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⚠️ Member Alert:
MCU branches and the contact center will close Thursday, November 27th for Thanksgiving.
Digital Banking and the NYCMU Mobile Banking app will continue to be available for your use during this time.
Enjoy your holiday!

 

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    Individual Retirement Account (IRA)

    Individual Retirement Account (IRA)

    A type of savings account designed to help individuals save for retirement.

    More Details

    An individual retirement account (IRA) is a type of investment account that is designed to help people save for retirement. There are several different types of IRAs, including traditional IRAs, Roth IRAs, and SEP IRAs (Simplified Employee Pension).

    Example

    You might decide to open a traditional IRA and contribute $500 per month to the account. The money you contribute to the account will be invested in the financial products you choose (such as stocks, bonds, mutual funds, etc.), and you hope to earn a return on your investment over time.

    Related Terms

    Returned Item Fee

    A fee that is charged to a bank account holder when a check or electronic payment they have made is returned unpaid.

    Learn More

    Canceled Check

    A physical check that has been paid by the bank and cannot be used again. It may be returned to the payer with their bank statement.

    Learn More

    Clearing House

    An institution that processes financial transactions, such as the exchange of securities, between two parties.

    Learn More

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