Query re account

[Optimistic]

Hi,
A friend and his wife have an account with the local credit union. Their child's children's allowance was paid into the account.
My friend got a statement recently showing zero for balance and zero for loan and then a figure for shares. Is this figure for shares the amount of money lodged in the account before withdrawal or does it relate to something else? I think it does, but want to check. I really appreciate any comments given. Thanks.

[Slim]

Originally Posted by Optimistic

Hi,
A friend and his wife have an account with the local credit union. Their child's children's allowance was paid into the account.
My friend got a statement recently showing zero for balance and zero for loan and then a figure for shares. Is this figure for shares the amount of money lodged in the account before withdrawal or does it relate to something else? I think it does, but want to check. I really appreciate any comments given. Thanks.

Savings in a Credit Union are usually referred to as shares. The zero balance would be loan balance. Statements are laid out differently depending on the IT system in use, but that is what I would guess. Get your friend to check and ask for a complete statement since account opened.

[Billo]

Originally Posted by Slim

Get your friend to check and ask for a complete statement since account opened.

That statement would probably be available online. Mine is anyway.