Answers to Common Questions About SFFCU Share Savings Accounts
- 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. NOTE: It may take up to three (3) business days for a financial institution receiving a transfer to post it to a member’s account.
- Check: you can request a check to be mailed to your address on file. Members also may go to the Member Care Station at Corporate Headquarters and request a check in person. Call ahead request for check “pick up” is not available. Additionally, the Member Care Station is 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 & Fee Schedule for wire transfer fees.
Annual Percentage Yield (APY): The APY is what you may 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.
Annual Percentage Yield Earned (APYE): The APYE is included in your Credit Union statement and reflects the total amount of dividends actually earned for the statement period. The amount is based on the actual average daily balance in the account and is affected by deposits and withdrawals made, and the number of days in the statement period.
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.