|
Three Rivers Fcu
1st Community Federal Credit Unionmazing Benefits of the Navy Federal Credit Union Credit unions sole purpose is to serve their member-owners. If you've been feeling like small ..... What is a credit union?
If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union. A credit union is a not-for-profit, cooperative financial institution that is owned and controlled by its members. If you've been feeling like small potatoes at your bank lately, it's probably time to start looking at a credit union instead.
With a mere $5 (or maybe a bit more) deposited into a credit union account, you've become a shareholder, instead of just a customer like at a bank. The Navy Federal Credit Union focuses on money management programs that could support the needs of its members. The emphasis of the credit unions is service, unlike banks whose main motivation is profit maximization.
Each year, your local credit union holds an annual election and meeting where members select candidates for the Board of Directors from among its members to represent them in setting the policies of the credit union. There are about 11000 credit unions in the United State. The Navy Federal Credit Union was chartered around 1952 and serves the needs of close to 40,000 members worldwide.
Looking around can pay off in spades. You can manage your money from share savings to your checking account. Talk to friends, family or coworkers, and ask them about any credit unions they have heard about, or have used themselves. Credit unions provide pretty much the same services as banks but have some important loan-related advantages over banks. If married both you and your spouse must participate in the loan.
Credit unions differ from banks in several respects.
All you have to do is compare them all by convenience, rates, products and services. 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 unions are not just a means of obtaining cheaper loans.
|
