| What is a credit union?A credit union is
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| | union business and elect new board
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| a not-for-profit, cooperative financial
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| | members. You can also serve on your
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| institution that is owned and controlled
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| | credit union's volunteer board or one of
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| by its members. Credit unions serve
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| | its committees. Credit union elections
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| people that share something in common
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| | are based on a one-member, one-vote
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| such as an employer or place of worship.
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| | structure. This structure is unlike the
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| Credit unions allow members to pool their
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| | for-profit, public companies where
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| savings, lend to one another, and have a
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| | stockholders vote according to the number
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| voice in the governance in the
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| | of shares of stock they own.Once you
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| organization. This aspect of credit
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| | become a member of the credit union you
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| unions is particularly appealing given
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| | always remain a member - as long as you
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| the increasing alienation many consumers
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| | maintain an account. Even after your
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| are feeling from mega banks.Credit unions
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| | discharge from services or relocation you
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| are similar to banks in that they offer
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| | can still be a member of your credit
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| many of the same services such as check
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| | union.
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| and savings accounts as well as loans.
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| | Again, because you are a member-owner of
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| Deposits are also federally insured with
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| | your not for profit credit union you
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| credit unions as they are with banks.
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| | derive financial benefits that are
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| Credit unions combine these services with
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| | reserved for stock holders at for profit
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| many other benefits such as personal
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| | banks. In other words, you get higher
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| service, generally lower interest rates
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| | interest rates on basic savings (share)
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| and higher investment returns.
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| | accounts, interest-bearing checking
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| Steps to take to find a credit union to
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| | accounts and CDs. Many credit unions also
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| join.Contact your employer to see if your
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| | pay "bonus" dividends in especially good
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| company provides this benefit. If not,
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| | years.
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| ask them to consider making the valuable
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| | Credit unions also offer lower interest
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| benefit of credit union membership
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| | rates on credit cards and loans than
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| available. If a family or household
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| | banks. This comes as a strong point in
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| member is eligible to join a credit union
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| | favor of the credit unions. Many young
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| you may be eligible to join because of
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| | families who are just starting out have
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| your relationship. Also, try contacting
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| | very demanding financial needs and most
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| occupational, fraternal, religious and
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| | often they are required to stretch their
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| alumni organizations you are affiliated
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| | limited dollars. From credit cards to car
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| with to see if they have a credit union
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| | loans, credit unions consistently offer
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| you can join. is also a good source to
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| | lower rates, better terms and lower
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| use when searching for a credit
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| | fees.This holds true even for mortgage
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| union.What are benefits of a credit
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| | rates and equity loans. Credit unions are
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| union?Because credit unions are
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| | known to provide better and competitive
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| democratic, member-owned cooperatives,
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| | mortgage rates and equity loans. Not only
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| every member, regardless of account size,
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| | are the rates low, but closing costs
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| has a voice in governance. Each year,
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| | generally are much lower than those paid
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| your local credit union holds an annual
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| | through a conventional lender.Your local
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| election and meeting where members select
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| | credit union helps you make the most of
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| candidates for the Board of Directors
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| | your money. From personalized service to
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| from among its members to represent them
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| | low interest and high returns its easy to
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| in setting the policies of the credit
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| | see why 89 million members depend on a
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| union. As a member-owner of your credit
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| | credit union to meet their banking needs.
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| union, you are entitled to vote on credit
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