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Checking & Savings > Savings > Summer Paycheck Savings
Summer Paycheck Savings
- During the school year, you can set aside as much as you would like each pay cycle. Make saving easy by setting up automatic transfers.
- There is no minimum balance requirement.
- Dividends are compounded and credited monthly.
- Funds accumulated throughout the year are automatically disbursed bi-weekly in July and August in equal transfers to your MCT regular savings or checking account. The disbursement dates for 2008 are as follows:
- Thursday, July 3
- Friday, July 18
- Friday, August 1, 15 and 29
The 2009 dates will be:
-Thursday, July 2
-Friday, July 17 and 31
-Friday, August 14 and 28
Open a Summer Paychecks Savings Account today!
Online:
If you’re already an MCT member, you can open a Summer Paycheck Savings Account through online banking.- Select “online services” and click “add an account”.
- You'll have the option to set-up direct deposit or redirect a portion of your existing direct deposit to your new Summer Paycheck Savings Account.
Mail:
Complete a membership application and direct deposit form. Upon completion mail to MCT Federal Credit Union, P.O. Box 1250, Rockville, MD 20849. Please include how much you would like allocated to your new Summer Paycheck Savings Account each pay period. If you already have direct deposit coming to MCT, you don't need to complete a direct deposit form but you still need to let us know the allocation amount.
Phone:
Call MCT at 301-948-9880.Branch:
Stop by an MCT branch.How much should I save?
You may elect any amount that meets your needs. We have included a chart below to give you an idea on how much you would receive if you saved "x" amount each pay cycle starting at the beginning of the school year. The distributed amount will be higher since you'll also earn dividends!
Amount Saved
Each Pay Cycle Total Saved** Amount Distributed**
| $25.00 | $500.00 | $100.00 |
| $50.00 | $1,000.00 | $250.00 |
| $75.00 | $1,500.00 | $300.00 |
| $100.00 | $2,000.00 | $400.00 |
| $125.00 | $2,500.00 | $500.00 |
| $150.00 | $3,000.00 | $600.00 |
| $200.00 | $4,000.00 | $800.00 |
| $250.00 | $5,000.00 | $1,000.00 |
*To help you resist the temptation to dip into your summer savings, withdrawals are restricted and subject to a withdrawal fee. If there is no activity on the savings for six (6) months, and there is a zero balance, the savings will be closed.
**This is the amount you will receive biweekly during July and August. The amount is based on contributions from 20 Pay Periods. If you enroll after the first payroll for the school year, the amount saved will be for the total number of paydays remaining in the school year and the amount saved will still be divided by 5 pay checks.
