Telco Credit Union is a full service not-for-profit financial institution serving over 10,000 members. With offices located in Tarboro, Rocky Mount, and Greenville, NC, we serve surrounding areas. Members of Telco Credit Union receive returned profits, higher dividends on savings, lower interest rates on loans, and much more. If you’re interested in our services or in becoming a member, contact us today!
One of our many services at Telco Credit Union is the ability to open share draft accounts, including share draft checking accounts and share savings account. What exactly is a share draft account? A share draft is a type of draft that credit unions use in order to access funds in individual accounts. They are the equivalent of personal checking accounts at banks. Share drafts are also the equivalent of bank checks. Shares represent membership in a credit union, and credit union members write drafts (checks) as a way to access the value of their ownership in the credit union.
Since credit unions are owned cooperatively, members do not make deposits like they would at a bank. Instead, they purchase shares. Shares don’t earn interest but they do earn dividends. Share draft accounts don’t usually carry monthly fees or minimum balance requirements, which is another difference between these types of accounts and checking accounts at traditional banks.
At Telco Credit Union, we offer both share draft checking accounts and share savings accounts. For our share draft checking accounts, there is no minimum balance required, and these accounts are interest bearing. We also offer overdraft protection loans and free checks for members over 55 years old. In addition, we offer a debit card with every share draft checking account. You can access your account online, order checks by phone, and pay bills online as well. The requirements to open a draft checking account include a $25 deposit, no NSF activity from other banks, and you have to be at least 16 years old to open an account.
As for our share savings accounts, we do not charge monthly fees, and the dividend rates are competitive. If you open a share savings account with us, an ATM card is available, and the minimum balance is only $5. We offer direct deposit options for share savings accounts, and you can apply for loans as well. For this type of account, you must be at least 15 years old to apply, and it only costs $5 to open and maintain. You either must work for one of our sponsors or have an immediate family member who is already a member of Telco Credit Union. This includes mother, daughter, sister, wife, grandmother, father, son, brother, husband, grandfather, or grandchildren.
At Telco Credit Union, we want to help you achieve all your financial goals. Give us a call today!