An interest-bearing checkbook deposit with up to six preauthorized third-party transfers out of the account, only three of which may be by check, is known as a share account.

Question

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A share account is a savings or checking account at a credit union, not specifically defined by the number of transfers or checks allowed. The description given matches more closely with a money market account, which often has restrictions on the number of transactions.

An Interest-Bearing Checkbook Deposit with Up to Six Preauthorized Third-Party