|
Concho Educator Federal Credit Union
Hawaii State Employee Fcudvantages of Using a Credit Union A credit union is a non-profit financial organization that is ..... What is 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. If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead.
In fact the American Bankers Association made withdrawal of the tax-free benefits to credit unions as its moot point for the last two years. It’s common to find many communities across the country whose residents can join the local credit union. The key to becoming a member of a credit union is what is known as the ‘common bond’.
Credit unions can charge less because they’re owned by their members and not by outside shareholders. You can get a loan for the new bike you’ve been wanting or just a nice stereo system you’ve had your eye on. Each year, your local credit union holds an annual election and meeting where members select candidates for the Board of Directors from among its members to represent them in setting the policies of the credit union.
What does it cost to do business at each credit union? Talk to friends, family or coworkers, and ask them about any credit unions they have heard about, or have used themselves. The Navy Federal Credit Union provides its members with low-rate Visa and MasterCard credit cards, with high credit limits and no cash advance or balance transfer fees. There is no need to shop around for a car loan or to ask the car dealer to offer the car on hire purchase since you can always take out a loan from your credit union. Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent.
Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent.
Although there is no fixed rule for all credit unions, generally you must have saved with them before any assistance is offered. Most major credit unions offer all of the same services as big banks. Once you become a member of the credit union you always remain a member - as long as you maintain an account.
|
