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LSDefine
Simple English definitions for legal terms
share account
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A quick definition of share account:
A share account is a type of bank account that a member maintains at a credit union. It works like a checking account at a bank and can be used to pay third parties through share drafts.A more thorough explanation:
A share account is a type of account that a member maintains at a credit union and can be drawn on through the use of share drafts payable to third parties. It operates much like a checking account at a bank.
Example: John is a member of a credit union and has a share account. He can use share drafts to pay for his bills and expenses.
This example illustrates how a share account works and how it is similar to a checking account at a bank.