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| Credit Unions exist only to serve their member-owners. Consumer
surveys repeatedly show members are more satisfied with the service
they receive from their credit union than are customers of banks or
savings and loans. |
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Six Ways to Join a Credit Union |
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Credit unions are for everyone, but the law places some limits on the people they may serve. A credit union’s charter defines its “field of membership,” which could be an employer, church, school or community. Anyone working for an employer that sponsors a credit union, for example, is eligible to join that credit union. Or, anyone living in or near a community that has a community-chartered credit union qualifies to become a member of that credit union.
If you don’t currently belong to a credit union, here’s how to find a credit union in your area to join:
1. Use the online CU Locator
2. Poll your family. Does your spouse’s employer sponsor a credit union? Most credit unions allow credit union members’ families to join. Each credit union, however, may define “family” differently. At some, only members of your immediate family are eligible. At other credit unions, family may include extended family members, such as cousins, uncles and aunts.
3. Ask your boss. The company or organization that you work for may sponsor a credit union, or may be a select employee group (SEG) that has access to a credit union. Many employers offer direct deposit of payroll to the credit union.
4. Quiz the neighbors. Some credit unions have a “community” field of membership, serving a region defined by geography rather than employment or some other association. Ask friends in the community if they know of a credit union you may join.
5. Read the yellow pages. Some credit unions rarely advertise, so you might not know about them unless you look them up. A yellow pages display ad may state a credit union’s field of membership. If not, at least you’ll know what number to call to ask about membership eligibility.
6. Call your state association. In the Dakotas, you can call 1-800-279-6328 to speak to someone who can assist you in finding a credit union in your area. Or, call the Credit Union National Association to help you find a credit union at 1-800-358-5710. You’ll hear an electronic message that includes the name and telephone number of a person at the credit union league in your state who can help you find a credit union to join. |
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Why Join a Credit Union |
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Credit unions exist only to serve their member-owners. Consumer surveys repeatedly show members are more satisfied with the service they receive from their credit union than are customers of banks or savings and loans. Credit unions are democratic organizations directed by their members. Members have the power to direct credit union policy and, if dissatisfied, can even replace the board of directors. Credit unions practice a one-member, one-vote philosophy for all elections, unlike for-profit financial institutions whose stockholders vote according to the number of shares of stock they own. The credit union nonprofit status enables them to operate at a lower cost than many for-profit institutions and helps them to offer competitive loan and savings rates. |
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CU Locator - Find a Credit Union in your area |
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Click here to find
a Credit Union near you. |
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