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HOW TO GUIDE
How To Do Almost Anything
How to choose a CREDIT UNION
Tips:
Ask to see the credit union latest financial report
Check with your employer to see if your company is associated with a credit union
or is interested in joining one.
You may be able to join a credit union if you have a family member who belongs
to a credit union. |
When you think about saving money you usually head to a bank. What you don’t
know is that you might be qualified to open an account with a credit union. There
are many advantages to being a credit union member.
Credit union members are joined together by some common factor. Chances are someone
you know belongs to one of three different types of credit unions: association,
community or occupation-based.
Most credit unions adhere to the philosophy that, "when you become a member, you
become a member for life", no matter where you might relocate.
Credit unions are financial co-operatives, owned and controlled by its members,
for its members. They exist to service the financial needs of their community,
on a not-for-profit basis and to retain members’ savings in their communities
to the benefit of all its members.
Having a vote and taking an active part in how your money works for you is one
of the advantages of credit union membership. Being member owned you’d also find
that you are treated to friendlier service, fewer fees, and better rates. When
choosing a credit union, be sure and inquire about your basic needs: what are
the fees for checking accounts. Do I have to keep a minimum balance in the account
to keep it active? Do they offer over draft protection and what are the fees?
Are there any special savings accounts similar to Christmas accounts, vacation
accounts that you can take advantage of? Request information about their ATM locations,
branch offices and hours. Do they provide a 24-hour telephone link line to your
accounts? Do they have a waiting period between becoming a member and applying
for a loan? What are their current interest rates?
What are they paying on savings accounts and are they offering any special rates
for new monies? You want to be assured that your money is safe, don’t forget to
inquire about the credit unions insurance.
Banking with a credit union can be a pleasurable experience. If you do the research
you might discover that a credit union is the right choice for you.
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