I’ve been a credit union member for decades and I’ve often wondered why more people don’t choose to join a credit union. When I first joined my credit union there were membership restrictions that included members had to be a employee of the institution or immediate family members. Today (11/2017) that’s not usually the case. Membership to a credit union could be open to the general public.
Most credit unions participate in co-op financial services, which extends their member’s service reach to nearly 5,200 ATM’s with no fees or surcharges associated with making a withdrawal. Another cool feature of co-op financial services is members have the convenience of using a shared branch while on vacation or out of town. Additionally, there is usually no additional cost associated with utilizing banking services within your credit union’s co-op network.
Credit unions offer their members competitive rates on home loans, car loans, credit card and a host of other financial services including money market and CD investments options. There are investment counselors available to assist members with all their financial needs often with no service fees.
To open a credit union account it usually requires a one time nominal deposit of $10 to $15 (consider it membership dues). Banks typical charge a monthly service fee ranging as high as $25 or higher unless minimum daily balances are met for you checking and savings accounts. At my particular credit union there is no monthly service fees associated with minimum daily or monthly balances associated with my checking or savings accounts.
Remember membership at most credit unions are open to general public. Think about it, you could eliminate traditional bank fees and start saving more of your hard earned money today. Don’t be discouraged if one credit union has employee restrictions for membership simply move on to the next.
I encourage you to get in contact with a credit union in your local area today to ask about their membership requirements. Here’s a link to the National Credit Union Administration website to locate a credit union near you.
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