Panduit Employees Credit Union
Important Information About Procedures for Opening a New Account
To help the government fight the
funding of terrorism and money laundering activities, Federal law
requires all financial institutions to obtain, verify, and record information that identifies each person who
opens an account.
What this means for you: When
you open an account, we will ask
for your name, address, date of birth, and other information that will allow
us to identify you. We will also ask
to see your driver's license or other identifying documents.
Share Savings Accounts
Share Savings Account
"SHARE - The term "share" or "share account" is the credit union's term for a regular savings account.
Share accounts:
Regular Share Savings - A minimum deposit of $25.00 is required to open this account and must remain on deposit in order to maintain member eligibility. This account can be opened either in person, at our Tinley Park office, or with one of our division representatives. To open the account, you will need to present a driver's license or state ID with your current address.
Additional Shares - Once you have opened a regular share savings you may open additional shares under the same account.
Christmas Club Share - Our Christmas club account provides you with a simple way to save money for holiday expenses. By making regular deposits to your Christmas club share, you can save money in small increments over time, while earning the same dividend rate as our regular share account. You may open this account at any time during the year. Christmas club share accounts are a "deposit only" account with checks being distributed the first week of October. (A $10.00 service fee will be charged for early withdrawal.)
Vacation Share - Our Vacation share account can be opened with any amount. There is no limit to the amount of deposits you make, however, you are limited to 3 "free" withdrawals during the calendar year. For the 4th and all subsequent withdrawals, there is a $5.00 service fee.
Piggy Bank Club - Open to children 12 and under to help teach the importance of learning to save. Each child receives PANSY, our Piggy Bank Club's official piggy bank.
Traditional IRA and Roth IRA share savings - these accounts are a type of retirement savings. Stop by or call our office for more information.
*Deposits into any of the share accounts, can be made either through automatic payroll deduction,by mail, or in person at our Tinley Park office.
