Savings accounts at credit unions are called share accounts. The heart of an account at CWCU is a Regular Share account (S-0). In order to earn dividends in a primary or regular share account you must maintain a $5.00 minimum balance. Dividends are calculated based on the average daily balance method, and are credited to your account monthly.
|0.05% Dividend Rate||0.05% Annual Percentage Yield|
Question: What are "Regular" shares?
Answer: When you open an account at Central Wisconsin Credit Union, you must open a regular share account with a deposit of $5.00. This minimum deposit must be maintained and your account will not be allowed to go below the minimum $5.00, unless it is closed.
Question: Why is my savings account called a "share" account?
Answer: When you open a regular share account with the minimum $5.00 deposit, that deposit is the equivalent of one voting share at the Credit Union's annual meeting. Everyone who maintains the minimum $5.00 balance in their regular share account has one voting share. You are not allowed to accumulate more than one voting share, regardless of how many "regular" share accounts you may have. This maintains equality within the credit union.
Question: Is the minimum $5.00 required in all my other account types?
Answer: No. The only account type requiring the minimum $5.00 balance is regular shares. All other account types can be drawn down to a zero balance.
Question: So, if I own one voting share like everyone else, am I considered an "owner" of the credit union?
Answer: Yes. That one voting share that you own, the same as everyone else, makes you an OWNER of the credit union. As an owner, you have a right to say how the credit union is run, and you can voice you opinions, thoughts and concerns each year at the annual meeting.
Question: Does Management or the Board of Directors own more than one voting share, like in other companies?
Answer: No. That's what is so cool about credit unions. Management and the Board of Directors own only one voting share like everyone else. Also, size might matter in some things, but not here. Regardless of the size of your account, everyone's vote carries the same weight.