Account FAQs

Savings Accounts

Q: Is there a minimum deposit required to open a savings account?

A: The Regular Share Savings Account requires a minimum opening deposit of $5.00.

Checking Accounts

Q: Are there any fees associated with the free checking account?

A: No. There are no per check fees, maintenance fees or monthly service charges.


Q: Do I get charged a fee for using a non-Clarity ATM?

A: That depends. We provide you with access via the Co-op Network. If you use a Co-op affiliated ATM, there is no service fee. If the ATM you are using is not part of the Co-op Network, there may be a fee imposed by the ATM. Clarity does not charge you for ATM withdrawals, be it an in-network ATM or an ATM outside our network.

Share Certificates

Q: What exactly is a Share Certificate?

A: A certificate is a fixed-term, fixed-rate savings product. You deposit your money into the certificate and leave it deposited for a fixed period of time. Because you have committed the funds for a longer period of time, the rates are higher than a regular savings account. There is a penalty for early withdrawal from the certificate.

Q: Will my rate change on my certificate when the Credit Union changes rates?

A: No. The rate of your certificate was locked in at the time it was opened and will remain that rate for the term of your certificate. When the certificate matures, however, it will renew at the current rate on the date of maturity. You do have the option of a one –time rate bump if the rates rise during your term.

Q: When can I withdraw from my Share Certificate?

A: You can make withdrawals from your Share Certificate at maturity and for a grace period of ten calendar days after maturity.

Q: How can I find the current Certificate Rates?

A: The current rates for our savings products can be found here on our website under Savings Rates or by contacting the credit union at 208-467-6583 during office hours.

IRA Certificates

Q: Can I list my spouse as joint on my IRA account?

A: No, the IRA account is an Individual Retirement Account, and by IRS guidelines, there can only be one person listed on this account. You can, however, list your spouse, children, and anyone else you desire as a beneficiary on your IRA.

Q: Can I withdraw money from my spouse's IRA for them?

A: No, the only person with access to the IRA account is the individual owner. Again, you can list your spouse, children, and anyone else you desire as a beneficiary on your IRA.

Q: What are the rules for moving my other IRA to an IRA at a credit union?

A: With a direct transfer (where you tell the other financial institution to send the funds to the credit union for the benefit of your IRA), you have no deadlines or limitations as long as you're under age 70½ and the money leaves and re-enters the same type of IRA. With a rollover (where the funds are payable to you), you have 60 days to redeposit the money into an IRA. The portion of a traditional IRA distribution that's not re-deposited to an IRA when the clock runs out becomes taxable income, except to the extent it represents a return of nondeductible IRA contributions.

Rollovers between the same IRA type are also subject to a "once-a-year-rule." Simply put, you can't roll over IRA funds if there was a previous rollover from the same IRA in the last 365 days. The rule also bans rollovers from an IRA that has received a rollover in the last 365 days. Keep in mind that if you are 70½ or older, you're required to receive minimum distributions from your traditional IRA that do not qualify for any rollover or direct transfer.

Q: Do I have to make my entire annual contribution to an IRA at one time?

A: If you wish, you certainly can put your whole year's contribution in at once. But you can make it a lot easier on your pocketbook with payroll deduction at the credit union. This convenient method spreads your IRA contribution over the entire year, helping you to save regularly and avoid the hit of a lump-sum payment. For example, if you're eligible to contribute $3,000 to a traditional or Roth IRA, simply tell us to automatically deposit $250 from your paycheck directly into your IRA at the end of each month. It won't seem like much, but it adds up in the end. After 25 years earning 5% compounded monthly, you'll have $158,369.30 – all without a single reminder to yourself to save for your future.

Q: What's the difference between a Roth and a Traditional IRA?

A: With a traditional IRA, your contributions may be tax-deductible and earnings are tax-deferred, meaning you pay taxes on most IRA funds upon withdrawal. In contrast, Roth IRA contributions are always made with after-tax dollars, but qualified withdrawals are tax-free – including all your earnings!

As for similarities, the aggregate contribution limit to either a Roth or Traditional IRA is $3,000 per year or 100% of your compensation (whichever is less). And both offer the flexibility to use funds not only for retirement, but also for first-time home purchase and higher-education expenses.

Q: Can I contribute to an IRA if I already have a retirement plan through my employer?

A: Yes, you can contribute to a Roth or Traditional IRA regardless of whether or not you have an employer-sponsored retirement plan. In fact, IRAs are a great way to pad your savings.

While participation in a retirement plan doesn't change how much you can contribute to an IRA, it can affect whether or not you're eligible to deduct your contributions to a traditional IRA on your tax return. But keep in mind that as long as you've earned compensation, you can always make nondeductible contributions to a traditional IRA and benefit from tax-deferred earnings.

Q: Am I eligible to contribute to an IRA?

A: To be eligible for a traditional or Roth IRA, you must earn compensation or file a joint income tax return with a spouse who earns compensation. If you want to contribute to a traditional IRA, the only additional requirement is that you are under age 70½. Whether your contributions will be tax-deductible, however, is determined by your participation in a retirement plan and your income.

Q: Can my spouse and I both contribute to IRAs?

A: If you and your spouse want to put money into traditional or Roth IRAs, your contributions can total $6,000 or your combined compensation, whichever is less. But the maximum contribution for each spouse can't exceed $3,000 per year, so you'll need at least two separate IRAs to contribute the full $6,000. If you don't earn compensation, but your spouse does, you still may be eligible to contribute to a Traditional or Roth IRA based on your spouses earnings.

Keep in mind that you must earn under $95,000 on a single tax return and under $150,000 on a joint tax return in order to contribute the full $3,000 to a Roth IRA. You can still make partial contributions to a Roth with an income up to $110,000 as a single filer and $160,000 as a joint filer. While there's no age limit on contributions to Roth IRAs, you can't contribute to a traditional IRA for the year you reach age 70½ or later years. Also, there are some limitations on tax-deductible contributions to traditional IRAs.

Q. Can I have both a traditional and a Roth IRA?

A: There's nothing wrong with having both. In fact, it gives you the chance to benefit from both front-end and back-end tax savings. But remember that you can only contribute up to $3,000 per year to any combination of traditional and Roth IRAs that you have. You can't contribute $3,000 to each. On the other hand, your annual $2,000 contributions to an Education IRA are entirely separate from the $3,000 yearly contribution limit for traditional and Roth IRAs.