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REACHING OUT TO LOCAL COMMUNITIES
updated 11/04/14 11:27 AM
CUs Spread Their Philosophy
Scroll down to view the latest on how credit unions and industry affiliates across California and Nevada are donating time and money to help the communities they serve, implementing new operational strategies for members, and advocating for the credit union movement!

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From the Editors of CU Weekly

Arnold Ramirez, Research and Information Consultant for the California and Nevada Credit Union Leagues
SHARES: MEMBERS VS. ACCOUNT OWNERS
updated 03/18/13 02:44 PM
R&I Expert Gives the Details
If you ever opened a new member account, you’ve probably had a member ask why they must have a regular share account. You may have said it was a requirement for membership.

As a matter of credit union policy, you may be correct. But when it comes to a regulatory requirement, this isn’t necessarily accurate.

Credit unions have created many ways of setting up accounts and memberships. Some credit unions choose to assign one membership to a single account and house all services provided to that member under the account. Other credit unions allow members to have multiple accounts with multiple services under each account.

Ultimately, the best way to set up memberships and accounts depends on the credit union’s preference, provided they adhere to rules of membership and account ownership.

Click here to read the entire article, Shares: Members vs. Account Owners, in the February/March edition of Credit Union Digest on Page 19.

 
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