Field of Membership
What Is a Field of Membership?
Field of membership refers to the group of individuals who are eligible to join a credit union. Credit unions define membership based on shared characteristics such as employment, geographic location, association membership, or community affiliation.
This eligibility requirement is often called a “common bond.”
Why It Matters
Field of membership rules help credit unions maintain their cooperative structure and ensure that members share a meaningful connection. These requirements also help define the credit union’s service community.
Understanding membership eligibility helps individuals determine whether they can join a particular credit union.
How Field of Membership Works
Credit unions establish their field of membership through their charter.
Common eligibility categories include:
- employer-based membership
- geographic community membership
- association membership
- family relationships with existing members
Once an individual qualifies and becomes a member, they typically maintain membership for life.
Field of Membership vs Common Bond
- Field of membership describes the eligible membership group.
- Common bond refers to the shared connection that links members within that group.
FAQs About Field of Membership
Can anyone join a credit union?
Membership depends on whether an individual meets the credit union’s field of membership requirements.
Do family members qualify for membership?
Many credit unions allow family members of existing members to join.
Does membership remain if eligibility changes?
In most cases, once membership is established it remains valid.
Related Terms
