FAQ Category: Other
Is a Money Market IRA a good option for required minimum distributions (RMDs)?
Yes, a Money Market IRA is well-suited for individuals who need to make regular withdrawals, such as RMDs, as it provides easy access to funds while continuing to earn...
Continue ReadingCan I withdraw money from my Money Market IRA at any time?
Yes, you can access funds as needed. However, early withdrawals may be subject to taxes or penalties depending on your account type (Traditional or Roth) and how long you have held the...
Continue ReadingHow do I open a Money Market IRA at People Driven Credit Union?
To open a Money Market IRA, you’ll need to schedule an in-person appointment at one of our branch...
Continue ReadingIs my Money Market IRA insured?
Yes, Money Market IRAs with 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 ReadingWhat’s the difference between an Educational IRA and a 529 Plan?
Educational IRA vs. 529 An Educational IRA, known as a Coverdell Education Savings Account (ESA), and a 529 Plan are both tax-advantaged savings options for educational expenses, but they differ in several important ways: 1. Contribution Limits ...
Continue ReadingHow do I transfer money in our online system (MyPDCU) securely.
To transfer money from one account to another within the MyPDCU mobile/online banking experience, follow these steps: Open the MyPDCU app or visit my.peopledrivencu.org and log in. Click the "Transfer" button. Select which of your accounts...
Continue ReadingHow do I log out of the PDCU online system (MyPDCU) securely?
To log out of the MyPDCU app or online banking, follow these steps. Use the menu bar in the upper left-hand corner of the MyPDCU app or online banking. At the bottom of the menu bar, open the "^" popup next to your profile name. Click on...
Continue ReadingCan 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...
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...
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...
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...
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...
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...
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...
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...
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