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Desert Schools Federal Credit Union
What is a credit union?
The popularity of credit unions grew and in the year 1934, there was a genuine need to give different credit unions an industry status. The members of a credit union are its owners who put their own money to run it. Credit unions are community-based financial cooperatives that are owned and controlled by members who are also shareholders.
This aspect of credit unions is particularly appealing given the increasing alienation many consumers are feeling from mega banks. The key to becoming a member of a credit union is what is known as the ‘common bond’. To find a credit union in your area, visit the credit union locator page on the Credit Union National Association web site.
If you are affiliated with a group that has a this type of financial facility, definitely look into the many products and services that a credit union can offer you. Because of this, credit unions welcome everybody from within the common bond regardless of income, employment status or age and also – and perhaps more crucially, regardless of your credit rating or if you are unable to save a regular amount. 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.
However, bear in mind that if you can't find a deal to suit, or if the bank says 'no' it might be worthwhile having a chat with your local credit union - they might say 'yes'. This comes as a strong point in favor of the credit unions. By teaming up with each other, the credit unions will be able to expand their network and provide their members with more options for ATM transactions. They don’t want you enrolled in any credit counseling or credit repair program. If so, you may want to add these items to your comparison chart as well.
You will not need any collateral, no advance fees.
Overall, credit unions offer an easy and convenient way to save and borrow and can provide a focal point for a community by bringing people together, to both help each other and to help the community as a whole. Many young families who are just starting out have very demanding financial needs and most often they are required to stretch their limited dollars. Being a member of the Navy Federal Credit Union can save you hundreds of dollars.
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