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Share Accounts
The Scott Associate Credit Union offers a variety of share (savings) accounts. Up to $100,000 of your share account deposits and up to $250,000 of your retirement account deposits are federally insured by the National Credit Union Administration (NCUA). The NCUA is currently the strongest federal deposit insurance fund in the world. You can have 100% confidence in the safety of your hard-earned money! You may make deposits into your accounts over-the-counter, by mail, through payroll deduction or by ATM.
The SACU offers a competitive dividend (interest) on your share deposits. The current dividend rates may be obtained by viewing the rates page online or by calling the SACU office. Dividends are paid from current SACU income and available earnings after the required transfers to reserves at the end of the dividend period.
Regular Share (savings) Account
To become a credit union member, you must first open a regular share account with a minimum $5.00 deposit. By maintaining this account, you are a shareholder in the credit union and qualified to use its services.
Your regular share account can be thought of as the basic passbook savings account offered at other institutions. However, there are fewer fees and charges associated with your share account. Accounts with a balance of $100.00 or more will earn dividends. The dividends paid are calculated and posted quarterly to your Regular Share Account.
Share Draft Accounts
The Scott Associate Credit Union offers a basic share draft (checking) account. You may make  deposits into your share draft account over-the-counter, by mail, through payroll deduction or by ATM. The SACU does not pay dividends on the basic share draft account.
The basic share draft (checking) account offers members a top of the line service that includes:
- No hassles with cancelled checks because you generate carbonless copies
- No monthly service charge
- No minimum balance requirements
- Unlimited check writing and deposits with no per check or per deposit fees
- All funds are immediately available for members in good standing
- Up to $100 of overdraft protection can be made available from your qualifying Regular Share account
- 24-hr account balance access via Voice Response (call our office to request your PIN #)
For qualified members, the SACU share draft account may also be combined with either a Star ATM Card or a MasterCard Debit Card access program. For information on these special services, Click Here.
The SACU offers a variety of inexpensive check styles through Liberty Check Printers. Reorders can be made by calling or visiting the SACU office or by accessing Liberty On-line.
Share Certificate (Certificate of Deposit)
Share certificates are available to members who are looking for higher returns by investing for a specific period of time. A minimum balance of $500.00 is required to purchase a certificate of deposit and will lock-in shares for terms ranging from 3 to 60 months. Dividends are earned monthly and are paid out by any of the following:
- Transferred to your savings (share) account or checking account,
- Re-invested for even higher yields
- Mailed to you in the form of a check.
Individual Retirement Accounts (IRA's)
The SACU offers Traditional, Roth or Coverdell Education IRAˇ¦s with no annual fees and no commissions. A minimum deposit of $50.00 is required to open your IRA. You should check with your tax advisor to determine your eligibility and the best IRA for you.
With our IRA, your deposits are segregated into a special share sub-account based on prevailing IRA regulations. The dividend rate for your IRA is based on the 26-week T-bill rate (prior quarterˇ¦s average) plus .50%. This rate is reviewed quarterly and adjusted to stay competitive. If SACU income allows, the Board will declare to pay a higher dividend rate than this calculation. Dividends are calculated and posted quarterly. Share account IRAs are not obligated to any length of time as in a certificate of deposit IRA. Please call our office for more information.
Christmas Club Share Account
Our Christmas Club account helps you save for the holiday season and is available through payroll deduction, cash deposits or automatic transfers from other credit union accounts. The minimum payroll deduction per pay period is $5.00. Our Christmas Club savings program starts with your first pay in November of each year. All funds in your Christmas share club account are transferred into your regular share account at the end of October the following year. The dividends are calculated and posted quarterly to your Christmas Club Account.
Vacation Share Account
A Vacation Share Account is another option available through the SACU. It is a great way to  plan for a special trip or to just set aside money for summer shutdown periods. A regular payroll deduction is not required, but is encouraged in order to meet your savings goal. You must maintain a minimum $5.00 deposit to keep your account open. Dividends are calculated and posted quarterly to your vacation share account. Travelers Checks are available at no cost to members with a Vacation Share Account.
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Loan Accounts
The Scott Associate Credit Union provides a variety of loan products to meet our membershipˇ¦s needs. We offer competitive rates using simple interest with no prepayment penalties or application fees. A variety of payment terms are available and payments can be arranged through payroll deduction or electronic funds transfers. The SACU can pre-approve your loan before you go shopping to eliminate any frustration that you might have during your buying process.
You can review our loan types and rates on-line and use our payment calculator to evaluate your options. At any time, our knowledgeable staff is available to help you select the best loan product for you. Once you have selected your best option, the application process is as simple as printing and filling out the form, attaching verification of income (current pay stub) and faxing or mailing the information to our SACU office. The SACU staff is committed to providing you with the best possible service.
 New and Used Vehicles
Whether it's a car, truck or SUV, we offer 100% financing on all vehicles with competitive rates. The value of each vehicle is verified using Kelley Blue Book or NADA. Financing is available on New Vehicles for up to 72 months and on Used Vehicles for up to 60 months.
Personal Loans
Signature loans may be granted for car repair, holiday expenses, vacations, back-to-school expenses and much more. They are available with various terms and easy monthly payments.
Recreational and Related Vehicles
Recreational vehicle loans are available to cover a variety of items such as a motorcycle, Farm Equipment, ATV, powered water ski, snowmobile or camper. Other related items may also qualify. Book values or appraisals will be necessary for approval. Loans may be financed for up to 72 months for New or 60 months for used.
Boats/RV (mobile/motor homes)
Financing for a boat, marine motors and trailers as well as new and used motor homes can be financed up to 120 months based on current rates and terms. An appraisal may be needed for approval.
 Home Equity Loan and Equity Line of Credit
Fixed and Variable Rate Home Equity Loans are available on property within the State of Ohio. A minimum loan amount of $5,000 is required. Our current maximum loan amount is $50,000 for up to 15 years. Variable interest rates apply for all Equity Line of Credit or Closed End Variable Rate loans. Variable rates are reviewed and adjusted quarterly. Loans may be approved for up to 90% of the equity in your home. Equity is determined by taking the appraised value of your home minus the first mortgage (if one exists) and calculating the percent of the difference. The interest you pay may be tax deductible (check with your tax advisor).
Whether you choose a fixed/variable closed end equity loan or an equity line of credit loan you pay:
- No Points
- No Application Fee
- No origination Fee
- No maintenance Fee
- No Prepayment Penalties
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