These Frequently Asked Questions are not intended as tax advice.  Please consult a tax professional.

Are there minimum deposit requirements?

• You must deposit a minimum of $250 to open an IRA account at Ohio Catholic. To earn dividends on your IRA contributions you can place your money in an IRA savings account or utilize the benefits of an IRA Share Certificate (certificate requires a $500 minimum deposit in a 12 month term).

How do I open an IRA account?

• Come into any OCFCU branch location and a Member Service Representative will assist you in opening an account.

Are accounts NCUA insured?

• All accounts are NCUA insured up to $250,000 per ownership category.

Do I have to make a lump-sum IRA contribution each year?

• You can, but it might be a better idea to make your IRA contributions through payroll deduction or an automatic transfer at the credit union.  That lets you spread out your contributions over the year and can help with your budgeting.

Is it too late to contribute to my IRA for last year?

• If like most people, you are a calendar year taxpayer, you can make a regular contribution for last year to your traditional or Roth IRA any time before April 15th of this year.  And you can make a contribution for this year any time between now and April 15 of next year.

How do I keep track of my savings?

• OCFCU will send you a quarterly statement showing your account activity unless there is an Electronic Funds Transfer (EFT) associated with this account then you will receive monthly statements.  Use our It’s Me 247 Online Banking or Mobile Web Banking to check on account balances and transactions.  You can also call CU*TALK, our automated account information line at 1-800-860-5704.

For more information about IRAs, refer to IRS Publication 590 or talk to a financial or tax professional.