Do You Know What "Share Draft" Means?

If you work at a credit union you probably do.  Otherwise the odds go down.

A share draft account is a checking account at a credit union.  The language is a little different, but the product is pretty much the same.  Credit unions call your deposits "shares" because they represent ownership of the institution.

• Basics of Credit Unions

Some, like The Financial Brand, wonder if it makes sense to continue using the term "share draft".  Most customers - or "members" at a credit union - want a checking account, and that's what they'll look for.  There's a poll running at The Financial Brand where you can cast your vote and read views from credit union old-timers.

So, was that news to you?  Is it worth keeping the old credit union language?

Further reading:

• Share Draft Account - Definition