Understanding Deposits at SouthPoint

The easiest way is to open your certificate online. If you prefer, you can call Member Solutions at 877-794-6712, chat with us online utilizing our online chat or stop by any of our branch locations.

Check the current certificate rates.

Our most current savings rates are available on our website. Click here to view.

Your employer can establish direct deposit of your paycheck into your credit union account. They will need the credit union routing number (291976493) and your account number.

Contact your employer's payroll department or originating company for instructions to change account information for your direct deposit to the credit union.

A completed Direct Deposit form will give the payroll department all the information they'll need to change your direct deposit. If you need the credit union's routing number it is 291976493. Your account number can be found on your original membership documents, on your checks, by calling Member Solutions at 877-794-6712 or by stopping in a branch and requesting the information.

If a properly endorsed deposit is made before 3:00pm CST Mon-Fri and is approved, it will be credited that same day. If a properly endorsed deposit is made after 3:00pm CST Mon.-Fri. or on weekends or holidays and is approved, it will be credited the next business day. If your deposit was rejected, check your email for an explanation.

SouthPoint conducts business in a real-time live environment. Essentially this means that transactions are processed in and out of your account 24/7 as they are presented to your account. Therefore, overdrafts can occur 24/7 as well. Gone are the days with cut off times for deposits and processing. Real time allows our members to have an accurate view of their finances all day every day.

Any early release of funds is determined on a case by case basis pursuant to our Funds Availability Policy  https://www.southpointfinancial.com/funds-availability-policy-disclosure/. Please call Member Solutions at 877-794-6712 or stop in any branch location to discuss any holds present on your account.

You may open a savings account online, through VideoConnect, by calling Member Solutions at 877-794-6712, or stopping by one of our convenient locations.

The credit union offers Mobile Deposit which makes it easy to deposit your checks anytime day or night, on holidays, weekends, 24/7 from your iPhone, iPad or Android device. The service is safe and secure—your Mobile Deposit can be completed in seconds.

Simply download our Mobile Money App to get started!

All our branch locations have a night drop deposit box for use after business hours. Hours for each box will be posted at the location.

You may also mail your deposits to our headquarters location using our pre-printed postage-paid deposit envelopes, which are available upon request.

Visit our Hours + Branches web page for a list of our credit unions branch office locations and office hours.

An automatic deposit is required each month on this account.  This deposit helps build up your funds. Members can also deposit into the account at any time and there is no limit as to how much can be deposited in the account.

The credit union offers tiered rates for Money Market accounts based on your account balance.

Check our current rates. You can open a money market account online, in VideoConnect, by calling Member Solutions at 877-794-6712 or stopping by one of our branch locations.

The back of the check must include the following when depositing via Mobile Deposit:

• Member’s signature
• “via Mobile Deposit" written at the bottom of the signature.

Mobile Deposit has a maximum deposit limit of $10,000 per day.

After depositing a check via Mobile Deposit, you will receive a confirmation status email. However, the check may be rejected during the review process.

Mobile Deposit allows you the consumer to deposit checks into your checking account using your Android or iPhone via the SouthPoint Mobile banking app.

You would need to download & install the SouthPoint Mobile banking app. Once logged into SouthPoint Mobile Banking app, you can utilize your phone camera on your Android or iPhone device to upload images of your checks to your checking account.

The following items are eligible for mobile deposit: Personal Checks, Business Checks, Government Checks, Cashier’s Checks, and Official Checks. Only checks made payable to the account owner(s) or to SouthPoint Financial Credit Union can be deposited using Mobile Deposit.

Yes, members can authorize direct deposit of their payroll, Social Security, retirement, Veteran's Administration benefits, or almost any recurring deposits.

With direct deposit, a member's check is automatically and safely deposited into their credit union account. On payday, their money is already in their account. They don't have to worry about depositing their check in person.

The easiest way a member can sign up for direct deposit is to present their payroll department with a completed Direct Deposit Form. It has all the information they will need to get direct deposit started.

Member's account numbers can be found on the on their checks.

Further questions should be directed at Member Solutions at 877-794-6712.

Yes, members can use it for anything they wish. It is designed to help members save money for Christmas expenses. The funds are locked until they are deposited into the membership savings on November 1st. However, some members use it to save for a vacation or a trip.

The Holiday Club is also a great account to help members learn how to save. It requires a monthly direct deposit and makes the funds semi-inaccessible by not allowing withdrawals unless the member closes the account. 

Yes, deposits are insured by the National Credit Union Association, NCUA. Deposits are insured for up to $250,000 per member. Credit Union members can use the NCUA share insurance estimator at MyCreditUnion.gov/estimator to better understand their coverage.

NCUA insurance differs from traditional deposit insurance because it is funded by the credit unions themselves and is believed to be a much safer and healthier insurance fund.

The biggest difference is a Traditional IRA is considered "Pre Tax" dollars and a Roth IRA is considered "After Tax" dollars.

Here is a brief summary of each:

Traditional - This type of IRA offers potential tax deductibility. There are no income limits for contributions. The funds you contribute to this type of IRA are considered pre-tax dollars and you will be taxed upon withdrawal of the funds.

Roth - This type of IRA offers potentially tax-free earnings. The funds you contribute to this type of IRA are considered after-tax dollars and you may get tax-free withdrawals.

For more details on an IRA account, please contact Member Solutions at 877-794-6712 or use VideoConnect.

A certificate, sometimes referred to as a certificate of deposit or CD, offers a higher dividend rate for your investment by locking in a certain amount of money for a set amount of time.

We offer certificates for terms from 3 to 36 months. Your certificate will pay interest periodically and you elect whether to compound the dividends for maximum yield, or to receive your quarterly dividends as a deposit into your savings account.

A minimum investment of $1,000 is required and early withdrawal penalties apply.

You can open a certificate Online, VideoConnect, by calling Member Solutions at 877-794-6712 or stop into one of our branches .