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People Alliance Credit Union
What is a credit union?
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. If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead. 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 profit conscious organizations are at loggerheads with credit unions because the earnings for credit unions are tax-free. In fact the American Bankers Association made withdrawal of the tax-free benefits to credit unions as its moot point for the last two years. All is takes is a simple membership application and the purchase of one “share” in the credit union .
If you are part of a labor union, chances are the union has a credit union that allows all union members and their families to join. Most credit unions are extremely competitive with the list of services that a bank offers. The Navy Federal Credit Union CUCARD is available to members, who can use this ATM card at any CO-OP Network and Navy Federal ATMs, without any fees, worldwide.
If married both you and your spouse must participate in the loan. There are Federal credit unions which are licensed or chartered under the authority of the National Credit Union administration. 50 per ATM transaction at major banks tend not to be as big an issue at credit unions due to large, cooperative ATM networks which include as many as 25,000 ATMs nationwide. As a member-owner of your credit union, you are entitled to vote on credit union business and elect new board members. While credit unions obviously offer accounts to save and check with, one of the biggest reasons to join are low cost loans.
Credit unions usually grant 100% of the car price so that you do not have to give anything from your pocket.
Although there is no fixed rule for all credit unions, generally you must have saved with them before any assistance is offered. It may be worth retaining an account at your bank alongside credit union membership. 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.
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