Investments

Frequently Asked Questions

How do I make an IRA contribution or withdrawal?

What is the early CD withdrawal penalty?
     

How do I make an IRA contribution or withdrawal?
Contributions can be made with a check or transfer from a South Carolina Federal account. Contributions and withdrawals must be accompanied by a written request.

The written request for contributions must include the following information:

• Name
• Account Numbers
• Debiting Account Number
• Depositing Account Number
• Contribution amount
• Signature
• Between Jan. 1st and April 15th (tax deadline) contribution instructions should specify “Previous Year”, otherwise the contribution will apply to the current year.
• Direct transfers and allocations are applied to the current year.

The written request for withdrawals must include the following information:

• Name
• Account number
• Withdrawal Amount
• Specified Federal tax withholding amount (none, 10%, or higher).
• If a withholding amount is not provided, the Credit Union is required to withhold the max 10%
• IRS penalties, if applicable, will not be withheld; penalties are paid when tax returns are filed.
• Signature
• For Direct Transfers or Rollovers, contact the receiving financial institution to initiate the transfer and paperwork; once paperwork is received, we will disburse funds.

IRA contributions and withdrawals can be completed via mail, fax, or in a local branch.

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What is the early CD withdrawal penalty?
To withdraw your Share Certificate before maturity, please visit a branch location or fax your request to the Contact Center.

• The penalty for a 3 month through 12 month certificate is 90 days worth of dividends.
• For terms 12 months through 24 months, the penalty is 180 days worth of dividends.
• For terms greater than 24 months, the penalty is 360 days worth of dividends.
  
  

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