fbpx
  • Empower Federal Credit Union Membership

    • Empower Federal Credit Union is headquartered in Syracuse, New York and has been serving members since 1939.
    • 10th largest credit union in New York, managing $3.24 Billion in assets and serving over 260,000 members.

    Membership: Live, work, or worship in designated areas in NY.

  • Abyssinian Baptist Church Federal Credit Union Membership

    • Abyssinian Baptist Church Federal Credit Union is headquartered in New York, New York, serving members since 1940.
    • Manages $1.09 Million in assets and serves over 300 members.

    Membership: Open to all members of the Abyssinian Baptist Church.

  • 1199 SEIU FCU Membership

    • 1199 SEIU Federal Credit Union is headquartered in New York, New York and has been serving members since 1940.
    • Manages $89.3 Million in assets and serves over 15,000 members.

    Membership: Must be an active 1199 SEIU Healthcare Workers East member

  • Great Meadow Federal Credit Union Membership

    • Great Meadow Federal Credit Union is headquartered in Granville, New York has been serving members since 1956
    • Currently, manages $62.39 million in assets and serves over 7,000 members.

    Membership: Anyone who lives, works (or regularly conducts business in), worships, or attends school in businesses and other legal entities located in specific counties in NY and VT.

  • Municipal Credit Union Membership

    • Municipal Credit Union is a member-owned financial cooperative providing banking services, including savings, loans, and other financial services.
    • 9th largest credit union in New York with assets totaling $3.62 Billion and providing banking services to more than 589,000 members.

    Membership: Employed by the City of NY or other partner companies in the five boroughs.

  • Jovia Financial Credit Union Membership

    • Jovia Financial Credit Union is a community-based financial institution, a local credit union dedicated to serving the Long Island community.
    • 8th largest credit union in New York with assets totaling $3.74 Billion and providing banking services to more than 196,000 members.

    Membership: Open to people living, working, or worshipping in the credit union’s geographic area can become a member and access banking services.

  • Broadview Federal Credit Union Membership

    • Broadview is a member-owned financial cooperative providing banking services.
    • The 7th largest credit union in New York, with assets totaling $4.68 Billion and providing banking services to more than 355,000 members.

    Membership: Live, work, attend school, or worship in one of the communities served.

  • Visions Federal Credit Union Membership

    • Visions Federal Credit Union is a community-based financial institution providing savings, checking, loans, and more.
    • The 6th largest credit union in New York with assets totaling $4.95 Billion and serving more than 213,000 members.

    Membership: People living, working, or worshipping in select NY, PA, and NJ counties.

  • Hudson Valley Credit Union Membership

    • Hudson Valley Credit Union is a community-based credit union providing financial solutions such as savings, checking accounts, and loans.
    • The 5th largest credit union in New York, with assets totaling $5.91 Billion and serving over 305,000 members.

    Membership: People living, working, or worshipping in the geographic area served by the credit union.

  • United Nations Federal Credit Union Membership

    • United Nations Federal Credit Union provides financial banking services.
    • The 4th largest credit union in New York, with assets totaling $6.44 Billion and serving over 155,000 members.

    Membership: Open to employees, consultants, and retirees of the United Nations and affiliated agencies.

  • ESL Federal Credit Union Membership

    • ESL Federal Credit Union is a full-service, member-owned financial institution providing financial services.
    • Largest locally-led financial services institution in the Greater Rochester area with assets of $7.3 billion and one of the largest credit unions in New York State.

    Membership: Live, work, worship, or attend school in the geographic boundaries of the City of Rochester.

  • Teachers Federal Credit Union Membership

    • Teachers Federal Credit Union is a community-based financial institution.
    • The 2nd largest credit union in New York with assets totaling $8.13 Billion and serving over 350,000 members.

    Membership: People living, working, or worshipping in the credit union’s geographic area can become a member and access banking services.

  • Bethpage Federal CU Membership

    • Bethpage Federal CU is a community-based financial institution offering banking services in NY.
    • The largest credit union in New York with assets totaling $9.97 Billion and serving over 422,000 members.

    Membership: Qualifying to become a Bethpage Federal Credit Union member is simple.

What is Banking?

Banking is a form of money management using products and services related to savings and loans.

Different Types of Financial Institutions

Banks

Banks are what we typically associate with banking. They come in different sizes: local, national, traditional and online-only. Federal or state agencies supervise banks. The FDIC insures deposits of participating banks.

Credit Unions

Credit unions are not-for-profit financial institutions. They offer products and services similar to banks with a focus on member service, not profit. The NCUA insures deposits from participating credit unions.

Alternative Financial Services

Many fintechs are non-chartered financial services companies that offer banking services. You might think of them as an app offering checking and savings accounts, debit cards, payments, etc. They are not banks but work with partner banks or credit unions to hold your deposits.

Types of Banking Accounts

Banking accounts help make financial transactions convenient.

Savings Account

A savings account helps you save your money. You’re storing your money for future use and hopefully earning a reasonable interest rate. Interest is the money you earn for letting the bank keep your money. Some financial institutions impose minimum deposits, withdrawal limits, and fees.

Checking Account

A checking account is a transactional account that allows you to make deposits and withdrawals of your money anytime. Checking accounts is not the best place to store your money, as the goal of the account is for use, not saving.

Most checking accounts do not pay interest, but some do. Be mindful of transaction limits, minimum balance requirements, and fees.

Debit Card

Checking accounts come with a debit card enabling you to spend your money conveniently. A debit card allows for making purchases at stores and online shopping. You can only spend the money that’s in your checking account. Additionally, you can use your debit card at ATMs to make deposits, withdrawals, check balances, and transfers between accounts.

Money Market Account

A money market account is a type of hybrid savings and checking account. It tends to have higher deposit requirements but often pays more interest than a savings account.

Certificate of Deposit (CD)

A certificate of deposit, also known as a CD, helps you save money with a set interest rate for a specific amount of time. Your cash is term-locked. In exchange, you get a higher interest rate compared to a traditional savings account. Certificate terms can start at 30 days and go to 5 or more years.

How to Choose the Best Banking Service

You have many choices on the type of account to use and the variety of financial institutions available. So, shop around. Ask the following questions to help you narrow down your choices:

  • What are the products and services offered?
  • What are the fees?
  • Are there minimum balance requirements?
  • Do I need a physical location (like a branch) or prefer better mobile app services?
  • Does local banking matter or is national big bank convenient?
  • Are deposits FDIC or NCUA insured?
  • How to access your money?
  • Debit card? ATM network?
  • Can I set auto-transfers, auto-payments, and alerts?

You want to determine how the banking provider aligns with your needs, the cost of services, safety, security, and overall convenience.

Main Menu