"What, exactly, is a credit union?" According to reputable names in finance like Robert Jain, a credit union is a financial institution that's owned and operated by members. This makes them different from banks, which are run by higher-ups, not unlike most businesses in the world. Nonetheless, credit unions tend to attract a number of people in different locations. As you learn more about these institutions, you'll understand why.
"In essence, credit unions are banks, aren't they?" Despite being similar to one another, to a degree, credit unions and banks are entirely different entities. Credit unions, for example, are operated by members, whereas banks are operated by paid higher-ups. Additionally, credit unions are non-profit while banks are for-profit. These are just a couple of striking differences that those outside of finance should be aware of.
"What are the requirements to be a credit union member?" Requirements vary depending on the specific credit union, but there are commonalities that should be noted all the same. Let's say that you have a family member that's part of a union; you may be able to get in based on this alone. You may also be able to join if you're enrolled in a school in the same location. As Bob Jain and others will stress, consulting your local union will help you learn more.
"How involved can I be in my credit union?" One of the many benefits of being a member of a credit union is that you can become involved in your union's growth. If guidelines are being rewritten or readjusted, for instance, you can actually vote on them. What this means is that if there are certain rules you believe to be inconducive to the organization, you can speak up. Your voice, along with those of other members, will be heard.
"How can I find a credit union I may want to work with?" Now that you know a little bit about credit unions, you may be curious to know where you can find one. Credit unions tend to work on local levels, but it's likely that you can find one within driving distance. Furthermore, many of them offer ATM and drive-through options, which means that you may not have to leave your car at all. This is another great benefit that should be recognized.
"In essence, credit unions are banks, aren't they?" Despite being similar to one another, to a degree, credit unions and banks are entirely different entities. Credit unions, for example, are operated by members, whereas banks are operated by paid higher-ups. Additionally, credit unions are non-profit while banks are for-profit. These are just a couple of striking differences that those outside of finance should be aware of.
"What are the requirements to be a credit union member?" Requirements vary depending on the specific credit union, but there are commonalities that should be noted all the same. Let's say that you have a family member that's part of a union; you may be able to get in based on this alone. You may also be able to join if you're enrolled in a school in the same location. As Bob Jain and others will stress, consulting your local union will help you learn more.
"How involved can I be in my credit union?" One of the many benefits of being a member of a credit union is that you can become involved in your union's growth. If guidelines are being rewritten or readjusted, for instance, you can actually vote on them. What this means is that if there are certain rules you believe to be inconducive to the organization, you can speak up. Your voice, along with those of other members, will be heard.
"How can I find a credit union I may want to work with?" Now that you know a little bit about credit unions, you may be curious to know where you can find one. Credit unions tend to work on local levels, but it's likely that you can find one within driving distance. Furthermore, many of them offer ATM and drive-through options, which means that you may not have to leave your car at all. This is another great benefit that should be recognized.
About the Author:
Please contact Bobby Jain for additional information about finance.. Also published at Credit Union Questions Answered By Robert Jain.
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