Arizona § 6-553 - Deposit accounts
Full text of Arizona Arizona Revised Statutes § 6-553 — Deposit accounts, with citation guidance and answers to common questions.
§ 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.
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.
Frequently Asked Questions About Arizona § 6-553
What does Arizona Revised Statutes § 6-553 cover?
Section 6-553 ("Deposit accounts") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 6-553?
A common citation format is "Arizona Revised Statutes § 6-553" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 6-553 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.