Do credit unions offer checking accounts?
I will have to give this question a definite yes…and no. Most Credit Unions (CU) do not offer “checking accounts” but instead offer what is referred to as a “share draft account.” As far as most people are concerned, this is a checking account, but there are some differences. A share draft account may pay interest, which a checking account will not. A share draft may or may not charge monthly fees, while a checking account will always charge a fee. So, although your CU may not offer checking accounts, it may not make a whole lot of difference to you. Just remember…don’t reach for your checkbook…reach for your share draft document holder!
