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What Is an Account?
As a young member, you will usually start with a share account. Keeping your money in a share account is
the way to make it grow -- you earn dividends on your money. If you left your money in a drawer, you would earn nothing.
When you are in High School or College, then the Student Care Package account is just the thing for you.
Click here for more information on the Student Care Package.
Basic Accounts at the Credit Union
- Share Account: It pays you earnings called dividends for keeping your money on deposit. rather than interest.
- Share Draft Account: It permits withdrawals by writing drafts against the account;
sometimes called a checking account.
- Dividends: Extra money you earn by keeping money on deposit within an account.
- Share Certificate: A time deposit, with a fixed term, and, usually, a fixed interest rate.
- Loan: When the credit union gives a member a certain amount of money expecting you to pay it all back.
There is a set time and monthly payment the borrower must pay back. The terms of a loan are often spelled out in the
form of a loan contract which is signed by both the borrower and lender.
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