CU*Talk Banking Service:
800–860–5704
Routing Transit Number: 272484247
If you need to report your card lost or stolen after hours call:
| Visa: | 800-847-2911 out of country 410-581-9994 collect |
|---|---|
| Debit: | 800-991-4961 |
| ATM: | 888-241-2510 out of country 909-941-1398 |
IRA’s
NCACU has three types of IRAs to choose from:
NCACU Coverdell ESA
Paying for education has many options. The rising cost of college education is difficult to come up with since federal grant money has been reduced considerably within the last few years. Here are some options you may want to consider when planning you or your children's future education goals.
NCACU has the Coverdell ESA that can be set-up for early starters. The Coverdell savings account is for single & joint filers. Funds can be transferred from one child's account to another child in the same family. It starts at 2,000 per child but remember contributions are not tax deductible. However, withdrawals for qualifying educational expenses are tax free. These may include college fees, books, computer equipment, secondary and post secondary education cost.
Another option if the regular savings account. This account can be set-up with one of our youth clubs that can educate your child on savings and spending information. For information on our youth clubs, log on to our Dollar Dog and Cha-Ching web links. These accounts can be set-up with a direct deposit to each child's account every pay day.
Education loans are available to qualifying members for a reasonable rate. This NCACU loan has no fees and is easy to apply for. NCACU also offers scholarship opportunities to student members with 24 completed credit hours and community and/or school related involvement. Talk to a Member Service Representative today.
NCACU Traditional
A traditional IRA is a special tax deferred savings plan authorized by the Federal Government to encourage you to accumulate money for retirement. Individuals who are under 70 ½ years of age for the entire year and have earned compensation or received alimony may contribute to a traditional IRA. The maximum amount qualified IRA owners are permitted to contribute in tax year 2008 is $5000.00 with catch up for owners over age 50 of an additional $1000.00. You are permitted to annually contribute the maximum amount or 100% of your earned compensation and alimony; whichever is less: Spousal IRA rules enable married couples filing jointly to contribute the maximum amount to the separate IRA accounts even if one spouse has little or not earned income. To qualify, their combined earned income must be equal to or greater than the total contributed amount.
You can withdraw funds from your IRA any time after you reach age 59 1/2. Distributions taken prior to age 59 ½ are generally subject to a 10% early withdrawal penalty. Earnings on your IRA are tax deferred until you make withdrawals from the account. All withdrawals from an IRA are considered income for the year in which they are withdrawn.
NCACU Roth
A Roth IRA is an individual retirement account to which participants are able to make annual non-deductible contributions. Unlike a traditional IRA in which your earnings are tax-deferred, Roth IRA earnings can be tax free. The amount qualified IRA owners are permitted to contribute in tax year 2008 is $5000.00 with an additional catch up amount of $1000.00 for owners over 50. If you qualify, you are permitted to annually contribute the maximum amount or 100% of your earned compensation and alimony; whichever is less. Spousal IRA rules enable married couples filing jointly to contribute the maximum amount to their separate Roth IRA accounts even if one spouse has little or no earned income. To qualify, their combined earned income must be equal to or greater than the total contributed amount.
You may withdraw your Roth IRA contributions at any time, without tax and penalty free. "Qualified distributions" may be withdrawn tax and penalty free. "Non-qualified" distributions may be taxable and subject to an IRS 10% early distribution penalty.
Simplify your 2008 IRA Contributions with Direct Deposit. The faster you put your contribution in the longer it has to work for you.
