Besides it being mandatory for all Pen Air Federal Credit Union members, the Share Savings account does earn a bit of interest. The higher the tier, the higher the interest. Although there is no ATM access, you can link it to a checking account if you want to access your funds that way.
If you do link your Share Savings account to your Checking account, you can also open an account for the Round It program â€” you donâ€™t earn any interest with this account. Whenever you make purchases with that debit card, itâ€™ll round up your purchase to the next dollar. The difference will then be transferred to a secondary savings account.
For this account, youâ€™ll face a $29 excessive transaction fee per withdrawal from Pen Air Federal Credit Union if you make more than six each month as part of federal Regulation D.
You can open the Share Savings account by filling out an online form. Youâ€™ll need to agree to the disclosures and indicate how you qualify for membership. Then youâ€™ll enter your personal details such as your name, employment information and Social Security number. Once thatâ€™s complete, youâ€™ll need to fund your account either by making a transfer from another bank account or mailing in a check.
To take part in the Round It program, you can log in to your account online, call customer service at 877-473-6247 or visit a Pen Air Federal Credit Union location.