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The Share Account

The Share Account





The credit union share is the most common form of saving in a credit union. To the credit union member it represents savings and continued membership of the credit union once the member has qualified as a member. Members are not issued share certificates denoting ownership of a share. A record of shares saved by a member is recorded in the members‘ passbook, and this is updated each time the member saves.

Account Features:



Minimum & Maximum Limits;

Withdrawals;

Distributions;





Minimum & Maximum Limits


The minimum number of shares required for membership is £1. The maximum amount a member may save in a credit union is the greater of £15,000 or 1.5% of the total share holdings of the credit union.



Withdrawals


A member can withdraw shares during the credit unions normal opening provided the shares are not pledged against a loan.



Distributions


The shares held by a member during the previous financial year attract a dividend after a resolution is passed at the AGM by a majority of the members.