What is it, How it works, Types, Requirements, Services, Cost, Benefits, Examples & How to Join ?

"Credit Union"

What is a Credit Union ?

A credit union is a not-for-profit financial cooperative that is owned and controlled by its members. It is designed to provide financial services to its members, who typically share a common bond.

How Does Credit Unions Work ?

In a credit union, the members are the owners, and each member has an equal say in the decision-making process, regardless of the amount of money they have deposited.

Types of Credit Unions

There are various types of credit unions, including federal credit unions, state-chartered credit unions, corporate credit unions, and community credit unions, cultural credit unions, among others.

What Services do Credit Unions Offer ?

Credit unions offer a range of financial services, including savings and checking accounts, loans, credit cards, mortgages, financial planning, and investment services, among others.

Who Can Join a Credit Union?

Eligibility to become a member of a credit union varies on the specific credit union, generally it includes individuals who live, work, worship, or belong to specific organization or community.

How Much Does Credit Unions Cost?

The cost of credit unions varies depending on the specific institution and the services offered, but they generally provide lower fees and interest rates compared to traditional banks.

How to Join a Credit Union ?

To join a credit union, typically you need to meet eligibility criteria and then complete an application process which may involve opening an account and making an initial deposit.

click here to read more

Best of Credit Unions

Examples of credit unions include Navy Federal Credit Union, State Employees' Credit Union, Golden 1 Credit Union, Teachers Federal Credit Union, Alliant Credit Union and among others.