Ownership Share

The purpose of the Ownership Share is to establish a physical representation of the "ownership" component of membership in USE Credit Union. Members are owners. This distinction is one of the core elements that separate and differentiate credit unions from banks. As long as the Ownership Share account is open, you may enjoy all the benefits of membership.

To establish an Ownership Share, a deposit of $5.00 is required. You are not able to deposit more or less than $5.00. This share does not earn interest, and it is not charged any fees. The $5.00 is "held" in this account until you elect to close the membership and withdraw the $5.00. This is not a membership fee - it is your own money, held on deposit at USE to be returned to you if and when you decide to close your membership.

To be eligible for membership at USE Credit Union, you must open and maintain an Ownership Share, as required by the Credit Union's bylaws. A joint tenant on any account offered by this Credit Union cannot vote, borrow money, or hold office, unless the joint tenant is within the field of membership and is also a qualified member, reflected by their own Ownership Share. The minimum required to open and maintain an Ownership Share is the deposit of $5.00. You are not allowed to make any deposits or withdrawals to or from this account. No dividends accrue on the Ownership Share. No funds in the Ownership Share may be pledged by any or all of the owner(s) as collateral security for any loan(s). All other terms and conditions of your Account Agreement & Disclosure Statement and Truth in Savings Disclosure Statement will remain unchanged and continue in full force and effect.