There are many types of credit unions and each falls into one of these specific categories. Find the right credit union that shares a common bond with you.
Employer credit unions – The credit unions that fall in this category serve a particular company or group of companies. You must be a current employee of a company to join, belong to an organized union (e.g. teachers, police officers, government workers etc) or in some cases retired from a company.
Group credit unions – Your affiliation with a particular association can make you eligible to join. These group focused credit unions include military, church groups, alumni associations, or service organizations.
Local credit unions – Usually known as community credit unions, local credit unions serve individuals within a specified community. You must live, work or worship in a particular area in order to join a community credit union.
Federal credit unions – These credit unions serve a larger group of individuals and joining one doesn’t have as many limitations as the others described. Most credit unions that fall into this category serve a national audience.
Your takeaway? Almost anyone can join a credit union. You might realize you are eligible to join many and not just one.
You can even ask family members if they belong to a credit union. Influenced my pro-credit union ways, a friend of mine asked her sister if she was a member of a credit union. My friend became a member of her sister’s credit union and was recently approved for a mortgage.