Peace of Mind Services!
At STE, you can be confident your money is safe with us, easy to access, and available to use between accounts. For members who work for the state of Ohio the added service of payroll deduction is also available.
Deposit Insurance
Each account holder is federally insured up to $250,000, which is backed by the full faith and credit of the federal government through the National Credit Union Administration. For further protection, we provide an additional $250,000 of insurance - for a total of up $500,000 per owner. Traditional and Roth IRA's are insured aggregately up to $500,000.
NOTICE: TEMPORARY NCUA INSURANCE COVERAGE
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, through December 31, 2012, all funds in “non-interest-bearing transaction accounts” are insured in full by the National Credit Union Administration. This unlimited coverage is in additional to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term “noninterest-bearing transaction account” included a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, such as a negotiable order of withdrawal (“NOW”) account, money-market account, or Interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account.
The temporary full insurance coverage of “noninterest-bearing transaction accounts” expires on December 31, 2012. After December 31, 2012, funds in noninterest-bearing transaction accounts will be insured under NCUA’s general share insurance rules, subject to the Standard Maximum Share Insurance Amount of $250,000.
For more information about NCUA insurance coverage of transaction accounts, visit the NCUA's website.
Accessing Your Funds1
We don't make you jump through unnecessary hurdles to get to your money. There are a variety of ways to access your funds other than taking your time to visit us in person.
- Check Withdrawal by telephone, online banking, or our 24-hour telephone service. Unlike many institutions, we do not charge you a fee for mailing a check withdrawal or requesting services made with a live teller
- Debit card - You can access your savings and checking accounts at an ATM. Master Money debit cards are issued at no cost or monthly fee if you have a checking account.
- Wire Transfer to another institution - You can wire funds in and out of your accounts. Call our office for wiring instructions.
- Shared Branch - With our shared branch locations, you can access your credit union accounts at almost 200 locations statewide. You can deposit or withdraw funds to/from your accounts.
- District Representative- ODOT employees can access their funds by check request delivery on the district driver between Central and the District office.
Overdraft Protection2
- Overdraft from other deposit accounts - We can set up an automatic transfer between accounts to cover overdraft situations. There is no set up fee, no monthly service fee, and the first three transfers from each account are free.
- Overdraft from Loans - A loan to cover overdraft situations is available as an added layer of protection.
- Courtesy Advance (Negative Over-Drafting) - STE's OPT-IN Courtesy Advance provides you with a cushion that will permit an account to be withdrawn up to $500 after current overdraft protection arrangements have been utilized (ex: transfers from savings). Checking accounts opened for more than 90 days are eligible for this opt-in program. Courtesy Advance is a non-contractual agreement and the coverage is extended to any account that opts-in, as long as the account remains in good standing. Most transactions such as checks, cash withdrawal, debit card purchases, on-line bill pay payments, etc. are covered up to the $500.00 limit. We will apply a fee for each transaction that we honor and will notify you each time your Courtesy Advance service is activated.
With these extra layers of protection, you can have peace of mind reducing the likelihood of embarrassing moments from returned or denied items.
Payroll Deduction
If you are a state employee, you can set up a payroll deduction and automatically have a part of your pay deposited to STE, while the remaining goes to another financial institution. This deduction can be split many different ways into multiple accounts. An automatic savings plan is the easiest way to build a savings account. Payroll deduction also makes a convenient loan repayment method.
1Time deposit accounts with fixed maturity dates cannot be accessed prior to maturity without risk of penalty. Full terms and disclosures are provided upon account opening. Not all accounts can be accessed with every method stated above.
2Full disclosures and terms and conditions provided upon activation of each service. Contact our office for details.
