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Share Draft Account

Type Everyday Finance

Share Draft Account

Description  Share Draft Accounts are accounts where a checking facility is provide by means of ‘drafts’. The person holding the account can write a draft in exactly the same way as with a check. The draft can then be used to pay a bill or to send money to another person.

This type of account is available to members of a Credit Union. These institutions have traditionally offered better interest rates and service levels than banks, and nowadays it's normally easy to meet the joining requirements.

There are several ways in which you can make a deposit to such accounts, the principal being by cash through a branch, by payroll deduction and by payment through ATM points.

You can withdraw cash via your ATM card, and by writing drafts (more commonly called checks!). You can also transfer money by telephone or online. Many accounts offer a Visa check card that you use just like a regular credit card, only the sum it is used to pay is deducted from your account rather that provided as short-term credit.

Why in 100 Best?

Share Draft Accounts offer an easy, convenient, and secure way of managing your money. A good account will be completely free, with no charges on checks, cash withdrawals, fund transfers and monthly statements. Your Visa check card will enable you to withdraw cash and make payments worldwide.


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Listing contributed by Andy

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Tags checking accounts, credit union, credit unions

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Best Personal Finance - Guide To Share Draft Account - Description, Pros, and Cons - 4 votes