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Corpus Christi Teacher Credit Union
Altura Credit Unionmazing Benefits of the Navy Federal Credit Union Credit unions serve people that share ..... How to Find a Credit Union
A credit union is a not for profit cooperative financial institution. Credit unions are community-based financial cooperatives that are owned and controlled by members who are also shareholders. Credit Unions are not for profit institutions.
Originally when credit unions first started popping up, the shareholders usually had something in common, like their church, union, workplace or employer. The main difference is that members actually own the credit union of which they are a member. The profit made by a credit union is distributed among its members in the form of interest or dividend.
The very purpose of the establishment of a credit union is to offer loans to its members whenever they need. Just like a bank offers savings accounts, checking accounts and ATM cards, so does a credit union. As a homeowner, home equity loans allow you to use your equity as the collateral.
Furthermore, dividend payments to savers and the credit union’s operating costs have to be met out of the credit union’s profits, so a strong fund is essential for the credit union's success. If you are looking for something a little less involved there are several other options. Because most of these banks are also small, they can also benefit greatly from becoming a member of a credit union league. Credit unions are just as safe as banks to save money and have plenty of oversight to ensure that they are solvent. All you have to do is prove that you can save before any loan will be offered but once proven, financial assistance will be offered based on how much you can save or tailored to your individual circumstances.
Credit unions provide pretty much the same services as banks but have some important loan-related advantages over banks.
It may be worth retaining an account at your bank alongside credit union membership. Many credit unions have outreach programs into schools. Online banking, free bill pay and investment services are common at credit unions.
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