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Chartway Federal Credit Union
Credit Unions - A Friendly Alternative To High-Street Finance
A credit union is a non-profit financial organization that is owned and regulated by its members through a representative electoral board of directors nominated from the membership itself. Edward Filene, a department store tycoon is hailed as the father of credit unions in the United States. If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union.
The Navy Federal Credit Union, which has over 2.5 million members, is regulated by the largest credit union in United States, the NCUA (National Credit Union Administration). Try contacting occupational, fraternal, religious and alumni organizations you are affiliated with to see if they have a credit union you can join. For your membership of your credit union, you gain access to lower rates on loans, higher rates on savings and lower fees.
The Navy Federal Credit Union was chartered around 1952 and serves the needs of close to 40,000 members worldwide. Credit Unions are financial co-operatives owned and controlled by their members. Is becoming a member of a credit union right for everyone?
To reduce the risk of bad investment and to ensure that all savers’ money is not tied up for long periods of time, any money in the control of the credit union must be put into bank deposit accounts, government bonds or other reliable investments. You can get free online account management for Navy Federal Credit Union members, with 24-hours worldwide access, you can view all your accounts online. What does it cost to do business at each credit union? In other words, you get higher interest rates on basic savings (share) accounts, interest-bearing checking accounts and CDs. Michigan's largest independent savings bank, with reported assets of $13 billion, is a member of a credit union league.
There are Federal credit unions which are licensed or chartered under the authority of the National Credit Union administration.
Most major credit unions offer all of the same services as big banks. Make a graph if you need to, so that you can easily and clearly see the advantages and disadvantages of each one. Even after your discharge from services or relocation you can still be a member of your credit union.
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