable application fee
· If an account is closed within 90 days of opening there will be a $20.00 fee.
· Savings may be made either through payroll deduction or manually.
· Changes in payroll deduction must be made by the Tuesday of the second week of each pay period.
· Dividends will be paid on the average daily balance during the quarter.
· Requests for withdrawals may be made by telephone or in person until 3:30 pm
· Any cash transaction requests made after 3:30 pm will be dated for the following business day and written on a paper receipt.
· Checks may be picked up during Credit Union hours or mailed home.
· Any dormant account with a balance below $50.00 will be assessed a $10.00 fee per month.

Draft Accounts (Checking)

· The Credit Union will offer draft accounts to members who maintain a minimum regular share account balance of $50.00
· Deposits may be made to draft accounts in either cash, checks, direct deposit, payroll deduction or transferal from another account.
· There will be no monthly fees on draft accounts.
· At the time of joining the program, the draft account will be set up with overdraft protection through share account at no charge.
· A dividend rate of 0.005% will be paid on draft accounts maintaining a $1000.00 minimum balance.

Christmas Club and Vacation Club Account

· Interest bearing Christmas and Vacation clubs are available at the HMC (NJ) Federal Credit Union.
· Monies in the Christmas club transfer into the savings accounts on October 1st, Vacation clubs transfer on July 1st. If a member wants the club funds then they must call the Credit Union and a check will be mailed home to the current address on file.
· The Club automatically re-starts unless otherwise requested by the member in writing.

Pre-Paid Debit Card

· The HMC (NJ) Federal Credit Union offers a pre-paid debit card. This is a reloadable debt card that can be used wherever Visa is accepted.
This card is offered by The Members Group, a separate company from the HMC (NJ) Federal Credit Union.
· There is a $5.00 fee at the time of application for the card.
· To fund the card the Member can:
· Authorize a specific amount to be loaded on every pay day.
· Call into the Credit Union during normal business hours and have it loaded with a requested amount
· Or, have their paycheck directly deposited onto the card every pay.
The limit for transfer, as set by The Members Group, is $1,000.00 per day.
Go to to access your Pre-Paid Debit Card Account.