Question

Kayla works at a hospital that has its own credit union. her savings account at this credit union is called a(n)?

Answer 1

Kayla works at a hospital that has its own credit union and her savings account at this credit union is called a share account.

Credit union's main goal is to serve their members, they take the cash that may are profit and instead use it to assist banking concern members. Credit unions typically try this by giving higher rates on savings product and lower interest rates on loan product.

Your savings account represents your share of the banking concern, therefore it's known as a “share account” (or typically a share savings account). Checking accounts at a credit union is called "draft share accounts."

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