Children Share Accounts

The minimum balance required to open account is $5.00. Once you become a member, you can remain a member for as long as a minimum of $5.00 (1 share) remains in the account. The par value of a share in this credit union is $5.00.

A minimum balance of $5.00 must be maintained daily to earn a dividend.

Deposits

Once you have opened an account, deposits may be made by mail, in person or ATM machines. Deposits that are made at Edco on a business day after 4:30 P.M. will be considered as a next business day deposit. If you make a deposit at an ATM location before 3:00 P.M., Monday through Friday, not including Holidays, that deposit will be considered the day of your deposit. However, if you make a deposit at an ATM location after 3:00 P.M. or on a day that Edco is closed, we will consider that deposit as a next business day deposit.

In some cases we may not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. If this is the case, we will notify you at the time that you make your deposit and we will tell you when the funds will be available. If your deposit is not made directly to an Edco employee, or if we decide that the funds will be delayed after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you believe that you will need the funds immediately, you should ask when the funds will be available.

Your Funds you deposit by check may be delayed for a longer period under the following circumstances:

*We believe a check you will deposit will not be paid.

*You redeposit a check that has been returned unpaid.

*You have overdrawn your account repeatedly in the last six (6) months.

*There is an emergency, such as failure of communications or computer equipment.

Statements

You will receive a statement quarterly unless there have been ATM or EFT transactions. Monthly statements will be issued for the months in which ATM or EFT transactions have occurred. You are responsible for examining each statement and reporting any errors. Please notify us within 14 days of any errors. Unless an error is reported we will regard our records as correct. Incase of errors, call us at 440-233-4878 or write us at Edco Federal Credit Union, 1165 North Ridge Road E., Lorain, Ohio 44055.