How to Join a Credit Union Online

Credit Unions are pretty much non-profit banks, and just like banks, their checking and savings accounts are insured by the federal government up to $250,000. Unlike banks, though, credit unions have managed to avoid most of the turmoil that is shaking up the entire financial industry. And because they are non-profits, they can sometimes offer better rates on loans and mortgages, higher interest on savings and checking accounts, and lower fees on services and credit cards than commercial banks. Here's how to join a credit union.

Difficulty: Easy

Instructions

1. **Understand Membership**
   
   Credit unions have traditionally been a member-only type of organization. You had to belong to a particular group -- a union, a company, a church -- in order to be a member of a particular credit union.
   
   While this is still true, credit union membership rules have been relaxed in recent years, and it is now possible to join a credit union simply for knowing someone who is a member, or for living in a particular area.
   
   Odds are, there is probably a credit union out there that will accept you as a member, but it takes a bit of looking.

2. **Do Your Credit Union Homework**
   
   Head to www.joinacu.org
   
   There you will find a form to fill out that ask for details of where you live, where you work, your affiliations (religion, ethnicity, etc), and so on. Fill this out as best you can. If a question makes you uncomfortable for any reason, just leave it out.
   
   The site will return a list of credit unions that are possible matches for you.

3. **Check 'Em Out**
   
   Visit the websites of the recommended credit unions, and check out the membership requirements. These might be found under a 'Membership' tab, or similar terms like 'Join' or 'Open an Account'.
   
   For instance, when I searched the site, I came up with three credit unions that accept members simply if they live in my hometown of Washington DC.

4. **Take Your Time**
   
   Just because a credit union will accept you is no reason to rush in a become a member. Check out their banking services, fees, interest rates, and so on, to make sure the credit union is a good fit for the type of financial services you need.
   
   But if it looks good, sign up. Often, you can do this through an online application, though this varies from one site to another. Even for online applications, though, there is probably a signature step that will involve printing out a form, signing it, and mailing it in.

5. Make sure to see the Related Articles, and More Articles Like This, elsewhere on this page for more suggestions on strengthening your finances.

Tips & Warnings

• I've been a credit union member for 20 years, and have always been pleased with their services and rates.

Resources

• Need financial information? Ask a professional research service.

[timbucktoo]

on 4/25/2009 Nice article David. I used to belong to a credit union and prefer them to my bank today. The Union had a much more personal touch and they were flexible with their account offerings. The big bank I belong to today has none of that feel.

[eclecticprof]

on 4/25/2009 I am a fan of credit unions for their better rates. Thanks David!