ALEXANDRIA, Va. – NCUA on Friday approved a request by a federal credit union to offer a monthly matching deposit for a special savings account for employees. In a new legal opinion issued Mountain Empire FCU, NCUA said such an account is permissible under its rules and regulations as long as the Marion, Va., credit union complies with all provisions of the Truth in Savings Act. The credit plans to offer a matching deposit to employees who invest up to $20 a month into an individual, special savings account. No withdrawals would be allowed until the employee leaves the credit union and no other funds can be commingled with the account. The credit union plans to deposit the funds at the end of the year and pay all applicable taxes.
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