The Summer Cash Program is available to public school system and community college
employees who are not paid on a 12-month basis to save for summer funds. A portion
determined by the member is transferred from the member's paycheck to the Summer Cash
account by Payroll Deduction or Funds Transfer1.
Funds will be transferred automatically to the checking, money market or
regular share account designated by the member during the unpaid summer months.
These transfers will be divided equally between the unpaid months for 10-month
employees. An 11-month employee will be paid the entire balance in one payment.
Features
Current rate for 2008/2009 school year is % / % APY2
No minimum deposit required to open3
Dividends compounded daily, paid after the last disbursement each year
Accessible via ATM, ASK SECU, Member Access, branch, and SECU Call Center4
Deposits must be made via Payroll Deduction or Funds Transfer
No service charges
No special penalty for early withdrawal5
Same account can be used the next year6
You can apply for a Summer Cash Account online via Member Access. Also, to help
decide the amount you wish to deposit, take advantage of our
Summer Cash Contribution Calculator.
1 With the exception of the initial deposit, no over-the-counter deposits can be made.
2 Quoted rates and annual percentage yields (APY) are subject to change daily.
3 A "catch up" payment can be made upon opening to compensate for a late start.
4 Only inquiry is available via ATM, ASK SECU Voice Response, and
Member Access. Early withdrawals must be processed through the local branch or
the Call Center.
5 If the account is closed prior to the summer months, it cannot be
reopened until the next work cycle begins.
6 Login to Member Access to update or renew your current Summer Cash
account.
