Montgomery County Public Schools (MCPS) partners with Educational Systems Federal Credit Union (FCU) to offer a Summer Pay program. Depositing a portion of your pay during the school year into a Premium Summer Pay* account can help you save for the summer months, whether you are a 10- or 12-month employee. This account offers a high annual percentage yield (APY).
How the account works
During the school year, a designated portion of your net salary is directly deposited into your Premium Summer Pay account from your MCPS pay. In the summer, your money is automatically transferred to your Educational Systems FCU regular savings or checking account, or to an account at another financial institution. The transfers occur on the first and third Friday of July and August in four equal proportions. If you need access to your money on other dates, transfers can be made starting on July 1 through Online Banking, Mobile Banking, Audio Response Teller (ART) or by speaking to a credit union employee.
The dates for this year’s summer automatic distributions are:
* The Premium Summer Pay account is only available for direct deposits received from qualifying school systems and community colleges. Automatic distributions can be made to an Educational Systems FCU savings or checking account, or to another financial institution in four equal proportions on the first and third Friday of July and August. Withdrawals are restricted to summer disbursals in July and August. A fee will be assessed for each early withdrawal made outside of this time period.
- July 6
- July 20
- August 3
- August 17
For more information or to enroll in Premium Summer Pay, visit the Educational Systems FCU website, telephone 301-779-8500, or visit an Educational Systems FCU branch. Once you have established an account with the credit union, you can designate how much to save from each pay period or make changes to your current direct deposit on Human Resources Online (HRO). Log in with your MCPS username and password.