There are many types of credit unions and each fall 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 a 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 about 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.
How to Join and Find a Credit Union
It’s not hard to qualify to join a credit union. Again, the truth, is that almost anyone can join a credit union. It’s a matter of finding the right one for you.
How to Find a Credit Union
- Start asking. Ask your family if they belong to a credit union. Find out if your employer, church group or any organization you belong to is associated with a credit union.
- Search online.