Credit Unions 101
If you're not interested in traditional banking services, becoming a member of a credit union is an option.
Does your company offer enrollment in a credit union? Is a new credit union opening in your neighborhood? See our profiles of credit unions close to you.
It's hard to know if you should join a credit union if you don't know what they're all about. Here's what you need to know to help you make a decision:
What is a credit union?
A credit union is a financial institution that offers many of the same services as a bank. However, credit unions are not-for-profit cooperatives and member-owned.
Members (typically those with a common affiliation, such as members of a labor union or area of residency) pool their savings and lend to one another. Credit unions typically offer services at much lower interest rates than banks, but also are subject to stringent national and state regulations.
How to join
The law places some limits on who can join a credit union. If you are interested in joining one, here are some steps to take to promote your eligibility:
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