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Central Florida Educator Credit Union
What is a credit union?
There’s a simple way to reduce the amount you spend each year on interest rates and fees and save thousands of dollars in the process, and that is to switch your banking business from a traditional bank to a credit union. The standard means of obtaining credit via banks has become so widespread that it is easy to believe there is no other option, but there may be an alternative in the form of the little known credit union movement. Credit unions are community-based financial cooperatives that are owned and controlled by members who are also shareholders.
The key to becoming a member of a credit union is what is known as the ‘common bond’. However, there is another option that many people don't know exists: the local credit union. Today, most people have access to a credit union by virtue of where they live or work.
There may be a credit union covering the particular industry/place of employment where you or your partner work so it may be worthwhile contacting your payroll department or union representative. It's easy enough to find a credit union, if you are willing to look. Most credit unions don't advertise too much .
No matter if you change jobs or retire from the Air Force or just move away, you could still join the credit union. Interest payments for some loans from credit unions are tax deductible. The Navy Federal Credit Union offers free debit card products like the Navy Federal’s CUCARD® and Visa® Check Card. They are usually at the low end when it comes to interest rates and many of these institutions don't charge large fees like most banks do. If in a divorce they want you to have a legal separation document.
The CUCARD® has generous daily debit limits of up to $5,000, wherein you can withdraw $400 cash every day at any ATM.
Credit union elections are based on a one-member, one-vote structure. Most major credit unions offer all of the same services as big banks. Since the credit union is not for profit and owned and operated by its members, they are usually able to give extremely attractive rates on most loans, such as car loans and even mortgages.
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