Investments Help

Frequently Asked Questions (FAQs)

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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