Final answer:
The minimum amount required for a share account and the one-time non-refundable membership fee vary by institution. They are set by credit unions or cooperatives and are important for financial planning when opening an account.
Step-by-step explanation:
The minimum amount required for a share account, as well as the one-time non-refundable membership fee, can vary depending on the financial institution or credit union establishing the account requirements. Typically, credit unions and cooperatives require a minimum deposit to open a share account, which represents your share of ownership in the institution.
This could range from a nominal amount like $5 to higher amounts. Alongside the minimum deposit, there is usually a membership fee required to join the credit union or cooperative, which covers administrative costs and is not refundable if you decide to close your account.
The exact amounts for the minimum deposit and membership fee should be provided by the specific credit union or cooperative you're interested in joining. These costs are important to consider as part of your overall financial planning and management of your accounts.