What am I???

What does it mean to be a Member Owner versus a Joint Owner?

Each account at DCECU is opened by someone who is eligible to be a member of the credit union. That person is the account’s Member Owner and has the benefits of DCECU membership, such as voting rights and the ability to apply for loans in his or her name. The Member Owner also is the person for whom the credit union reports information to the IRS regarding interest income or certain loan interest.

A Joint Owner is an individual who the Member Owner, at the time of adding the Joint, consents to allow equal ownership of the account funds and account management. A Joint Owner does not need to be eligible for membership. A Joint Owner who is eligible for membership may apply for his or her own account if the additional benefits of membership are desired.

Joint owners can be added to one of the sub-accounts or they can be added to all of the sub-accounts.

DCECU recently reviewed ownership rights for account holders, and have removed several barriers to making accounts more user friendly for all owners.

Joint Owners are now able to:
  • Add or change ownership (restrictions may apply to minors)
  • Request and complete account number changes
  • Close all shares except the membership account; initiate closure of the membership account (requires the Member Owner’s authorization in writing)
  • Initiate membership when the potential Member Owner is absent
  • Request and receive tax documents for accounts on which they are Joint Owner

We have some additional projects in the works to create a more seamless approach to handling decedent account transfers and managing Safe Deposit boxes; these will be ready to go live late in the first quarter of 2017.

At DCECU, we strive to make it EASY for you to do business with us!


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