![]() This category does not, however, include accounts held in the name of a sole proprietorship. Corporation accounts, together with partnership and unincorporated association accounts are a separateĬorporation, Partnership, or Unincorporated Association Account: An account held in the name of a corporation, partnership or unincorporated association engaged in independent activity.Ĭorporation, partnership, and unincorporated association accounts are a separate account ownership category. Select a specific credit union, you can view further information pertaining to that credit union such as the Profile (contact information, branch locations, and services offered) and financial information such as the validated quarterly CallĬorporation: An incorporated business that includes both for-profit and not-for-profit entities. territory or possession.Ĭredit Union Lookup (also known as Research a Credit Union): This utility provides a text based search criteria and can be used to find a credit union based on a variety of search parameters. 401(d)) or similar provisions of law applicable to a U.S. Any plan described in section 401(d) (Keogh account) of the Internal Revenue Code (26 U.S.C.408A) or similar provisions of law applicable to a U.S. Any individual retirement account described in section 408A (Roth IRA) of the Internal Revenue Code (26 U.S.C.408(a)) or similar provisions of law applicable to a U.S. Any individual retirement account described in section 408(a) (IRA) of the Internal Revenue Code (26 U.S.C.Irrevocable trust agreements often contain additional conditions which must be met before a beneficiary is entitled to receive funds.Ĭertain Retirement Accounts: Certain retirement accounts are a separate account ownership type, and include shares in the following types of accounts: See also Fiduciary Account and Power of Attorney.īeneficiary: A person or entity named or identified in either the credit union account records or in a written trust that will have an interest in the trust upon the account owner's death. The most common ownership categories are: single certain retirement joint revocable trust irrevocable trust employeeīenefit plan corporation, partnership and unincorporated association and public unit.Īccount Records: Account records include signature cards, share certificates, passbooks, account ledgers, and computer records that relate to the credit union's share-taking function.Īccount Share Type: The share instrument (e.g., savings, share draft/checking, share certificate, money market, etc.) into which funds are deposited.Īgent: An individual authorized to act on behalf of another person or entity, the principal.Īgent Account: An account established by an individual or legal entity on behalf of the owner of the funds. Held in an ownership category receive separate NCUA insurance coverage. When the requirements for each ownership category are met, the shares Owner is the insured party on an account.Īccount Ownership Type: A specific form of account ownership as set forth in the NCUA share insurance regulations. An account owner is an individual, business/organization, or government entity. Interest earned and posted by federally insured state chartered credit unions would be part of the account balance.Īccount Owner: The owner of the funds deposited into an account at a federally insured credit union. State chartered credit unions are authorized to pay interest. ![]() Member (which includes other credit unions, public units and nonmembers where permitted under the Federal Credit Union Act) in a credit union of a type approved by the NCUA Board which evidences money or its equivalent received or held by aĬredit union in the usual course of business and for which it has given or is obligated to give credit to the account of the member.Īccount Balance: The dollar amount including principal and dividends earned in the ordinary course of business and posted for any prior accounting or dividend period for a specific account. That are common in legal usage, may have different or additional definitions outside of this context.Īccount or Accounts: Means share, share certificates, or share draft accounts (or their equivalent under state law, as determined by the NCUA Board in the case of insured state credit unions) of a ![]() Disclaimer: The following definitions or terms in this glossary have been provided solely to describe their use consistent with NCUA share insurance coverage. ![]()
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