What is a share draft checking account

A Share Draft account works much like a Checking Account.

Table of Contents Show

Fee Schedule
What is the difference between a share account and a share draft account?
What is a banking share draft?
What is a share account used for?
What does draft mean in checking account?

A key difference between share-draft accounts and many checking accounts is that the former earns interest. Credit Unions pay interest and dividends on shares held by account holders.

There is no minimum amount to open your share draft account.

You can get easy access to your money by:

Writing a Check
Using your Debit Card
At an ATM (with a debit card)

Overdraft fees, Insufficient Funds fees, or other fees may reduce the earnings on the accounts listed above.

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.

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.

Earns Dividends – The Coosa Pines FCU checking account earns dividends paid quarterly based on the average daily balance. Dividends are declared by the Board of Directors at the end of each quarter, and paid directly to the checking account.
Fewer & Lower Fees – The miscellaneous services tied to a credit union checking account – such as returned check processing, wire transfers, check copies, stop payments, etc. – offer fewer and lower fees than most banks.
Free Electronic Services – To help members keep up with their accounts, Coosa Pines offers check reorders online, as well as FREE e-Services such as smart device apps, credit monitoring (within the Online Banking), Online Banking, debit and credit card control by app, electronic Bill Pay service, Account Alerts, Express Line automated telephone service, e-Statements, and more!
Monthly Statements - Statements for members who have a checking account are delivered monthly by mail (unless the member subscribes to e-Statements, in which case the member receives monthly email notifications when the statement is ready to be retrieved online). Copies of cleared checks are not mailed with statements. Check images are available through Online Banking at no charge, or from the credit union for a fee.
New Horizons Club members age 50 and over receive one free box of checks per year in addition to many other free or discounted services. Contact a Member Service Representative for details and restrictions.

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 Schedule

Credit Unions typically charge fewer and lower fees than other financial institutions.

A share draft account is a liquid account at a credit union that allows you to make frequent withdrawals and payments. If you're familiar with checking accounts, share draft accounts are essentially the same. Again, the only difference is that a “share” account is at a credit union instead of a bank.

A share-draft account is a credit union account that is similar to a bank's checking account, except it is equivalent to buying a share in the credit union. Share-draft accounts do not have minimum balance requirements or charge account maintenance fees. They also earn interest, compounded on a quarterly basis.

A share account is a savings or checking account at a credit union. These accounts establish your share of ownership and allow you to use the great features a credit union has to offer as a member.

What does draft mean in checking account?

A bank draft is a negotiable instrument where payment is guaranteed by the issuing bank. Banks verify and withdraw funds from the requester's account and deposit them into an internal account to cover the amount of the draft.