Arizona Laws 6-553. Deposit accounts
A. A credit union may only accept deposit accounts from its members, employers of members, sponsors of profit or pension trusts of those members, other credit unions and governmental units, and from nonmembers in the case of credit unions serving predominantly low income members in accordance with nonmember deposit requirements of the national credit union administration for federal credit unions, and subject to the terms, rates, limits and conditions established by the board of directors.
Terms Used In Arizona Laws 6-553
- Capital: means share accounts, reserves and undivided earnings. See Arizona Laws 6-501
- Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
- Deposit account: means a balance other than a share account held by a credit union including balances designated as special investment accounts, deposits, certificates of deposit, certificates of indebtedness, demand deposit accounts or other similar names. See Arizona Laws 6-501
B. The credit union may pay interest on deposit accounts at various rates with due regard to the conditions that pertain to each type of account such as minimum balance, notice and time requirements.
C. A deposit account is a debt owed by the credit union to the account holder. Ownership of a deposit account does not confer membership or voting rights and does not represent an interest in the capital of the credit union.