OFCU ACCOUNTS
You may request application forms and additional information on any of our accounts through our E-mail.
In encouraging the members to save, the credit union offers a variety of share accounts. Our rates
are competitive with those in the marketplace.
Share (Savings) Account
A person becomes a member upon approval of an application for membership and an initial deposit into a share (savings) account. Every member must deposit a minimum of $25 into a share account, which must remain in the account AT ALL TIMES until the account is closed. When the account is closed, the $25 will be refunded to the member.
You must have the $25 in the share account to have any other type of account with Otero Federal
Credit Union. For example: share draft (checking), loans, individual retirement account,
MasterCard®, or Visa®.
There is no service charge on the share account unless you fall below the required amount of $25, then you will be charged $1.00 per month.
Dividends are computed daily, compounded and paid monthly on the 25th.
NOTE: Share (Savings) Accounts below $200 and with no activity for one year will be assessed a dormant account fee of $3.00 per month (members under age 18 excluded).
Share Draft (Checking)
OFCU offers two share draft (checking) accounts to meet our members' needs: Regular and Jet Check Club. We recommend that upon opening a checking account, you also request an application for an ATM card, Direct Deposit or Payroll Deduction, VISA Check Card*, Overdraft Protection* and an Remote Account Access Personal Identification Number (PIN) . These services will provide you with better access to your account 24 hours a day, seven days a week.
*NOTE: VISA Check Card and Overdraft Protection requires and application/acceptance.
Regular
- Minimum deposit of $25 required to open.
- Duplicate of each check as you write it.
- No per check (draft) charge.
- No minimum balance required.
- Monthly Statement of Account.
- Overdraft Protection available.
- Price of checks you order depends on the style you choose.
- OFCU custom checks available.
Jet Check Club
- Minimum deposit of $25 required to open.
- No per check (draft) charge.
- Free personalized Jet Check Club checks--four boxes per year.
- Duplicate of each check as you write it.
- Overdraft Protection available.
- No minimum balance required.
- Free Money Orders and Travelers Checks.
- Monthly Statement of Account.
- All of this for one low monthly service fee of $7.00.
Share Money Market Account
Money Market Accounts generally pay higher dividend rates than regular
credit union savings accounts and offer limited check writing privileges.
The higher your balance, the higher your dividends will be.
- Minimum balance of $2,500 to open.
- Minimum balance to earn dividends is $2,500.
- Monthly fee if balance falls below minimum is $5.
- Limited transfers and withdrawals per month.
- No cost for checks or reorders - 40 checks per order.
Dividends are computed daily, compounded and paid monthly on the 25th.
SHARE & IRA CERTIFICATES
OFCU offers its members the opportunity to earn higher dividend rates by opening a Share or IRA certificate. A minimum deposit of $1,000 is required. For specific rates, terms, and additional information, please refer to the Savings Rate Page.
Share IRAs
Otero Federal Credit Union members can begin to invest in their future by opening a Traditional Share or Roth IRA. A minimum deposit of $100 is required. You may click on our Savings Rate Page to see the latest dividend rate. Click on our E-mail page to request additional information on changes made to the Traditional IRA and the benefits of the newly created Roth IRA.
For further information on rates, terms, and minimum deposit amounts, please refer to our
Savings Rate Page.
Looney Tunes Savings Club
Savings can be fun with the Looney Tunes Savings Club, specially designed for the young saver.
With the help of Bugs and Taz, this unique savings account will spark your children's interest, and
keep them saving the fun way.
Qualifications for Club Membership
- Minimum deposit of $25 in regular share account.
- Age 12 or younger.
Click on E-mail to request membership application forms and additional information on our
savings club.
STUDENT UNION ACCOUNT
If you are a teen 13 - 18 years of age you can join an exciting OFCU savings program for teens. At age 16 members will be eligible to open an OFCU checking account and apply of a credit card when co-signed by a parent or legal guardian. See a Member Service Representative today for all of the account details and benefits.
