How to Open an Account at a Credit Union
Credit unions are not-for-profit, unlike a traditional bank. Credit unions serve members rather than shareholders. Because of this, generally, returns and dividend payouts are higher and loan interest rates are lower than traditional for-profit banks. However, credit unions are required by federal law to restrict their membership to a segment of society. This segment may be a specific profession, such as teachers or actors; a specific employer, such as a local or state government; or people from a specific region, such as a city or county. To become a member of a credit union, you must meet the membership requirements. Here is an explanation of how to do so.
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Instructions
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Search online for a credit union that is in your area. See the Resources section for links to search by area and also by membership requirements.
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Ask your employer if your workplace is associated with any of the local credit unions. Many credit unions include specific employers in their membership pool.
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Look online at the requirements to become a member at local credit unions. Membership may be limited by type of employment, such as government employees, teachers, or actors, so you may be able to join on the basis of your field of employment alone.
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Call the credit unions you have found online and ask if you can make an appointment to join; even if you can't be a member of that credit union, their membership services may be able to direct you to a credit union that you can join. Some credit unions include people from a specific town, city or county, so you may be able to join based on geographic location alone.
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Find out if a spouse or family member is eligible to join. Many credit unions will extend membership not just for the eligible member, but for their spouses and family as well.
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Tips & Warnings
Most credit unions have the philosophy of once a member, always a member, so even if you change jobs or move and would lose eligibility to become a new member, your membership will not be revoked.
