Credit union is a very popular financial institution in many developed countries like the US, Canada, and Australia. It is much similar with the bank on how it handles and take cares of your money.
Most of the credit unions existing today are for non-profit. They solely exist for the benefit of their members which in turn can be a good choice for many people who want to get higher earnings from their deposits and avail free services.
For example in Australia, the top credit unions are Community First Credit Union, CUA (Credit Union Australia), EECU, Firefighters Credit Union, First Option Credit Union and Maritime, Mining & Power Credit Union. In the US, there are comparably more credit unions than in Australia. The top credit unions in the US by asset are Navy Federal Credit Union, State Employees Credit Union, Pentagon Federal Credit Union, Boeing Employees Credit Union, and SchoolsFirst Federal Credit Union.
Some people have their own bank account as well as a credit union account. Last time, I wrote an article about how credit union works. You can check the post here if you would like to know what benefits you can get from credit union.
How to Open a Credit Union Account?
It is not difficult to open a credit union account because you can do it in just few minutes of your time. There are two ways to open a credit union account: by visiting a branch and through online application.
When opening an account at the branch, you just need to visit your local credit union branch in order to apply for an account. You need to provide several important information about your job, source of income and other personal data. In addition, you have to bring some ID like your driver’s license or social security card.
You should provide all these information to your credit union when opening an account to verify your identity and source of income. As a credit union member, you can avail and get the same benefits you’re getting from the bank free of charges.
Similarly, they also offer online banking facility to its members and customers. The most important features that you can get from credit union include online banking, personal loan, mortgage, student loan and many other services.
Another way to apply for an account at credit union is through online application. Most of the credit union now particularly in the US and Canada have Internet capability. They are now offering their customers account application via the Internet.
First thing you need to do is to visit the website of credit union you want to apply and fill out the required forms by giving some of your personal information. You can also download an application form from their website to easily open an account in the credit union that you want. This method is almost similar when going to the branch directly; the difference is you do your application from your home or office using your computer hooked up in the internet.
After completing the application period, you can avail all these services with the help of Internet banking or by directly going to the branch. In most cases, credit union is more beneficial than owning a bank account because it offers free services unlike many banks which charge a fee for the same service.
Some people may ask a question about the difficulty on opening a credit union account? Basically, it is very simple and easy to open a credit union account. It is just like a bank account but its services are very different from bank since credit union offers more services which are free of cost.