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Glynn Teacher Federal Credit Union
How to Find a Credit Union
If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead. A credit union is a non-profit financial organization that is owned and regulated by its members through a representative electoral board of directors nominated from the membership itself. A credit union is a not for profit cooperative financial institution.
This aspect of credit unions is particularly appealing given the increasing alienation many consumers are feeling from mega banks. How does a Credit Union differ from traditional financial institutions like banks and building societies? Of course, you won't find a credit union on every corner, or ATMs at every convenient location that you require.
Fees tend to be much lower at credit unions. Customers, who are members of a credit union, may originate from a particular region, type of industry, or other commonly associated groups. Although each credit union must ensure that enough money is set aside to ensure financial stability, all other profits are used to provide the lowest interest rates for members’ loans whilst returning an attractive rate of interest for its savers.
To reduce the risk of bad investment and to ensure that all savers’ money is not tied up for long periods of time, any money in the control of the credit union must be put into bank deposit accounts, government bonds or other reliable investments. Paying into a credit union is also easy and can be done at local shops, convenient collection points, or can even be taken directly from your salary. 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. ATM usage fees can be up to $2. Members can also use the Visa Check Card at any CO-OP Network and Navy Federal ATMs worldwide, without fees.
There is really no way to gauge service than by either contacting the credit union, or walking in the door.
In order to operate, a credit union must be successful in attracting a sufficiently large amount of savers to enable it to hold sufficient liquidity to enable it to meet members' requests for loans, share withdrawals and overheads. Dora Maxwell and Louise Herring, the mother of credit unions are two ladies who are known to have made it their life time mission to trigger the growth of successful credit union across the face of the entire nation. Most major credit unions offer all of the same services as big banks.
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