What You Should Search for When Trying to Find an Account?
A credit union is an option to consider if you enjoy the concept of customers owning their financial institutions and want to do business with one. However, membership in a credit union requires "eligibility," a word that may appear forbidding.
You need not be concerned because it should not be difficult for you to locate a credit union that you are qualified to join and that possesses the goods and services that you require.
If you are having problems locating a credit union in your immediate area, there are a number of credit unions available online that will allow you to join from any location.
Make Use of Your Existing Connections, or Sign Up Online
To get started, inquire among the individuals you know whether they have an account with a credit union and whether or not they are pleased with their banking experience. It's likely that you have something in common with the people around you, which is often all that's required to become a member of a credit union.
Although credit unions restrict their services to people who are inside their "field of membership," it is often rather simple to become eligible for membership.
For example, if you meet any of the following requirements, you may already be able to join a credit union:
- The company for which you work
- Which sector of the economy do you work in?
- The municipality in which you either reside or work.
- Membership in the various groups to which you already belong
An online credit union locator can be found on the website of the National Credit Union Administration (NCUA), the government body that is in charge of regulating federal credit unions. You should start your search in your immediate area and then look at the qualifications to see if you meet them.
Both online and on a national scale
There are some credit unions that welcome virtually anyone and everyone. To become a member of a club or organization, you will typically need to join the organization or make a contribution to its purpose (which is typically worthwhile). Examples include:
You must give at least $5 to Alliant Credit Union's partner charity, Foster Care to Success (FC2S), in order to be eligible for this giveaway.
Free online banking and high-yield savings accounts are both available through Alliant.
You can join the NASA Federal Credit Union if you are a member of one of several science-related organizations.
From NASA Federal Credit Union, you can expect the usual range of banking services, such as free checking and savings accounts.
Donate at least $5 to the Amyotrophic Lateral Sclerosis (ALS) Association, which is a group that battles ALS, which is also known as Lou Gehrig's disease. This request comes from Lake Michigan Credit Union.
Members who want a high rate on their checking balances can take advantage of the rewards checking accounts that LMCU offers.
To Begin With, Safety
Make sure that the credit union you open an account with has some kind of insurance, especially one that is provided by the government of the United States. The NCUSIF-insured institutions are the safest, and the majority of credit unions are insured as well.
However, it is important to verify this information before opening an account. In the event that your credit union experiences financial difficulties, it is imperative that your funds are safeguarded.
Some credit unions have their own private insurance, which is not always a bad thing, but it is important to note that this type of insurance does not provide the same level of protection as federally insured credit unions.
What Do You Have to Do to Be a Part?
Check to see if the requirements of a credit union will be able to be satisfied before joining one. Simply because you meet the requirements to become a member does not mean that it is the most suitable option for you. Here are some suggestions to get you going:
Check out the goods and services that are available to see if they meet your needs (do they even have what you want?).
Check out the interest rates offered by other institutions and the local banks.
Test out a sample of the features available through online banking.
Have a conversation with the employees; do you get the impression that they are knowledgeable, that they will be helpful, and that you will enjoy working with them?
Learn how to read and understand fee disclosures and charge waivers.
Your goal should be to locate the most reputable credit union, not the most convenient one. Because you are able to complete the majority of your transactions on your own, it is possible that branch locations and hours are irrelevant to you.
In addition, credit unions frequently take part in shared branching, which enables you to complete necessary transactions at any of the thousands of other credit unions located around the country. You should only have to go into a branch when absolutely necessary, such as when dealing with a complicated issue or a problem that won't go away.
Your Initial Login and Account
When you've identified the ideal credit union for your needs, the next step is to sign up for an account there. Filling out forms, signing the documentation, and depositing money into the account are the only steps involved, just like they are with any other type of account.
Ask the employees working in customer care what you need to do in order to open a personal checking or savings account; doing so should not be too difficult.
In most cases, you will be required to present some kind of identification as well as other information that the credit union can use to verify your identity. You will also be required to provide identifying information about yourself, such as your Social Security number, date of birth, and physical address.
After that, you will need to make a small deposit into the account (usually $25 or $100, although deposits of a lesser amount may be acceptable), and then you will be able to begin using your account.
After your new account has been opened, you should immediately begin making preparations to transfer your recurring payments and direct deposits to the new account. Create a list of each and every payment that you send out.
Continue to use both accounts in parallel for a short period of time, and then shut down the old account once you have moved all of your transactions to the new one.
When switching banks, it is a good idea to make use of a checklist. If you don't, you run the danger of skipping payments, which can result in penalty fines and other issues. So make sure you do this.
