Share Drafts

Credit unions and banks offer many accounts that have a number of similarities which might lead you to think they are essentially the same thing, but with different names. For example, a bank might offer a checking account while at Sky Federal Credit Union we offer a Share Draft account. Despite their similarities, there are significant differences between how these two types of accounts function.EZPay bills

family picCheck vs. Draft

  • When you deposit money into a bank checking account you can withdraw those funds on demand, typically by writing a check.
  • When you deposit money into Sky Federal Credit Union share draft account, you are actually buying shares in the credit union! Your deposits are still your money and you are able to withdraw those funds in several ways.

Customer vs. Member

  • Deposits in a bank checking account represent a loan to the bank. The bank is a private commercial business, and you are the bank’s customer.
  • Deposits in a Sky Federal Credit Union share draft account buy shares in the credit union. Credit unions are cooperative savings institutions that are owned and operated by its members. When you buy shares in a credit union, you become a part-owner, you become our member!

Sky FCU share draft accounts usually carry lower monthly fees and lower minimum balance requirements than many bank checking accounts.


At Sky Federal Credit Union we offer a few different share draft accounts.  Click on each of the account names to learn more:

Basic Checking

Sky Secure Checking with IDProtect®

High Yield Checking

Health Savings Account (HSA)

We also offer Business Share Draft accounts, click here for more information about all of our Commercial Products.


Share Draft accounts were created under the Consumer Checking Account Equity Act of 1980. They allow credit union members to access their share balances by writing drafts on their accounts, withdrawing funds at an automatic teller machines (ATMs) or through use of a debit card. As a transaction account, your share draft account is not limited on the number of pre-authorized, electronic, automatic, or telephone transfers that can be completed within the month, unlike a Regular Share Account which must comply with Regulation D. Share draft accounts allow for an unlimited number of checks to be written, and one of their benefits is that they are secured with federal insurance.


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Your Sky Federal Credit Union share draft account is federally insured by the National Credit Union Administration (NCUA) with a aggregate share total up to $250,000 per depositor and ownership category.



If you have any questions or would like more information on our different Share Draft products please call a Financial Services Representative at (800) 445-3328.

Federally Insured by NCUA