FAQ Category: Accounts
Can I withdraw my money before the 9-month term ends?
Withdrawing money from a 9-month CD before the term ends typically incurs an early withdrawal penalty. At People Driven Credit Union, the Early Withdrawl Penalty is a Loss of 90 days of interest for withdrawing funds early.
Continue ReadingIs my money safe in a 9-month CD?
Yes, your money is safe in a 9-month CD. At People Driven Credit Union, our CDs are insured by the NCUA (National Credit Union Administration) up to $250,000 per depositor.
Continue ReadingWhat’s the difference between dividend/interest rate and APY?
When you’re comparing savings accounts, CDs, or other financial products, you’ll often see two numbers: an interest rate (or dividend rate, if it’s a credit union account) and an Annual Percentage Yield (APY). At first glance, they might seem like the same thing—but they’re not. Knowing the difference helps you make smarter financial choices, whether you’re opening a savings account ...
Continue ReadingHow does a 9 month cd work?
A 9-month CD works as follows: Opening the CD: You deposit a lump sum of money into the CD account. The amount often needs to meet the bank or credit union’s minimum deposit requirement. Fixed Term: The money is committed to the CD for a fixed term of nine months. During this period, you cannot add to or withdraw from ...
Continue ReadingWhat is a 9-month CD?
A 9-month CD (Certificate of Deposit) is a type of savings account offered by banks and credit unions. Here are the key characteristics: Fixed Term: It has a maturity period of nine months, during which the deposited money is locked in. Interest Rate: Typically offers a fixed interest rate generally higher than regular savings accounts. Minimum Deposit: Often requires a ...
Continue ReadingHow do I deposit a check with my phone?
Gone are the days when you had to visit a branch to deposit your checks. With People Driven Credit Union’s mobile check deposit service, managing your finances becomes a breeze. This technology, known as remote deposit capture, lets you deposit checks from anywhere by simply snapping a picture with your device. How Mobile Check Deposit Works: Set the Stage: Place ...
Continue ReadingWhat is an Educational IRA Certificate?
An Educational IRA Certificate, commonly known as a Coverdell Education Savings Account (ESA) Certificate, is a savings product designed to help families save for educational expenses. This type of account combines the benefits of a Certificate of Deposit (CD) with the tax advantages of a Coverdell ESA. Here’s a detailed explanation of its key aspects: Key Features: Tax Advantages: Contributions ...
Continue ReadingWhat is a Money Market IRA Certificate?
A Money Market IRA Certificate is a retirement savings product that combines the features of a money market account with those of a Certificate of Deposit (CD), all within the structure of an Individual Retirement Account (IRA). Here’s a detailed explanation of its key aspects: Key Features: Higher Interest Rates: Higher interest rates compared to regular savings accounts. The rates ...
Continue ReadingWhat is a Traditional IRA Certificate?
A Traditional IRA Certificate is a type of savings product offered by financial institutions that combines the benefits of a traditional Individual Retirement Account (IRA) with the features of a Certificate of Deposit (CD). Here’s a breakdown of its key aspects: Key Features of a Traditional IRA Certificate: Tax-Deferred Growth: Contributions to a Traditional IRA are often tax-deductible, meaning you ...
Continue ReadingWhat is a Roth IRA Certificate?
Saving for retirement can quickly get overwhelming, especially if you’re new to investing. One option that combines the familiar structure of a credit union savings account with the long-term advantages of a retirement plan is a Roth Individual Retirement Account (IRA) Certificate. Think of it as a hybrid between a Roth IRA and a share certificate. You get the tax ...
Continue ReadingWhat is a Certificate of Deposit?
A Certificate of Deposit is a secure and reliable savings tool that offers higher interest rates in exchange for committing your funds for a fixed period. It’s an excellent option for those looking to achieve specific financial goals with minimal risk. Key Features of a Certificate of Deposit (CD): Fixed Term: CDs have a specified term or maturity date, which ...
Continue ReadingWhat is a CD Ladder?
A CD (Certificate of Deposit) Ladder is an investment strategy that involves dividing a sum of money into multiple CDs with different maturity dates. The primary goal of this approach is to balance the benefits of earning higher interest rates on longer-term CDs while maintaining liquidity by having funds become available periodically. Here’s how it works: How a CD Ladder ...
Continue ReadingIs my money safe in a Money Market Savings Account?
Yes. Money in a People Driven Credit Union Money Market Savings Account is federally insured by the National Credit Union Administration, or NCUA, to at least $250,000 per member, per ownership category. How NCUA insurance helps protect you NCUA insurance protects eligible deposits at federally insured credit unions. Coverage limits apply by ownership category, so your total protection may vary ...
Continue ReadingWhat is a Money Market Savings Account?
A Money Market Savings Account is a type of savings account that can offer higher dividend rates than a regular savings account while still giving you access to your funds. It may be a good fit if you want to earn more on your savings without locking your money into a certificate. How it works at People Driven Credit Union ...
Continue ReadingWhat is Community Alliance Credit Union’s (CACU) routing number?
Former Community Alliance Credit Union members should now use People Driven Credit Union’s routing number, 272484988. Community Alliance Credit Union merged with People Driven Credit Union in 2023. The former CACU routing number, 272477885, has been phased out. As of January 1, 2026, the old routing number is no longer accepted for check processing. Former CACU members should use 272484988 ...
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