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Merrimack Valley Fcu
How to Find a Credit Union
Credit unions allow members to pool their savings, lend to one another, and have a voice in the governance in the organization. If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead. The members of a credit union are its owners who put their own money to run it.
But if you compare convenience with better rates, service and options, you'll quickly realize a credit union is the best way to go. Today, most people have access to a credit union by virtue of where they live or work. All is takes is a simple membership application and the purchase of one “share” in the credit union .
Most credit unions are extremely competitive with the list of services that a bank offers. If a family or household member is eligible to join a credit union you may be eligible to join because of your relationship. 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.
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There is really no way to gauge service than by either contacting the credit union, or walking in the door. These Federal credit unions ensure that their members share accounts through the National Credit Union Share Insurance Fund (NCUSIF) for the security and safety of the credit union. You will not need any collateral, no advance fees. And then, there is service. The Visa Check Card is perfect for Navy Federal Credit Union members who are frequent travelers.
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.
This structure is unlike the for-profit, public companies where stockholders vote according to the number of shares of stock they own. For peace of mind, credit unions have to be registered and regulated by the Financial Services Authority, who also regulates banks, building societies and all other providers of financial services in Britain. From credit cards to car loans, credit unions consistently offer lower rates, better terms and lower fees.
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