Share Drafts were developed for Credit Union members and their families as an alternative to bank checking. A share draft looks like a check and is accepted anywhere a check is accepted.
Illinois Educators Credit Union’s Share Draft account has many other advantages over checking accounts at other financial institutions.
These advantages include:
- NO MINIMUM BALANCE REQUIREMENT
- NO MONTHLY FEES
- NO PER-CHECK CLEARING FEES
The only cost our members have is the cost of printing their personal checks, and that fee varies on the style of check chosen. Every new checking account receives their first box of checks free!
- FREE ATM/VISA CHECK CARD
- CARBONLESS COPIES
Our Share Draft accounts are truncated, which means that no cancelled drafts will be returned.
However, all of our check styles are wallet duplicate styles, which means you make a carbonless copy as soon as you write a draft. In addition, each paid draft will be itemized on a monthly statement.
In the event of an overdraft, each share draft is covered by overdraft protection in the form of automatic transfers from up to four other share accounts you authorize. However, our system may only transfer funds above and beyond the $25 minimum balance requirement in your regular share account, as that $25 must remain on deposit at all times.
Courtesy Pay – Protecting Our Members
The response to the Courtesy Pay Program has been outstanding. Members have raved about the benefits, including:
- No more NSF returned checks.
- No more merchant returned check fees.
- Protects your good credit!
Stop by or call for details.