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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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      Online Banking Enrollment

      Enrolling in Online Banking is simple and FREE:

      1. Enter your User ID
      2. Enter Phone Banking PIN as your Password
      3. Click on the LOG IN button

      If you don't know your Phone Banking PIN, please contact us at 843.797.8300 (Charleston) or 800.845.0432 (Nationwide).