Credit Union Members

Dec 15th, 2014     Credit Unions

Credit Union members are none other than the customers of the credit unions. Customers are known as members once they signed up with the credit union. Members of the credit union are the owners who share a part of the business. All the members have to participate while being a part of a credit union.

Who can be a member of a credit union?

To be a member of a credit union the customer should be eligible for the same. In many cases this depends on the existing members of the credit union. Some credit unions require special features such as certain locations, interests, place of work, friends, family etc. New credit unions are usually set up by people who have a strong bonding among themselves. When they understand that their financial requirements and preferences can be met together as a group, then, they might as well start a credit union.

Member’s Management

As the member of the credit unions are the owners of the credit union they manage the credit unions, however, employees are hired to run day to day operations at the branches. If the members have different interests and opinions then decisions are taken via voting system. Every member is eligible for one vote only. Voting doesn’t depend on the amount deposited in the accounts. All share equal right to vote, without discrimination.

Usually the main decisions are taken by board of directors who are voted and set up by all the members. Usually credit unions are formed when people have a good bonding among them; hence consequences of clashes are few. However, there is a possibility for the same due to human tendency.

Voting System

How to become a member of a Credit Union

If you’re interested to be a part of a credit union, then check information online about the credit unions in your geographic location. If you find a credit union, wherein there is a requirement for members and wherein you meet the criteria for becoming a member. Then fill the form online or go to the respective credit union branch and follow the steps of becoming a member.If you’re interested to be a part of a credit union, then check information online about the credit unions in your geographic location. If you find a credit union, wherein there is a requirement for members and wherein you meet the criteria for becoming a member. Then fill the form online or go to the respective credit union branch and follow the steps of becoming a member.

If you’re aware of friends, colleagues or family who are already members of credit unions, take information from them and check if you’re eligible and open an account with credit union. It’s a must to meet the criteria to become a part of credit unions.

You can be a member of two or more credit unions provided your eligible to open the accounts while meeting the respective criteria set up by the members of the credit union. A proper research through the internet or from family and friends shall certainly help you find a reliable credit union, wherein you can enjoy the benefits of earning high interest on savings or else paying less interest on loans compared to that of banks.

Services and benefits enjoyed by members of credit unions

Members of credit unions are also the owners; hence they get special attention and superior service while enjoying profits of the credit union. As there are no shareholders involved in credit unions, the members share the profits among themselves. Credit union enjoy other benefits and services, such as

Free checking account or low fee checking account: Some credit unions provide its members with free checking account; such accounts don’t require any minimum balance to be maintained. It’s also likely that most of the credit unions offer checking accounts with low maintenance balance and low fees.

High interest rates on Savings, Money market accounts and CD’s: Credit unions usually offer high interest rates for deposits.

Low interest on Mortgage and Loans: Members of credit unions can take loans and mortgages while paying low interest for them.

Credit cards with low fees and interest rates: Members of credit unions can enjoy paying low interest on credit cards, also they generally have an annual fees which is comparatively low.

Insurance: Members of federal credit unions have insurance coverage up to $250,000 by the NCUA; therefore they are assured that their money is safe. Other credit unions have private insuranceInsurance: Members of federal credit unions have insurance coverage up to $250,000 by the NCUA; therefore they are assured that their money is safe. Other credit unions have private insurance.

Online banking: Members of credit unions can use almost all the features of online banking, right from international payments to checking balance online.Online banking; Members of credit unions can use almost all the features of online banking, right from international payments to checking balance online.

Direct Deposits, Standing Orders and Wire Transfers: Members of credit unions can set up and use all these features to make their payments on time.

Investments and Safe Keeping: Members of credit union can use investment services and safe keeping services too.Investments and Safe Keeping: Members of credit union can use investment services and safe keeping services too.

We can clearly see that credit union members enjoy a varied range of benefits and services while sharing the profits too.


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  1 Comment

  1. rick schultz

    1 year ago  

    I am trying to acquire a couple of Golden 1 coffee mugs. I talked to the branch manager at our Jackson branch, and she told me the P.R. department does not provide them with mugs. What does it take to get a couple of the fantastic mugs?

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