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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:
- Use the online CU Locator
- Poll yout 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.
- 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.
- 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.
- 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.
- Call your state league. In North Dakota, 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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| Find a Credit Union in Your Area |
