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Forest Park Federal Credit Union
How to Find a Credit Union
Credit unions sole purpose is to serve their member-owners. A credit union is a not for profit cooperative financial institution. If you are looking to borrow some money to pay for a dream holiday, buy a car or make some improvements to your house, it's likely that your first port of call in looking for finance will be your bank.
The credit union also deals in the same spectrum of services which other financial organizations like banks offer, like share certificates, savings accounts, credit cards etc. For your membership of your credit union, you gain access to lower rates on loans, higher rates on savings and lower fees. The profit conscious organizations are at loggerheads with credit unions because the earnings for credit unions are tax-free.
All proceeds are returned to the members and not some outside source such as stockbrokers. It should be noted that these institutions are not opened to everyone, but just those that are affiliated with the group that it serves. Credit Uniomsgenerally operate in areas where low incomes are common and offer savings and great value loans to customers.
To become a member of a credit union you have to be within a 'common bond' area. Irregular savers are just as welcome to credit unions as those people who are able to save money on a regular basis and usually all members, regardless of the amount saved, are paid the same percentage annual dividend on their savings. Some Credit Union Credit Cards offer amazing password protection as well as zero liability for fraudulent purchases online, in stores and by phone. Some Credit Union Credit Cards offer amazing password protection as well as zero liability for fraudulent purchases online, in stores and by phone. They are usually at the low end when it comes to interest rates and many of these institutions don't charge large fees like most banks do.
This holds true even for mortgage rates and equity loans.
Many young families who are just starting out have very demanding financial needs and most often they are required to stretch their limited dollars. Credit union elections are based on a one-member, one-vote structure. This structure is unlike the for-profit, public companies where stockholders vote according to the number of shares of stock they own.
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