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 Summer Pay Club
If you are a teacher or an employee on a 10-month pay schedule, you can take advantage of a special budgeting tool designed by your credit union - our Summer Pay Club. While you may not be collecting a "paycheck" during the summer months, bills (and unexpected expenses) still have to be paid. Depending on how much you save during the year, our Summer Pay Club could be just like getting a regular "paycheck."
Here's How It Works
A minimum deposit of $10 per pay and a Checking Account are required to open a Summer Pay Club Account. Throughout the school year, the funds you designate are deposited into your ABCO Summer Pay Club Account via Payroll Deduction or Direct Deposit. One "no charge" withdrawal is allowed during the 10-month pay period.
There are two types of Summer Pay Clubs from which to choose:
One Pay Plan - all funds are transferred automatically on July 1st
Five Pay Plan - funds are transferred starting July 1st and then every two weeks for a total of 5 payments.
All funds are transferred directly into your designated ABCO Account on the scheduled dates. They are available for immediate withdrawal by:
- Writing checks
- Going to one of our offices
- Using our FREE 24/7 Services - Touch-Tone Teller or Online Banking
- Using your ABCO ATM/Visa® Check Card
How Much Should I Save Each Pay Period?
Here's an easy way to determine how much you will need to put aside each pay period.
| 1. Determine your yearly salary | $ ______________ | | 2. Choose the total amount you want to save for summer pay | $ ______________ | | 3. Divide the dollar amount from line 2 by the number of pay periods in 10 months | $ ______________ |
A minimum of 10% of your pay has always been suggested. However, with the rise in the cost of living, you may want to consider a higher deduction. Completing the exercise above will help with your decision.
Christmas Pay Club
Holiday gifts can be a big expense -- one that requires planning ahead. That's where our Christmas Club comes in to play. By creating a Christmas Club, you'll be able to set up a certain amount of money from each paycheck to be deducted from your paycheck and set aside for holiday gifts. And depending on the amount of money you put in, you could earn interest!
All funds saved in the Christmas Club will be transferred directly to the ABCO Account you designate on October 1st. Stop in to one of our branches or call 1-800-225-1859 to learn more about opening up a Christmas Club Account.
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Checking & Savings
