HEALTHCARE
1st
Federal Credit Union

 The Western Maryland Health System
Serving the Western Maryland Health System
Located at the Memorial Hospital Campus
of Cumberland, Maryland

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SHARE (Primary Savings) ACCOUNT    At a Credit Union, you come first!

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 View of The Narrows in Cumberland, Maryland
The Narrows
Cumberland, MD

A primary savings account establishes an individual's membership in the credit union.  The minimum balance must be maintained in the primary account in order to maintain membership status.  As long as this balance is maintained you can remain a member for life.  The minimum opening balance is $10.00 which represents a member's share in the credit union.

Key Benefits

Special Share Accounts

The Healthcare 1st Federal Credit Union will accept funds from groups of members for special purposes.  The credit union will also accept funds for community organizations and associations of members, as long as one person signed on the account is an individual eligible for membership.  Also the credit union will serve in the capacity of accepting memorial funds on behalf of the family the deceased members.

Death Benefits

All members should have a designated beneficiary when the account is opened.  In the event of death, the funds will be distributed as follows:

    a.  Joint Owner - Funds remaining in the account will go to the Joint Owner if one is listed on the account.  If no Joint Owner is named, the funds will go to the beneficiary.  If no beneficiary is listed, the funds will go to the Estate of the Member.

    b.  Life Savings Insurance - Insurance proceeds will go to the beneficiary listed on the CUNA Insurance card.  If no beneficiary is listed, funds will be awarded to the estate.  NO funds are to be released until a Letter of Administrations by an appropriate court has been empowered, stating that an individual may handle the estate of a deceased person.

    c.  Power of Attorney - A written document given by one person or party to another authorizing the latter to act for the former.  All rights with the Power of Attorney cease with the death of the member.

 

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Copyright © 2006-2008 HEALTHCARE 1st Federal Credit Union
Website address:  http://www.healthcare1fcu.org
Last modified: October 15, 2008