Important information about your credit union


When you join a credit union, you become a member. Members own the credit union. Your savings account represents your share of the credit union, so it’s officially called a “share account” or “share savings account.” A checking account at a credit union is a “share draft account” because it is a share account from which you can draft, or draw, funds using checks, a debit card and our online bill pay service.

We may use terms like “savings account” and “checking account” for your convenience in understanding your accounts, but you always own your credit union through what are formally known as “share” accounts.

Also, banks may offer an interest-earning, fixed-term investment known as “certificate of deposit” or “CD.” At credit unions, the formal name is “share certificate” or “term certificate,” and it earns “dividends.” (Customers earn interest; owners earn dividends.) For your convenience, we may use the term “savings certificate” to describe such term share accounts.


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