Savings Accounts
Share Accounts
This account is the primary account for all members. When you join the Billerica Municipal Employees Credit Union, you become a member and an owner of your Credit Union. Every member must maintain a regular share account with a balance of $5.00. This is a statement savings account with tiered dividend rates. $25.00 minimum balance must be maintained to accrue interest. Statements are mailed quarterly.
Share Certificates
When considering investing into a long term account, you may want to consider our share certificates of deposit. The no risk investment opportunity that pays you a higher yield of interest on your savings. You agree to leave your deposit for a specific period of time and we agree to pay you a guaranteed rate of interest for the entire period of time.
All certificates are subject to an early withdrawal penalty. We offer share certificates ranging in maturities to meet your individual investment needs.
ARE YOU AGE 18 OR UNDER OR AGE 65 OR OLDER?
You are eligible for a free Share (savings) and/or Share Draft (Checking) account. These accounts do not have a monthly fee, a minimum balance fee, and no check fee. See below for all these accounts entail.
Mass. Gen. Laws ch. 171 & 32B
A natural person not more than 18 years of age or not less than 65 years of age may choose 1 demand deposit account and 1 savings account upon which no service, maintenance or other similar charge shall be imposed; provide, however, that any such demand deposit account and any such savings account shall each include a joint account in which the spouse of the eligible depositor, if applicable and regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor and that has been established and used for personal, family or household purposes. Such account shall not be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order of subsequent refills of the basic line of checks offered by the credit union, which shall include the name of the depositor. A savings account in trust for another person shall be covered by the notice, services, fee and charge provisions of this section only if the trustee is a person not more than 18 years of age or not less than 65 years of age. To obtain a demand deposit account and a savings account under this section, a consumer shall notify a credit union of the consumer’s eligibility for such accounts and provide proof of age in a form acceptable to the credit union. A credit union may assess a fee against an account under this section for certain services in accordance with the credit union’s published service charge schedule, which shall include stop payment orders, wire transfers, certified or bank checks, money orders, deposit items returned, transactions at electronic branches and through other electronic devices and a reasonable charge, as determined by the commissioner, against any such account when payment on a check or other transaction on the account has been refused because of insufficient funds or paid despite insufficient funds.