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What is A Share Account?

Jun 24, 2020

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. Credit unions differ from banks in the fact that every account holder is an owner of the institution, and we are proud of that!

Share Savings Account

A share savings account is essential in becoming a member of a credit union. Once you have a share savings, you can open a checking account, apply for a loan or start preparing for retirement with an IRA account. The minimum deposit to open a new share account at 1st MidAmerica Credit Union is $5.00. Shares are federally insured by NCUA to at least $250,000. Shares are insured up to another $250,000 through ESI, a private insurer. Check out all of the savings account options we offer here.

Share Draft Account

A share draft account is another term for a checking account. Again, share is a term to establish your ownership here at the credit union. With a share draft account, this allows you to make many withdrawals and payments in a month. The best part about a share draft account is that it’s free! You can add a debit card, take advantage of paperless e-statements, online banking and online bill pay all for free as well.

We offer many different options for checking accounts, including our free Reward Checking. There are different options to fit your lifestyle. Find the Reward Checking for you.