24-Hour Access to
Checks & Balances (Telephone Teller)
24-Hour Access to E-Branch Plus
24-Hour E-Statements
Free ATM or Debit Card **
Free Business Debit Card
Free Direct Deposit & Payroll
Deposit Transfers
Overdraft Transfers
Overdraft Protection
With Line of Credit Loan **
Up to $400 Overdraft Courtesy Pay (With Direct Deposit)
Dividends Paid *
On Balances
$200 and over
Free Two Boxes of Checks Per Year (Concho Educators FCU Branded)
Free Bill Pay
Merchant Card Services (Available through Partnership with TermNet®) learn more
*Dividends are set the last month of each quarter by the Board of Directors --Choice Checking dividends are paid/posted monthly & computed on a day-in/day-out basis --Advantage Checking dividends are paid/posted monthly & computed on a day-in/day-out basis when balance is at least $200 **Must apply and be approved
For more information please stop by one of our offices or contact Member Services at 325-944-4551
When items try to clear an account with insufficient funds, Overdraft Courtesy Pay will pay each item up to the overdraft limit. Should you use Overdraft Courtesy Pay, the item will be paid and your account will be charged a fee for each item. This is the same fee we charge for insufficient-fund checks that are returned unpaid (See Rate & Fee Schedule). Overdraft Courtesy Pay Privilege is not a line of credit. If you have overdraft protection already set up to come from another account or from a line of credit loan, these services will be accessed before the Overdraft Courtesy Pay is used. If you do not have these overdraft protection alternatives or there is not enough funds available in them to cover the item, the Overdraft Courtesy Pay will normally cover your overdraft (including the fee for each item) up to $400, and your account will show a negative balance. If the amount exceeds $400, the item will be returned unpaid, and an insufficient funds fee will be charged to your account. You must bring your account to a positive balance at least once every 30-day period.
Certificates of Deposit are a great way to make your money grow!
There are no fees to open a CD with Concho Educators FCU, dividends are paid and deposited to your CD in a monthly basis, or we can set up your CD to:
Automatically transfer any earnings to your savings, checking or special savings account with Concho Educators each month.
Automatically receive a dividend check each month payable to yourself.
Automatically renew your CD at the end of maturity date.
Once a CD is opened it is locked-in at your opening rate, all CD rates are fixed and there can not be any other deposits made to your CD Account (excluding dividends) until maturity date. You can choose from the following types of CDs:
6 Month
7 Month
1 Year
2 Year
3 Year
4 Year
5 Year
Please see our "Rates / Fees" page to see our current rates. A $500.00 minimum deposit required to open a CD.
Come by one of our offices today and speak with a Member Service Representative to find out more!
Traditional and Roth IRAs Can Help You Hold on to More of Your Money!
Traditional and Roth IRAs are personal savings plans that allow you to keep more money for yourself and pay less to Uncle Sam.
The main question to consider is: Do you want to save on taxes now or when you retire?
Traditional IRA
Roth IRA
If you want to save on taxes now, choose a Traditional IRA.
If you want to save on taxes when you retire, choose a Roth IRA.
Traditional IRAs make sense if you want a tax deduction now or if you think you'll be in a lower tax bracket when you retire.
Roth IRAs are a good fit if you don't need the tax break now. If flexibility is what you need, consider a Roth IRA.
A Roth IRA is a more flexible investment because:
You can withdraw regular contributions at any time, tax-free and penalty-free.
You do not have to take mandatory distributions at age 70 1/2.
Give Your Child the Gift of Education
Seeing a child work toward a college degree is a parent's dream. But with rapidly escalating costs of higher education, this dream can become a financial nightmare. A Coverdell Educational Savings Account (ESA) can help parents sleep at night. The main benefits of a Coverdell ESA include:
Unlike state 529 plans, Coverdell ESA's can be use to pay for qualified elementary and secondary education expenses
Earnings grow tax-free if distributions are used for qualified education expenses
This information provides answers to your questions and can help you decide whether or not a Coverdell ESA is a good choice for you and your family.
What is a Coverdell Education Savings Account (ESA)?
The Taxpayer Relief Act of 1997 created the Education IRA, now known as the Coverdell ESA. Its sole purpose is to help you pay for your child's education expenses, such as tuition, fees, books, supplies, equipment, and in some cases, room and board and computers. These options were improved by the Economic Growth and Tax Relief Reconciliation Act of 2001.
How does a Coverdell ESA work?
Contributions to a Coverdell ESA are never tax-deductible. However, a Coverdell ESA offers you the potential for tax-free withdrawals - including earnings. Here's a look at how your money can grow in a Coverdell ESA:
What is the most I can contribute to a Coverdell ESA?
The total contributions each year to each child's Coverdell ESA cannot exceed $2,000. If you're eligible, you can contribute the full amount for each child. For example, if you have three children and each has his or her own Coverdell ESA, you can contribute $6,000 ($2,000 to each ESA).
Who is eligible to open and contribute the full amount to a Coverdell ESA?
You can contribute the full amount if you are a:
Single filer with modified adjusted gross income (MAGI) up to $190,000
Joint filer with MAGI up to $190,000
What happens if my (our) income is too high to make the full contribution to a Coverdell ESA?
You can make contributions of less that the full amount if you are a:
Single filer with MAGI between $95,000 and $110,000
Join filer with MAGI between $190,000 and $220,000
If your income exceeds these amounts, you cannot make a regular Coverdell ESA contribution for that year.
How long can I contribute to the account?
You can make contributions to a child's Coverdell ESA until he or she reaches the age of 18. This age limit does not apply to special needs beneficiaries. This is a person who requires additional time to complete his or her education because of a physical, mental or emotional condition (including a learning disability).
As a parent, am I the only one who can open and contribute to a Coverdell ESA for my child?
No. Anybody who meets the income requirements can open and contribute to your child's Coverdell ESA. This includes grandparents, aunts and uncles, family friends and anyone else who wants to pitch in to your child's education fund. Corporations, tax-exempt organizations and other entities can also make Coverdell ESA contributions, and there are no income limits on these contributors. However, the total annual contributions to all Coverdell ESA's for each child can't exceed $2,000.
Who controls the account?
Every Coverdell ESA must have one, and only one, "responsible individual" to oversee the account. This person decides when funds will be withdrawn and if and when funds will be rolled over to the Coverdell ESA of a family member. You can be the "responsible individual" as long as you are a parent or legal guardian of the child. The child can serve as the responsible individual after becoming an adult.
When can I withdraw fund from a Coverdell ESA?
As the responsible individual, you can withdraw funds at any time. However, to avoid tax consequences from the withdrawal, you must use the funds to pay for qualified education expenses for your child (the ESA's designated beneficiary) before he or she reaches age 30 (except that the age 30 limit does not apply to a special needs beneficiary).
What educational expenses are considered to be "qualified"?
Qualified expenses include tuition, fees, books, and equipment required for enrollment or attendance at nearly any post-secondary educational institution (public, nonprofit or proprietary). Certain room and board expenses also may qualify. Qualified expenses also include these same expenses for elementary and secondary education, and the purchase of computer technology or equipment that is used by the beneficiary and the beneficiary's family while the beneficiary is in school.
What happens if my child doesn't use the funds?
If your child (the designated beneficiary of the ESA) decides not to go to college or leaves school before all the funds are withdrawn, you can roll unused funds into the Coverdell ESA of another child in your family. The beneficiary of the Coverdell ESA who receives the unused funds must be under the age of 30 (except that the age 30 limit does not apply to a special needs beneficiary).
Who is considered a family member for the purposes of a rollover?
Family members of the designated beneficiary who are eligible to receive unused funds include (but are not limited to) spouses, siblings, step siblings, nieces, nephews, first cousins, parents, aunts, uncles, grandparents, children and grandchildren. Of course, some of these categories will be eliminated immediately, since the new designated beneficiary must be under the age of 30 at the time of the rollover (except that the age 30 limit does not apply to a special needs beneficiary).
What if my child earns an academic scholarship and the tuition is waived?
The amount of scholarship money your child receives is deducted from the allowable expenses for the Coverdell ESA. For example, if qualified expenses total $6,000 and your child receives a scholarship for $3,000, you can make a qualified withdrawal of $3,000 from the Coverdell ESA. Remember that unused funds can always be rolled over into the Coverdell ESA of a family member.
Can I roll funds from a Traditional or Roth IRA into a Coverdell ESA?
No, rollovers from a Traditional or Roth IRA into a Coverdell ESA are not allowed.
How does the Coverdell ESA affect other education savings incentives?
Contributions can be made on behalf of the same child to both a Coverdell ESA and a qualified state 529 plan. A person can also receive tax-free distributions from a Coverdell ESA in the same year he or she claims the Lifetime Learning or HOPE Scholarship tax credits, but the same expenses cannot be used for more that one of these tax benefits.
If I contribute to a Coverdell ESA, can I still contribute to a Traditional or Roth IRA?
Contributions to Traditional or Roth IRAs have no effect on the contributions you can make to each Coverdell ESA.
Don't Traditional and Roth IRAs allow me to withdraw funds for education expenses?
Traditional and Roth IRAs do offer penalty-free withdrawals for qualified higher-education expenses, but you may still need to pay taxes on those withdrawals. In contrast, withdrawals from a Coverdell ESA are both tax-free and penalty-free if used for qualified education expenses.
What is the deadline for making a Coverdell ESA contribution?
The deadline for making a Coverdell ESA contribution is the tax return deadline for the year for which the contribution is being made (usually April 15 of the following calendar year) not including extensions.
For more information please visit one of our offices and speak with a Member Services Representative.
$500.00 Minimum deposit required to open a Coverdell ESA.
.Your savings federally insured to at least $250,000 by NCUA and backed
by the full faith and credit of the United States Government
National Credit Union Administration, a U.S. Government Agency
Share Savings
Money Market Savings
Share Draft (Checking)
CDs
IRAs
Coverdell ESA's
