Credit Union Share & CD Accounts

hanover1010 | Jun 30, 2023 | 6 posts since 2022

Can a credit union share account title & CD be titled differently?

Example:

Share Account Titled John Smith

CD under same share account Titled John Smith & Jane Smith ( therefore 500K insurance)

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Answers

Capper | Jun 30, 2023 | 50 posts since 2018

I think so in your scenario. You are just adding a joint owner to the CD. The only thing you couldn't do here is have a CD just under Jane because she is not an owner under the Share Account. As an example, I have a Share Account with GTE that is joint between my spouse and myself. I then have some CD's titled the same way, jointly. Then because we were maxed out on the insurance coverage for the joint CD's, I opened a new one just under myself.

txFish1 | Jun 30, 2023 | 476 posts since 2023

Not sure if this is the same scenario but I had a car loan through EECU in Ft Worth TX and the share account was in my name only. A few years later they had some really good jumbo CD rates and I wanted to open a joint jumbo CD but at this particular credit union I had to add my wife to the share account to get the 500K coverage on the joint CD. As Capper mentioned then you can also open single accounts to add more NCUA coverage if you like.

IGR | Jun 30, 2023 | 580 posts since 2020

Maybe, it depends.
there is no CDs with Credit Unions, only Shares representing CU Ownership rather than Deposit; Member Share, Savings, Certificate, Checking are all types of Share.
While it is possible to have Joint Share, every Share owner has to be CU Member with individual Member Share Account.
The rest depends on CU choice of running the Books. if CU is GTE like and records Accounts with individual numbers, then yes, different titles possible.
If CU like many others records additional Share types as SubAccounts then the title is set at the Member Share level. The same goes to Beneficiaries, either per Account or per Membership

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