Savings Accounts

Regular Share Account: Your regular share account is insured up to $100,000 by the National Credit Union Administration.

To qualify for any member service, you must maintain a $50 balance. Should you leave the employment of CSHS, you may continue your membership with the credit union. The Cedars-Sinai Federal Credit Union has the policy ("Once a Member - Always a Member"), provided that you continue being an active member. Any account that has no activity for 3 months will be subject to a $3.00 charge.

Your regular share account will earn dividends on every dollar over $100 paid quarterly. Please verify what the current rates are with the representatives of the credit union.

Deposits: You may deposit to your savings account with cash or check or the most convenient way through payroll deduction. Payroll deductions are posted to your account on the following Tuesday after 12:00 p.m. There will be a 3-day hold on deposits made with personal checks drawn on local banks. Personal checks drawn on out-of-state accounts must be verified for funds available and a 5-day hold will be placed on the deposit.

Withdrawals: You may withdraw funds from your savings accounts by receiving a check from the Credit Union either in person or by mail. You may have someone else pick up a check for you by calling ahead, and the person must also be a member of the Credit Union or a joint member on your account.

Since your account is designed for systematic savings, withdrawals are limited. You are permitted one withdrawal per month (12 per year) with no penalty. Each withdrawal in excess of one per month will be assessed a charge of $10.

You may change or add beneficiaries to your account by filling out another membership card. To change your beneficiary on the free or voluntary AD&D (accidental death and dismemberment) insurance, you must complete a form with the Credit Union so that it may be forwarded to the insurance company.

Fees and Charges: You must maintain a balance of $50 in your regular share account at all times. Failure to do so could result in a fine of $3 per month for each month the account is below the required amount. Accounts with no activity for three months will also be assessed a $3 monthly fee. There will be a fee of $12.00 for Lost Checks that the credit union must Stop Payment on.

Holiday Club Accounts: You may open a holiday club account and have money transferred from your regular share account on a monthly basis. The Holiday Club account earns dividends quarterly. The Credit Union will cash out and mail you the checks on the first Tuesday in November. Should you close Your Holiday account you will not be able to re-open until the next enrollment period. OPEN ENROLLMENT: Is from November 1st thru March 31st of each year.

Certificates of Deposit: Certificates of Deposit accounts may be opened with a minimum of $2,500. The 6-month or 12-month CD accounts earn higher dividends than the regular share accounts. Current rates are posted monthly in the Credit Union office. The credit union does not charge you penalties for withdrawal of your CD funds and we Do post your dividends (interest) at the end of each quarter. Which means that you do keep the interest earned as long as you leave the funds there through the end of the quarter.