Membership Share FAQs
Your Membership Share holds your ownership share in UNFCU. The current ownership share is $25.00. Since the Membership Share is not an account, it does not pay dividends. You cannot conduct transactions from the Membership Share. Members will only receive the $25.00 in their Membership Share if they choose to close their UNFCU membership.
We will automatically move $25.00 from your savings and checking accounts to your Membership Share. We will check your savings and checking accounts daily until we can move $25.00 to fund your Membership Share.
We will move up to $25.00 in increments if the full amount is not available at one time. We will automatically move the available amount within 24 hours of you depositing it to your savings and checking accounts. We will not move money from any share certificates you may have with us since they are fixed term accounts.
We moved $25.00 of it to fund your Membership Share. We removed the hold on the remaining $25.00 so you have full access to the money.
The only change is that the minimum balance requirement for those accounts is now $25.00. This means that $25.00 of your savings account balance will be on hold. If a minor with a child/minor account becomes a UNFCU member at the age of 18, we will use the $25.00 to fund their Membership Share.
Credit unions are cooperatives of members who are also owners of the organization. This is a key difference between credit unions and banks. All credit union members are therefore required to purchase an ownership share to reflect their status as owners. This ownership gives members the right to vote for their credit union's Board of Directors.
You can see your Membership Share on the My Accounts page of Digital Banking. It will also be displayed on your monthly statements.
With the launch of the Membership Share, you may choose to close your Membership Savings account. You simply need to have at least one UNFCU savings or checking account.
To minimize confusion, we also plan to rename the Membership Savings account. Starting on 24 September, the account will be called a savings account.
You need to have at least one other savings or checking account that does not have a fixed term. Share certificates are fixed term savings accounts.
Yes, it will be included in the daily average balance calculations that we conduct for Member Loyalty Rewards.
Even though it is not an account, the Membership Share may appear on the tool since it is viewable on Digital Banking. You might also receive a notification alert once it is created. Keep in mind that you cannot deposit money into or withdraw money from the Membership Share while you remain a UNFCU member.