How Credit Union Works

Do you have any idea what is a credit union? A credit union is a financial cooperative that works for the benefit of its members. Normally, a credit union is managed by board of directors, much as the same as like a publicly listed company in a stock exchange.

Some of the top credit unions in the US by assets, for example, are the Navy Credit Union, State Employees’ Credit Union,Pentagon Federal Credit Union, Boeing Employees Credit Union and SchoolsFirst Federal Credit Union.

It has a primary goal of giving benefits to the community and members they served. The members of credit union can get many perks in terms of economic assistance and other financial benefits.

How a credit union works in different countries maybe also be different in some ways and features. The job and task of a credit union is very specific and unique from other organizations because it works in behalf of its members and employees.

credit union

Like what I said before, a credit union gives good benefits to their members by providing the right products and services. It is not difficult to join a credit union instead it is a very simple process for those who want to get an account with them. Anyone can join a credit union in your area provided you will go to the application process.

Students, farmers, business-related people, teachers and those interested in joining credit union can easily be a member by completing and filling a form online. Most of the credit unions nowadays have the online process for opening an account. If you want to join credit union, then you may visit any branch nearest your place and ask the requirements. Other way could be visiting their website to learn more about how to open a new account.

The features, services and products of a credit union is almost the same as bank. It uses nearly the same terminologies just like the bank are using for example: online banking, credit cards, share accounts (savings account), share draft account (for bank’s checking account) and share term certificate (for bank’s certificate of deposit).

Many surveys and reports show that many customers are more satisfied with the products and services of a credit union than a bank does since it brand itself as a non-profit, service-oriented financial institution that works for the sake of its members. However, you should also make your own due diligence when choosing the right place for your money. It will be better if you can have both: a credit union account and a bank account.