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  • Puerto Rico Employee Groups FCU

    Puerto Rico Employee Groups FCU Membership

    • Puerto Rico Employee Groups Federal Credit Union is headquartered in Puerto Nuevo, PR, and has been serving members since 1959.
    • Manages over $3.2 million in assets and serves over 900 members.

    Membership: Must meet the eligibility requirement of the credit union.

  • Universal Coop Federal Credit Union

    Universal Coop Federal Credit Union Membership

    • Universal Coop Federal Credit Union is headquartered in Rio Grande, PR, and has been serving members since 1957.
    • Manages over $27 million in assets and serves over 3,400 members.

    Membership: Must meet the eligibility requirement of the credit union.

  • Stash Banking Review

    Stash Banking / Stock-Back Rewards Debit Card & Digital Account

    Brand:Stash

    Stash banking is a digital account with the Stock-Back® debit card that allows users to spend on well-known brands and be rewarded with a piece of matching stock.

  • FAMILIAR COOP

    Familiar Coop

    • Familiar Coop is headquartered in Río Piedras, Puerto Rico, and has been serving members since 1955.

    Membership: Simply fill out a brief application.

  • Nuestra Coop

    Nuestra Coop Membership

    • Nuestra Coop is headquartered in San Juan, PR.

    Membership: Meet the requirements set by the credit union.

  • Puerto Rico Federal Credit Union

    Puerto Rico Federal Credit Union Membership

    • Puerto Rico Federal Credit Union is headquartered in San Juan, PR, and has been serving members since 1960.
    • Manages over $214 million in assets and serves over 23,800 members.

    Membership: Must meet the eligibility requirement of the credit union.

  • San Rafael Coop

    San Rafael Coop Membership

    • San Rafael Coop is headquartered in Quebradillas, PR.
    • Manages over $220 million in assets and serves over 30,000 members.

    Membership: Must meet the requirements set by the credit union.

  • Vapr Federal Credit Union

    Vapr Federal Credit Union Membership

    • Vapr Federal Credit Union is headquartered in San Juan, PR, and has been serving members since 1950.
    • Manages over $257.3 million in assets and serves over 19,500 members.

    Membership: Be a member of one of the following institutions to be eligible.

  • Zeal Credit Union

    Zeal Credit Union Membership

    • Zeal Credit Union is headquartered in Livonia, MI, and has been serving members since 1954.
    • Manages over $830.8 million in assets and serves over 66,800 members.

    Membership: Lives, works, worships, or attends school in Michigan.

  • Wayne Westland Federal Credit Union

    Wayne Westland Federal Credit Union Membership

    • Wayne Westland Federal Credit Union is headquartered in Westland, MI, and has been serving members since 1948.
    • Manages over $148 million in assets and serves over 11,100 members.

    Membership: Lives, works, worships, or attends school in Wayne County, MI.

  • University of Michigan Credit Union

    University of Michigan Credit Union Membership

    • University of Michigan Credit Union is headquartered in Ann Arbor, MI, and has been serving members since 1954.
    • Manages over $1.4 billion in assets and serves over 119,00 members.

    Membership: Available to universities and nearby communities.

  • United Bay Community Credit Union

    United Bay Community Credit Union Membership

    • United Bay Community Credit Union is headquartered in Bay City, MI, and has been serving members since 1949.
    • Manages over $281 million in assets and serves over 18,200 members.

    Membership: Lives, works, worships, or attends school in Michigan.

  • Straits Area Federal Credit Union

    Straits Area Federal Credit Union Membership

    • Straits Area Federal Credit Union is headquartered in Cheboygan, MI, and has been serving members since 1951.
    • Manages over $115 million in assets and serves over 12,300 members.

    Membership: Lives, works, worships, or attends school in Saginaw, Bay, or Midland Counties in Michigan.

  • Security Credit Union

    Security Credit Union Membership

    • Security Credit Union is headquartered in Holly, MI, and has been serving members since 1955.
    • Manages over $631.5 million in assets and serves over 53,000 members.

    Membership: Lives, works, worships, or attends school in select counties in Michigan and Ohio.

  • Route 31 Federal Credit Union

    Route 31 Federal Credit Union Membership

    • Route 31 Federal Credit Union is headquartered in Muskegon, MI, and has been serving members since 1949.
    • Manages over $94.1 million in assets and serves over 10,000 members.

    Membership: Lives, works, worships, or attends school in select Michigan counties.

  • Public Service Credit Union in Michigan

    Public Service Credit Union in Michigan Membership

    • Public Service Credit Union in Michigan is headquartered in Romulus, MI, and has been serving members since 1951.
    • Manages over $423.7 million in assets and serves over 32,600 members.

    Membership: Lives, works, worships, or attends school in Michigan.

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.

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