Is a draft account checking or savings?
Coosa Pines offers Share Draft accounts, which are credit union checking accounts. This account allows for “drafts” to be written on the account that are paid by the credit union. There are many great features included with the checking account, such as no monthly service fee, no per item fees, and no minimum balance. There are also several overdraft protection options to protect your account against insufficient funds activity. Debit and ATM cards can also be linked to the Share Draft Checking Account, and there are no fees associated with direct deposit or automatic payments. Show
Deposits may be made through mobile deposit with the Coosa Pines app, by Automatic Transfer, in person, at a Credit Union Service Center, by mail (please do not mail cash), through Direct Deposit, or by Night Deposit. Transfers to and from accounts, financial institutions, or individuals, can be made online through the smart device apps, Online Banking, or through the Express Line automated telephone service. *A transaction fee may apply when using the CPFCU Debit or ATM card at an ATM not owned by Coosa Pines FCU. Refer to our Fee Schedule for more detailed information on all fees associated with credit union membership. Fee ScheduleCredit Unions typically charge fewer and lower fees than other financial institutions. Our checking accounts meet the Basic Banking for Massachusetts guidelines. We call them Share Draft (Checking) accounts. We know what you’re thinking, but we want you to know… They’re better than the account you are using now. Share drafts at the Attleboro Municipal Employees Federal Credit Union are like a regular checking account with some important differences. In your share draft account, your dollars can earn dividends. All you have to do is maintain a low $100 minimum balance. We pay you dividends (interest) on the unused balance – just like your regular share account. When you open a share draft account , you’ll get a book of share drafts (checks) that gives you use of your funds anytime, anywhere. Each draft is filled out in the usual way to the payee, in the exact amount, dated, and signed by you. Money can be deposited into your share draft account through payroll deduction, direct deposit, mail, or teller window. When you write your check, you automatically make a copy of it for your own record. What a convenience! No more check stubs. Once each month, we’ll send you an account statement showing the number of each draft written, the amount and the date. Also, overdraft transfer options are available to provide back-up funds when you are low. This service is free! There is no monthly service charge and no limit on the number of drafts you can write. There is no better way to manage your money than with a no-charge share draft account from the Attleboro Municipal Employees Federal Credit Union. Stop in and we’ll be happy to open your share draft account and give you more information. Once you receive a share draft account, you are eligible for an Attleboro Municipal Employees Federal Credit Union debit card. Is a draft account a checking account?Credit unions refer to checking accounts as share draft accounts. While it might not affect how you use the account, share draft accounts are a form of ownership. This means you are a partial owner of the credit union, while checking account owners are customers of banks.
What is a draft account?Draft account means an account upon which funds are withdrawn through a properly payable instrument or an electronic transaction.
Is a saving account the same as a checking account?The main difference between checking and savings accounts is that checking accounts are primarily for accessing your money for daily use while savings accounts are primarily for saving money. Checking accounts are considered “transactional,” meaning that they allow you to access your money when and where you need it.
Is debit card a saving or checking account?Debit cards are associated with checking accounts. Checking accounts also typically have checks. ATM cards and checks are not common for savings accounts.
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