|
Credit Federal Killeen Teacher Union
Greenwood Credit Unionmazing Benefits of the Navy Federal Credit Union A credit union is a profit sharing, financial ..... How to Find a Credit Union
Credit Unions are mutual, co-operative societies which are governed by a volunteer Board of directors elected each year from the membership. 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. The popularity of credit unions grew and in the year 1934, there was a genuine need to give different credit unions an industry status.
This aspect of credit unions is particularly appealing given the increasing alienation many consumers are feeling from mega banks. Credit unions offer several advantages over banks and other financial institutions. Credit unions are cooperative financial institutions and are governed by its members.
Like all institutions the credit union needs to make a profit in order to pay staff wages, heat and light, mortgages, and so forth. Even if you need money for your business you still need to borrow money in the manner of a standard member of the credit union. ATMs that belong to credit unions can easily be detected because there is a logo of the credit union at the back of the machine.
Members benefit from being owners because each member then owns a 'share' of the credit union. If so, you may want to add these items to your comparison chart as well. If married both you and your spouse must participate in the loan. No matter if you change jobs or retire from the Air Force or just move away, you could still join the credit union. The borrowed amount against the equity in the home can then be used to meet a wide range of needs.
As the main source of income for a credit union comes from the interest charged on members' loans, it is very important that the credit union be proactive in marketing the benefits and availability of their services.
The Navy Federal Credit Union offers its members with competitive loan rates for mortgages, car loans, equity, education and other kinds of loans. Even after your discharge from services or relocation you can still be a member of your credit union. All money borrowed from or saved with a credit union must be in the name of a member.
|
