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Summer Paycheck Savings
MCT’s Summer Paycheck Savings Account* is a great account that helps you save money during the school year for summer expenses such as vacations, day care, camps, weddings, and more.
- No minimum balance requirement
- High yield dividends are compounded and credited monthly
- During the school year, deposit as much as you would like each pay period into your account through automatic transfers from your Direct Deposit.
- Funds may be disbursed by check or automatically transferred
to your MCT regular savings or checking account in five equal installments during July and August.
2009 disbursement dates:
July 2, 17, & 31
August 14 & 28
Open a Summer Paycheck Savings Account!
Phone:301.948.9880
Online: If you’re already an MCT member, you can open a Summer Paycheck Savings Account through Online Banking. Once you’ve logged in, select “online services” and click “add an account”. During the account opening process, you can set-up direct deposit or redirect a portion of your existing direct deposit to your new Summer Paycheck Savings Account.
Branch: Stop by any MCT branch.
Mail: Complete a membership application and Direct Deposit form. Upon completion, mail to MCT. Please include how much you would like allocated to your 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’ll need to include a note letting us know the allocation amount.
Earn more money by converting your MCPS Summer Pay Account to an MCT Summer Paycheck Savings Account.
If you're currently enrolled in the MCPS Summer Pay program, you can convert to an MCT Summer Paycheck Savings Account and earn dividends by following the steps below.
1. Complete an MCPS Summer Pay Cancellation Form. You may cancel your MCPS Summer Pay account up until December 31, 2008 without a penalty.
2. Mail/deliver completed cancellation form to ERSC, 7361 Calhoun Place, Suite 190, Rockville MD 20855.
Any balances remaining in your MCPS Summer Pay account will be paid on the same scheduled pay dates as MCT’s Summer Paycheck Savings Account. Refunds or early payments are available from MCPS for a one-time fee of $26.
How much should I save?
Here’s a sample savings chart to help you determine how much you need to save each pay period. Once the account is opened, you can change the amount at any time through Online Banking.
|
Amount Saved Each Pay Cycle |
Amount Saved Over 20 pay periods |
Amount distributed |
| $50 | $1,000 | $200 |
| $100 | $2,000 | $400 |
| $150 | $3,000 | $600 |
| $200 | $4,000 | $800 |
| $250 | $5,000 | $1,000 |
| $300 | $6,000 | $1,200 |
| $350 | $7,000 | $1,400 |
| $400 | $8,000 | $1,600 |
*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 account for six (6) months, and there is a zero balance, the savings will be closed.
