How to Get More Information on Credit Unions
One of the main differences between banks and credit unions is membership. To join a credit union, you can live or work in a "charter area," or belong to one of their select employee or association groups.
Check with your employer. Often, you will find out when you are hired that the company sponsors or has access to a credit union.
Many credit unions will allow family members to join.
Ask your family. If your employer does not sponsor a credit union, perhaps your spouse or another family member's employer does. Many credit unions will allow family members to join.
Ask your neighbors. Community fields of membership serve a region defined by geography rather than by employment or family association.
Check the Yellow Pages. You will find a listing of credit unions in your community. Give them a call.
The Credit Union National Association (CUNA) is a not-for-profit trade association of America's credit unions. It was established in 1934 and is governed by a voluntary board of directors. For more information on credit unions and membership, go to their Website at www.creditunion.coop, or use the credit union finder at www.howtojoinacu.org to locate a credit union that is right for you.
A business, with a state or federal government charter, that provides services such as paying interest on deposits, issuing and collecting checks, and making loans, especially to businesses. Shareholders receive part of a bank's profit as a return on their investment in the bank, represented by the stock that they've purchased.
A not-for-profit financial cooperative owned by its members. One is eligible to join a particular credit union if he or she belongs to the field of membership defined in its charter. All members have the right to democratically elect a board of directors. The board gives the credit union's management and staff general instructions. Historically, credit unions encourage thrift among members and provide them with credit at a low rate.
A special kind of corporation dedicated to education or charity, whose stockholders give up all financial benefits.
1. To buy and sell securities for anticipated profit. 2. Commerce, buying and selling, and exchanging of goods for money.
People whom shareholders have elected to oversee the management of a credit union, corporation, or other organization. Directors meet periodically to fulfill their legal responsibility to represent the other shareholders' interests. Although most organizations pay their directors for their services, most credit union boards consist of unpaid volunteers.
