What happens to your IMCU accounts when you die

Free Checking

No minimum balance and no monthly fee. Includes an instant-issue Visa debit card, online and mobile banking, and free access to IMCU, Alliance One and Allpoint ATMs nationwide. The IMCU Fee Disclosure lists a $5.00 per month checking inactivity fee after 6 months with no activity.

Preferred Checking

Dividend-earning checking. Same instant-issue debit card, digital banking and ATM access as Free Checking; shortfalls can be covered by transfers from savings, a money market account, or an overdraft line of credit.

Membership Savings

The membership share: IMCU states that all accounts require a membership savings account, and that membership requires opening a share account. Earns tiered dividends, no monthly fee, free eStatements. The IMCU Fee Disclosure lists a $5.00 per month dormant account fee on savings with no activity for 12 months and a balance under $10,000.

Christmas Club

A separate savings option for money set aside throughout the year for holiday expenses or other planned savings goals. Earns dividends on the same tiers as Membership Savings. Membership savings account required.

Money Market Account

Tiered dividend rates that rise with the balance. Dividends are compounded monthly and credited on the last day of every month. Funds are accessible through digital banking or at any branch.

High Yield Money Market

Seven-month introductory-rate money market. If the balance falls below $15,000 the rate paid equals the savings rate. After the 7-month promotional period (effective 7 months after the opening date), the account converts to a money market account and is subject to the balance, rate and terms of that account.

Health Savings Account (HSA)

HSA checking with a free debit card and no monthly or annual maintenance fee. Balances roll over year to year. HSA Certificates and a self-directed investment option (myHSAinvestments; IMCU requires $2,500 to open it and it carries a $35 annual fee) are available.

Certificate

Fixed-rate term savings. Terms are 6, 13 or 70 months, or 1, 2, 3, 4, 5 or 7 years. The 13-month and 70-month certificates renew to the 12-month and 60-month certificates if auto-renew is chosen. An early withdrawal penalty may apply and could reduce earnings.

HSA Certificate

A certificate held inside a Health Savings Account, with fixed dividend rates for terms from 6 to 84 months. HSA funds invested in a certificate may not be used to cover overdrafts on the HSA checking account.

Traditional IRA

Annual contributions may be tax-deductible depending on income; earnings are tax-deferred until withdrawal. Penalty-free withdrawals begin at age 59-1/2 and required minimum withdrawals begin at age 73. Funds are held in an IRA Savings or IRA Certificate account.

Roth IRA

Contributions are not tax-deductible; qualified withdrawals are tax-free from age 59-1/2 once the account has been open at least five years, and there are no required minimum withdrawals at any age. Contributions (but not interest or dividends) may be withdrawn at any time. Higher earners may not be permitted to contribute.

Coverdell Education Savings Account

Up to $2,000 a year per child, contributed with post-tax dollars; earnings are tax-exempt and qualified education withdrawals are tax-free. All contributions must be made before the student turns 18, and funds the student does not need for education by age 30 may be transferred to another family member.

IRA Savings Account

IRA share savings, one of the two ways IMCU holds IRA funds (the other is an IRA Certificate). The IMCU Fee Disclosure lists a $25.00 IRA transfer fee.

IRA Certificate

A certificate held inside an IRA, offered on the same 6- to 84-month term ladder as a standard certificate. Penalty for early withdrawal.