IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means to you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

ShareBy opening a share account, you become a member of CENT. As long as you maintain a minimum balance of $25.00 in this primary account you remain a Credit Union member for life. Your share account earns daily dividesnds, and can easily be accessed should the need arise. Once you’re a member, you may be eligible to open several other loan or savings accounts. A share account is the perfect way to save for those expected or unexpected short-term needs. Your savings account earns dividends from the day of deposit, and you are not limited to the number of transactions you can make. You can direct deposit your paycheck, use your account for automatic payments, or even use your ATM or Debit card to access your account.

Share DraftA checking account at CENT makes sense. Our checking account require no minimum balance and have no monthly service charges. Earn dividends from the date you deposit your funds. An ATM/Debit Card is available for your convenience.

Kid's ClubWith our Kid's Club children up to age 13 learn more about money and have fun too! Once they become a member of CENT they are automatically enrolled in our Kid's Club.

Money MarketOur Money Market account offers an excellent return on savings while allowing the flexibility of six withdrawals per month with dividends being calculated daily and paid monthly. Our Money Market is a great way to watch your money grow!

Christmas ClubDepositing once or depositing regularly to a Christmas Club account at CENT helps you save money during the year for Christmas gift giving, a winter vacation or something special for yourself. A Christmas Club account earns the same rate as a savings account, and the balance is available to you at any time during the year!

Vacation/Special SavingsDream vacations start here when you set aside funds in your vacation or special account. Set your own savings goal, then make easy monthly deposits.

Share CertificatesFormerly called Certificates of Deposit are a good way to invest your earnings at a fixed interest rate. Your money is deposited for a specific amount of time, and in return the Credit Union offers you a dividend rate that is usually higher than a regular Savings account. CENT’s certificates have deposit terms of 6-month, 12-month, 24-month and 36-month. Dividend rates vary depending upon the length of the certificate and are compounded monthly. You may invest in a certificate at CENT for as little as $1,000.00.

Individual Retirement Account (IRA)An Individual Retirement Account is a great way to invest for your retirement while realizing a high yield at a fixed rate. A fixed rate IRA guarantees your dividend even if rates go down. You may be able to defer taxes on the earnings. IRA’s are insured separately for $250,000.00.

• Traditional IRAs Contributions may be made, regardless of age, as long as you have earned income; a nonworking spouse of a wage earner may also contribute. The maximum annual contribution is $6,000.00 if you are under age 50 or there is a Catch-Up contribution for individuals aged 50 or older of $7,000.00 per year or 100% of your earned income, whichever is less. Required minimum distributions (RMDs) must start in the year one turns 72. There is no marriage penalty. One spouse’s active participation in an employer provided pension plan such as 401(k) does not affect the other spouse’s status for contribution deductibility. There is an early withdrawal IRS 10% penalty tax if you’re under age 59. Exceptions to this withdrawal penalty are: 1) first time home purchases (up to a lifetime of $10,000), 2) if you become disabled, and/or 3) higher education expenses. Deposits are often tax-deductible, so the owner pays less in income taxes in the year he/she contributes. Earnings are always tax-deferred until withdrawn.


• Roth IRAsAnyone can make contributions, regardless of age, as long as they have earned income or are a nonworking spouse of a wage earner. The Roth IRA, like the Traditional IRA, has a maximum annual contribution limit of $6,000.00 if under age 50, or $7,000.00 Catch-Up per year if over age 50 or 100% of your earned income, whichever is less. An early withdrawal IRS 10% penalty tax applies on distributions of earnings or accounts held less than 5 years and the owner is under age 59 ½. Exceptions to this withdrawal penalty are: 1) if you become disabled and/or 2) for first-time home purchases (up to a lifetime limit of $10,000). The Roth IRA does not require mandatory minimum distributions once you reach age 72. Roth IRA contributions are non-deductible. Withdrawals of both contributions and earned dividends are tax-free after age 59 ½ as long as the money has been in the account for five years.


• Converting Traditional IRA to a Roth IRAYou can convert your Traditional IRA to a Roth IRA using special rules developed by the IRS. Amounts in a Traditional IRA can be transferred to Roth IRA provided the tax payer’s Adjusted Gross Income is $100,000 or less for the year in which the transfer is made. Part of the transferred amount is subject to income tax, but is exempt from IRA early withdrawal penalties.


• SEP PlanSelf-employed people and owners of small businesses are eligible to participate in a SEP Plan. Contributions are tax-deferred for individuals. Business tax deductions are available for employers making employee contributions. Employers may contribute up to 25% of compensation or $40,000 whichever is less. Employees may make individual IRA contributions to a SEP account based on Traditional IRA limits and eligibility. Contributions can be deducted from employer’s federal taxable income. Employee IRA contributions to the SEP account are subject to Traditional IRA deductibility rules. There is an early withdrawal IRS 10% penalty tax if you’re under age 59 ½ and the withdrawal does not qualify as an exception to the tax. Required minimum distributions (RMDs) must start at age 72.


• Coverdell Education Savings Accounts (CESAs)There is a maximum annual contribution of $2,000 per child (single incomes under $95,000; joint $190,000) until the child reaches 18 years of age (does not apply to special needs children). There are no requirements that a contributor have earned income or be under a certain age. Withdrawals of both contributions and earned dividends are tax-free if used for educational expenses (tuition, fees, and room and board at an eligible higher education institution, elementary school or secondary school). CESAs are non-deductible.