Products

• $25 minimum deposit to open account
• No monthly service charges
• Withdrawals: To withdraw money from your savings account, simply stop by the credit union. Members may make up to three savings withdrawals per month free of charge. After three withdrawals in one month a $5 charge per excessive withdrawal is applied.
• Dividends are paid monthly on qualified accounts.
• Earn dividends when daily balance remains at $100 or more
• Quarterly Statements are mailed and/or sent by email to those that sign up for Electronic Statements.
• Tiered dividend rates

Oak Cliff Christian Federal Credit Union offers two Individual Retirement Accounts (IRAs) to help you save for your retirement. Traditional IRA Tax-deferred savings¹ IRA investment available as IRA shares or certificate of deposit Contributions of up to $5,500 allowed per year by individuals under age 50 and up to $6,500 allowed per year by individuals

According to the IRS, the annual IRA contribution limits for 2023 are $6,500 or your taxable income, whichever is lower. If you are 50 or older by the end of 2023, the contribution limit is $7,500.

Traditional IRA

• Tax-deferred savings¹
• IRA investment available as IRA shares or certificate of deposit
• Contributions of up to $6,500.00 allowed per year by individuals under age 50 and up to $7,500.00 allowed per year by individuals aged 50 and older
• No service charges
   

Roth IRA

• Tax-free savings¹
• Roth IRA investments available as IRA shares or certificates of deposit
• Contributions of up to $6,500.00 allowed per year by individuals under age 50 and up to $7,500.00 allowed per year by individuals aged 50 and older
• Qualified withdrawals are tax-free
• No service charges

You can open a OCCFCU Money Market Account with a minimum deposit of $2,000. A minimum average daily balance of $2,000 also is required to obtain Annual Percentage Yield.

Other features include:

• Competitive tiered dividend rates
• Dividends paid monthly
• No monthly fees with a minimum balance of $2,000
• Members may make up to three withdrawals per month free of charge. After three withdrawals in one month a $5 charge per excessive withdrawal is applied.
• Quarterly statements by mail

A Christmas Club account is a smart and convenient method to save for the holiday season or any occasion. Fund your Christmas club account through automatic transfer or cash deposits. Start early and have money you need when Christmas Shopping season comes along.

• $25 minimum deposit to open account
• No minimum balance required
• No monthly service charges
• Dividends are paid monthly
• Earn dividends when daily balance remains at $100 or more
• FREE withdrawals between November 1st and January 31st
• A penalty is imposed for each withdrawal between February 1st and October 31st

Teaching Children How to Save Money:

1. Teach Money Choice – Give, Save, Spend and Invest.
There are four choices for money: Give, Save, Spend and Invest. Create or buy a bank that has all four choices visible to remind your child each time they have money available to deposit to stop and think about their choices. This will teach them that there is more to do with money than just spend.

2. Teach your child to set goals for each money choice.
Saving without a goal is like a football game without a touchdown. No fun at all. And, if it's not fun, kids will not play. So, when working with money choices, make sure your child draws a picture of what they are working towards so they remember their goal and stay motivated.

3. Remind them to save and pay themselves first.
Teach your child that after they tithe to "pay themselves before spending" by asking them to make a deposit in their savings account whenever they receive any money. Assure them that not all of the money they receive as a gift needs to be squirreled away in savings, just some of the money. Paying themselves first as a child will translate to a working adult that has a certain percentage of their paycheck swept into an investment vehicle before they even get paid.

4. Start allowance and pay only in cold hard cash to teach them to live beneath their means.
Set up an allowance that covers some expenses you cover for your child today. Let them manage that money and learn what it feels like to only have so much cash and when it's gone, it's gone. Allowance is the first step towards leaning how to budget.

5. Model the money behavior you want to see in your child.
Children may not listen to what we say, but they sure do watch us and mimic our behaviors. Instinctively, children understand that our behavior is more genuine than our words. Knowing this, only model what you want your children to absorb. Pay bills on time, use cash whenever you can, credit rarely, and take your kids with you to make savings deposits.

Features included in the Cliff Kids Club Account include:

• For Kids 17 and under
• $25 minimum deposit to open account
• No monthly service charges
• Receive a prize when you make your first deposit
• Dividends are paid monthly when daily balance remains $100 or more
• Limited withdrawals