Why are savings accounts called “shares”, checking accounts called “share drafts” and CDs called “share certificates?
Each ValleyStone Credit Union® member is a part owner. Each actually owns “shares” in the credit union, rather than having deposits in the credit union, which signifies ownership. The funds a member puts into his/her credit union account are actually shares of the ValleyStone Credit Union®. Share savings accounts are identical to a savings account at a bank or savings and loan. In addition, a ValleyStone Credit Union® “share draft” account is the same product as a “checking account” at a bank, and a share certificate account at ValleyStone Credit Union® is the same as a certificate of deposit at a bank or savings and loan.
Related Questions
- I have purchased some shares in paper form. Can I directly give the share certificates to my Depository Participant for dematting them in my favour?
- Why are savings accounts called "shares", checking accounts called "share drafts" and CDs called "share certificates?
- Who do I contact for bonus shares, dividend warrants and share certificates?
