How to Find a Good Credit Union

Sick of the big band banks? A credit union might be the perfect solution for you. Unlike their big brother banks, credit unions are non-profit organizations that aren't worried about giving the highest profits possible to the shareholders of the company. Because of this they tend to focus on the needs of the individual. Many credit unions even emphasize knowing the names of their customers.

Not all credit unions are created equally, though. You may need to shop around a bit to find a good credit union that works for your needs.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Time & Energy

1. ~Make a List of Your Banking Needs~
   
   Figure out all the services you will need from your credit union. Are you going to be buying a home? Need multiple ATM locations? How important is the location of the building? Online banking? Answer all these questions and write them down before you go on your credit union hunt.

2. ~Find Some Credit Unions~
   
   Look online first, since it's the easiest place to start. Here's some sites to get you started: CUNA.com - FindACreditUnion.com - CUServiceCenter.com - CULookUp.com
   
   Online isn't the only place to look, though, as some credit unions are not listed. Check with your employer -- some credit unions only allow members from a certain organization or career field. Ask at church -- some credit unions only offer membership to certain denominations or faith-based institutions. Talk to family -- some credit unions will allow you to join simply because you are related to another member. Ask neighbors and friends -- most credit unions are community based and only require that you live in the area to become a member.

3. ~Calling Them~
   
   After you've made a list of credit unions, the next step is to call them and find out if they offer the services that you need. This will help you greatly narrow your search for a good credit union that works for you.

4. ~Talk to Other Members~
   
   It's time to call on those co-workers, friends, family, and neighbors that gave you a recommendation and talk to them about their credit union. Obviously, this step is limited to those people who are associated with credit unions that are still an option for you. But the idea here is to drill them for information on the simple things. The question "What do you like about it?" is a good place to start. Also ask them what they don't like about it. Get a good feel for why they choose that credit union over a bank or other credit unions available to them.

5. ~Visit Them~
   
   Hopefully you've narrowed your list of credit unions to just a handful or less. The only thing left to do is go and meet the people who run the place. Ask lots of questions. They should be able to tell you all the benefits of being a member there.
   
   Also, be sure to take note of the small things like the competency and courteousness of the staff. Do things seem to be handled in a professional manner? Is it clean? Do people seem rushed? All these details can affect your experience at that credit union.

6. ~Choose a Credit Union~
   
   Make a list for each of the credit unions you visited. Write down all the things you liked and disliked about each one. Compare the results side by side. Based on this information you should be able to make an educated decision on which credit union is right for you.

Resources

• Essentials of Banking
• Find Free High Yield Checking Accounts
• Create a Budget Online for Free

[kristara]

on 5/27/2009 I prefer a credit union to a bank. The interest rates for savings are usually a little higher.