How To Become A member of A Credit Union

Credit unions are one of the most vital institutions the world over, and becoming a member of one does not need you to be rich in anyway. In fact, it only needs you to know what is required by the institution to immensely benefit from its objectives. The prerequisites of membership are more often easy to meet, easier than counting 123. One thing that you need to know about credit unions is that the accounts are popularly known as share draft accounts and they operate relatively different from the conventional banks.

One of the main differences is that it’s owned by members and not necessarily other institutions. It’s the members who elect the board of directors with a one vote system. Members also benefit immensely because of different financial instruments that are in place and the variety of packages available always makes it even better. If you want to be a member of any credit union, then you should consider the following;

Instructions

  • 1

    There is a membership fee that always applies and this one of the main things that you need to put into consideration before you can select a union of your choice. The fee is small and you do not need to worry. You will then be given a membership card and your name entered into the main registry.

  • 2

    If your employer sponsors a certain credit union, you are highly advised to join that particular one. This is for the sole reason that it will meet most of your needs as the employer is well placed to give you the best services. If not, you can always find one that allows members within the locality.

  • 3

    Choose a credit union that serves members of your geographic location especially if you want to benefit from the many packages. You may not necessarily be employed in that particular region, but also worships within the locality. This is one thing that makes credit unions different from other financial institutions.

  • 4

    There are numerous Credit unions that allow family members to join. Therefore, if one of your kinsmen is a member of recognized unions try to research whether they have this particular policy in place. You will definitely enjoy the benefits that this institution offers to its members

  • 5

    You can become a member of any credit union of your choice if you belong to a certain groups like, schools, labor, and also homeowners associations. This is the easiest of all, and you will only need to prove that indeed you are a member of the special group

  • 6

    Some of the information that you will need to avail at registration include; government ID or drivers license, your current home address, credit card but not always, and social security number. Some credit unions will need you to part with a one-time non refundable registration fee.  If you have these requirements then your joining a credit union will not have any complications at all.

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