When Congress originally gave Credit Unions the authority to offer checking accounts to members, the legal name of these accounts were "share drafts." As far as you are concerned, Credit Union Share Draft accounts are simply interest bearing checking accounts (The Board of Directors approves dividend rates for each type of account each month; SEE RATES).
Credit Union checking accounts are superior to other such interest bearing accounts in the following ways:
All other charges associated with a checking account are assessed on an "as needed" basis. You may be charged an additional fee if you:
There is no regular monthly service charge.
There is no limit on the number checks you may write in a month's time.
A dividend may be paid monthly based on the average daily balance of the account.
There is no printing charge for checks if the member has direct deposit. The initial order of checks is always free.
Write a check when there is insufficient money in your account to cover it.
You place a stop-payment order on a check or pre-authorized debit.
You order an original copy of a check.
You request a special statement or need assistance in balancing your account.