FAQ Category: Accounts
What is Courtesy Pay?
Courtesy Pay is a discretionary overdraft service offered by People Driven Credit Union to eligible members with checking accounts in good standing. If you do not have sufficient funds available in your account to cover a transaction, we may choose to...
Continue ReadingWhat overdraft options are available for checking accounts?
Overdraft Options Life happens, and sometimes your balance doesn’t quite cover a transaction. At People Driven Credit Union, we offer several ways to help you manage those moments: 1. Overdraft Protection Transfer Link your Basic Checking Account to...
Continue ReadingWhat is a Money Market Savings Account?
A Money Market Savings Account is a type of savings account that generally offers higher interest rates than regular savings accounts. It also has some checking account features, like limited check...
Continue ReadingHow is a Money Market Account different from a regular savings account?
Money Market Accounts typically offer higher interest rates and allow for limited check writing or transfers, making them more flexible for larger balances than standard savings...
Continue ReadingWhat is the minimum balance required to open a Money Market Savings Account?
At People Driven Credit Union, the Money Market Savings Account requires a minimum deposit of $1,000 to...
Continue ReadingHow often is interest compounded and paid?
Interest on a Money Market Account is calculated daily based on the account balance and is paid and compounded monthly, allowing your savings to grow...
Continue ReadingIs there a limit on withdrawals or transfers?
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Continue ReadingCan I write checks from my Money Market Account?
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Continue ReadingAre Money Market Savings Accounts safe?
Yes, funds in Money Market Accounts at People Driven Credit Union are Federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States...
Continue ReadingAre there fees associated with Money Market Accounts?
Fees may apply if minimum balance requirements are unmet or the number of allowable transactions is exceeded. For more details, refer to the fee schedule provided by People Driven Credit...
Continue ReadingHow can I open a Money Market Savings Account?
You can open a Money Market Savings Account by visiting People Driven Credit Union in person, filling out the forms online, or, if you're a current PDCU member, using the MyPDCU app to open your...
Continue ReadingWhat is an IRA Variable Rate Savings Account?
An IRA Variable Rate Savings Account is a retirement savings option that offers tax-advantaged growth with a flexible, variable interest rate. This account can be opened as a Traditional, Roth, or Educational IRA, depending on your tax and savings...
Continue ReadingHow does the interest rate work on a Variable Rate IRA Savings Account?
The interest rate for a Variable Rate IRA Savings Account is variable, meaning it can change over time based on market conditions. Currently, the Annual Percentage Yield (APY) for this account is [wpdatatable_cell table_id=20 row_id="2"...
Continue ReadingWhat’s the minimum balance required to open an IRA Variable Rate Savings Account?
You can open an IRA Variable Rate Savings Account with a minimum balance of...
Continue ReadingIs the IRA Variable Rate Savings Account a good option for ongoing contributions?
Yes, this account is well-suited for those who plan to make regular contributions, as it allows flexible deposits while maintaining tax...
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