Frequently Asked Questions – Share Savings Accounts

Thank you for your interest in saving with State Farm Federal Credit Union (SFFCU). Please review the information below for answers to common questions about our savings products.



Q: Why is it called a “Share Account” instead of a Savings Account?

Like other financial institutions, the Credit Union accepts deposits and makes loans, but we are NOT in business to make a profit. When you put your money in a bank, you’re a customer. But when you put your money in a Credit Union, you become a member and own a partial “share” in the organization. Credit Unions are owned and operated by their members, who elect the volunteer Board of Directors that run the organization. In comparison, most banks are owned by groups of stockholders whose primary interest is to earn a return on their investment.



Q: Why do I need $5 in my Share Account?

To preserve your membership in the Credit Union, $5.00 [1] must be maintained in your Share Account. The $5.00 is not a fee and remains yours; it provides eligibility to take advantage of our great savings and loan rates.

[1]Joint Ownership accounts require $10.00 to be maintained.



Q: Is my money insured?

Member accounts are insured by the National Credit Union Administration (NCUA), up to $250,000.

Click here to learn more about NCUA insurance.



Q: How can I withdraw my money?

We offer several ways to access your money:

  • Online Transfer: move money online between your Credit Union accounts and accounts at other financial institutions using the Transfer widget in online banking. Transfers can be initiated by members to send and receive money through Credit Union account(s). All requests initiated by 2 pm CT are posted the next business day!


  • Check: you can request a check to be mailed to your address on file. Members in the Atlanta, Bloomington, Dallas, and Phoenix areas may request to pick up checks at one of our Member Care Stations. Note: Member Care Stations are not able to process cash withdrawals.


  • Wire Transfer: wire transfers can be used to send or receive funds electronically the same or next business day (wire transfer requests received after 2:00 p.m. CT are processed the next business day). Refer to our Rate and fee Schedule for wire transfer fees.



Q: What is a “Secondary Share Account”?

Secondary Share Accounts (also known as “sub-accounts” or S2 accounts) are a great way to organize savings to meet your financial goals. Multiple sub-accounts can be opened to identify, organize, and budget for any number of reasons! Members can nickname secondary accounts (ex: vacation fund, wedding savings, fun money, etc.) and create recurring transfers to make saving automatic!



Q: Do You Offer Credit Cards or Debit Cards?

No, we do not offer Credit Cards or Debit Cards. We offer Personal Line of Credit loans which offer the flexibility of requesting money as you need it.[2]

[2] All borrowers must be SFFCU members and qualify according to current Credit Union guidelines.




Q: What’s the difference between the dividend rate and the Annual Percentage Yield (APY)?

SFFCU Share Savings accounts earn dividends each month. A dividend is the rate of interest paid for keeping your money in a State Farm Federal Credit Union share savings account. It is calculated as a percentage of your total balance.

Annual Percentage Yield (APY) is what you would earn over the course of the year for keeping your funds (deposits + dividends) in your State Farm Federal Credit Union Share account. This percentage differs from the dividend rate because it takes compounding dividends into account. This means that in one month you will earn a dividend on your balance, and the next month you will earn a dividend on the original balance plus the dividend earned in prior months. Essentially, you will be earning dividends on your dividends. This is what creates APY.



Q: Why is the Annual Percentage Yield (APY) on my account different than the credit union’s stated APY on share accounts?

APY is calculated as a percentage based on allowing dividends in your share savings account to compound throughout the year. However, on some accounts, the APY may be different than what is stated in our posted rates. This is because returns must be rounded to the nearest penny, which may create an APY calculation that is higher than the posted APY. However, rest assured that two identical share savings accounts earn the same dividend rate even though the APY may appear to be different.



Q: Why should I keep my money with State Farm Federal Credit Union?

Great Rates: the dividend rates on our Share Savings accounts are many times above the national average. Your deposits earn more money with State Farm Federal Credit Union!

Convenience: because we’re a State Farm benefit, you can automatically contribute to savings accounts and make SFFCU loan payments using payroll deduction from your State Farm paycheck! Watch your savings grow and never miss a loan payment!

Security: your deposits are insured by the National Credit Union Association (NCUA). Additionally, you can rest assured that your State Farm Federal Credit Union is focused on maintaining and growing your savings through our conservative management approach.

Personalized Service: not only are we a benefit for State Farm employees, agents, retirees, and qualifying family members, we’re State Farm employees too! We understand your needs, and work to ensure we’re providing the best possible service.




Please contact us at 1-888-521-5209 between the hours of 7 am – 7 pm CST , Monday – Friday with additional questions or for account-specific requests.