How to Choose a Credit Union

There are many benefits to joining an exclusive money institution. These include lower interest rates on loans and lower fees.

You may think that joining a credit union is difficult but it has never been easier to find an institution that suits your needs.

Following are some simple steps to help you choose a credit union.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Money
• Source of income
• Internet
• Telephone
• Phone book
• Notebook
• Writing utensil

1. Ask associates, friends and relatives about their experiences with various credit unions. Many will be more than happy to make some suggestions.

2. 
    
   Calcuate Your Options

   Search the Internet for information. Try an online Credit Union Locater. Investigate different credit unions in your area. Make a list of financial institutions that are appealing to you.

3. Compare the different credit unions on your list. Call their local offices and ask questions concerning the following:
   
   Interest rates
   Fees
   Minimum balance requirements
   Loan eligibility
   Access to ATM machines
   Online access to accounts

4. Evaluate your options. Measure the pros and cons of each credit union in order to come to a decision.

Tips & Warnings

• Search for credit unions that share common bonds with you.
• Make sure that your credit union of choice has conveniently located ATM machines.
• Some credit unions require a lengthy waiting period before granting loans to new customers.

Resources

• Credit union locator

[kirstinh]

on 5/15/2009 You can search for a credit union on http://www.culookup.com. It's a quick and easy way to see the credit unions near you, membership requirements, as well as product/service offerings and of course contact information so you can find out more about becoming a member.

[jull14]

on 5/12/2009 This is a very interesting article and it contain so much information, thanks for sharing. Julia