Summer Pay Club A Special Service For 10-Month Employees
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 Share Draft (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 deposits.
All funds are transferred directly into your designated ABCO Account on the scheduled dates. They are available for immediate withdrawal by:
- Writing checks (drafts) if you have an ABCO Share Draft (Checking) Account
- 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 20 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.
Not A Summer Pay Club Member?
To participate in our Summer Pay Club you must be a member of ABCO Federal Credit Union. A Share Draft (Checking) Account is recommended.
Non-Members: If you are not an ABCO FCU member you must join the credit union. To find out about joining and to sign up for your Summer Pay Club:
1. Stop by one of our offices
2. Call us toll-free at 1-800-225-1859; or,
3. Send an E-Mail to
membercarecenter@goabco.org
Benefits Of An ABCO Share Draft (Checking) Account
- No Minimum Balance On Regular Checking Accounts
- No Per Check Fees
- Many Share Draft Accounts earn a quarterly dividend
- No Monthly Service Charges (for normal use)
- Direct Deposit/Payroll Deduction Options
- 24-Hour Touch Tone Teller
- 24/7 convenient access to your money through
- ATM/VISA® Check Card - use at an ATM machine or at any merchant who displays the VISA® logo to get Cash Back or to pay for goods or services.
- FREE ONLINE BANKING
- FREE BILL PAYER at www.goabco.org. Check balances, view the drafts that have cleared, transfer money, and pay your bills from the convenience of a computer - any time, any day - all for FREE.
Now's The Time To Go ABCO For All Your Financial Services!
