You can also typically access your money through online and mobile banking, phone banking or at a local credit union branch. Again, that might include cash withdrawals via ATM card. Some credit unions do, however, offer ATM access as an option.Ĭredit unions allow you to withdraw money from a share savings account at any time. It’s not common to receive a debit card or ATM card with a share savings account, as they’re intended to hold money that you don’t necessarily plan to spend. Similar to a savings account at a bank, you may be able to link your share savings account to a checking account for convenient transfers. Fees, meanwhile, may be lower than what you might pay at a regular bank. Share savings account rates can vary by the credit union, though they can be higher than the annual percentage yield (APY) traditional banks offer to savers. These dividends are a portion of the credit union’s profits that are paid out to its members. Share savings accounts allow you to deposit money and earn dividends on your balance. What Is a Share Savings Account?Ī share savings account is a credit union version of a savings account. The opening deposit for either type of account is usually quite low, often as little as $5. Whether you’re expected to open a share savings account or a share checking account depends on the credit union you’re joining. Opening a share account is typically a requirement to join a credit union. In terms of their basic function and the purpose they serve, share savings accounts and share checking accounts are really no different than savings accounts or checking accounts offered at brick-and-mortar banks or online banks. You may also hear credit union checking accounts referred to as share draft accounts. Share accounts can be savings accounts or checking accounts. A share account represents an individual’s ownership in the credit union. SharePlus Federal Bank is a federally chartered savings bank headquartered in Plano, Texas.What Is a Share Account at a Credit Union?Ĭredit unions are membership organizations in which each member owns a share. SharePlus Federal Bank, Plano, USA Head office, swift, bank profile SharePlus Federal Bank SharePlus Federal Bank is a wholly-owned subsidiary of SP Bancorp, Inc. 1 There are 28 banks that have converted from a credit union, had a credit union merge into them, or acquired a bank that had converted from or merged with a credit union. SharePlus Federal Bank was originally chartered in 1958 as a. (NYSE: YUM) before converting to a mutual federal savings bank in 2004, SharePlus President and CEO Jeff Weaver told HBJ. SharePlus Bank is not active anymore since due to Merger - Without Assistance. The names of those banks, with the original credit union name in parenthesis, are: 1st Security Bank (Washington CU), Affiliated Bank (Affiliated FCU), Allied First Bank (Allied Pilots Association FCU), Atlantic Coast Bank (Atlantic Coast FCU), Bank Financial FCU), Beacon Federal (Beacon FCU and other CUs), Carolina Federal Savings Bank (Sacred Heart of Charleston CU and Roper Employees FCU), Conestoga Bank (IGA FCU), Citizens Community Federal (Community Schools CU), Coastway Community Bank (Coastway CU), Haverhill Bank (Northeast Community CU), Heritage Bank of the South (AGE FCU), Kaiser Federal Bank (Kaiser Permanente FCU), Lusitania Savings Bank (Lusitania FCU), Monadnock Community (AWANE CU), Nationwide Bank (Nationwide FCU), New York Community Bank (Synergy FCU), First Place Bank (Ohio Central FCU), OmniAmerican Bank (Omni American CU), Pacific Trust Bank (Pacific Trust FCU), Umqua Bank (Rainier Pacific FCU), Share Plus Federal Bank (Share Plus FCU), Sound Community Bank (CU of the Pacific), Sunshine Savings Bank (Sunshine State CU), Susquehanna Bank (BUCS FCU), Think Mutual (Think FCU),Thrivent Financial Bank (AAL and AAL Members CUs), and Viewpoint Bank (Community CU). The 227 million SharePlus Federal Bank, the former SharePlus Federal Credit Union, has filed papers with the Securities and Exchange Commission to make the move. ![]() The bank went public in 2010 and then converted to a state. Under the terms of the offering, the Plano, Texasbased banks holding company would issue roughly 1.9 million shares of stock in the bank and expects to raise 18.5 million in capital.
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