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Savings

Modesto’s First Federal Credit Union is a full service financial institution offering a full line of financial products and services. We offer a variety of savings plans that provide you with the greatest flexibility. Our deposit products are the mainstay of the credit union; each dollar saved represents a “share” in the credit union. You will sometimes hear savings accounts referred to as “share” accounts.

Regular Shares

– M1FCU’s share accounts are a traditional account designed for members who are looking for a simple way to save. It offers a low $25.00 minimum balance requirement and convenient access to funds.

Each member has a primary share (savings) account. This account activates your membership to the credit union and allows you to begin the savings. You may have special share accounts under your original account number for things such as taxes, vacations, etc.

Share Certificates (Time Deposits)

Modesto’s First FCU offers a variety of Share Certificates to suit your financial needs. Our Share Certificates provide an excellent investment opportunity with an exciting advantage – – the opportunity to lock in a guaranteed interest rate. Share Certificate maturity dates vary as do minimum balance requirements. Dividends are paid each Quarter.

We may impose a penalty if you withdraw principal from your account before the maturity date. The penalty imposed shall be as follows:

1. If the qualifying period is one year or less, the member shall forfeit an amount equal to: a) all dividends for 90 days on the amount withdrawn, or b) if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as stated above, whichever is less, will be assessed on the entire amount in the account.

2. If the qualifying period is more than one year, the member shall forfeit an amount equal to: a) all dividends for 180 days on the amount withdrawn, or b) if a withdrawal reduces the balance below the required minimum, the account shall be closed and a loss of dividends as stated above, whichever is less, will be assessed on the entire amount in the account.

Holiday Club Accounts

One way of budgeting for your holiday expenses is our Holiday Club Account. You decide how much you want deposited to your Club Account via payroll deduction, transfer from your savings or checking with us, or mailing the funds to us to deposit.  On November 1st, we will either mail you a check for the balance in the account or transfer the funds into your M1FCU savings or checking account.

You will be able to shop with funds you have already budgeted for these holiday
expenses. The Holiday Club Account will then start again for the next year in the
manner you choose.

  • Dividends paid quarterly on the average daily balance.
  • Funds can be automatically transferred to savings, draft accounts, or withdrawn on your request.
  • Funds may remain in account if not needed.

Share Draft (FREE Checking)

Share Draft accounts at Modesto’s First Federal Credit Union have a unique twist to them. Unlike other financial institutions Modesto’s First’ share draft accounts do not have a minimum balance requirement or a monthly service fee. Additional features include unlimited draft writing, no per check charges and overdraft protection.

Federal Deposit Insurance

Member accounts at M1FCU are insured up to $250,000. As a member, you do not directly pay for this insurance coverage, it is paid by the credit union. NCUA’s reserve equity is rated the best reserved and most financially sound of the federal deposit insurance funds. Members have peace of mind knowing that their money is safe.