How to Find a Credit Union

Credit Union 

Credit union is one of the best choices for those people who prefer a smaller bank over the large banks. If you compare convenience with better rates, services and options, you can easily realize a credit union is the best way to go. Credit union is nonprofit institutions and is famous for their personalized service. It is easy to find a credit union. Credit unions works like small banks that serve financial services, such as employees of a company, people who live in a certain town or members of specific professions.

Here are some ideas on how to locate a credit union:

Your Workplace 

Your workplace is one of the best places to find a credit union. So, look around your workplace. There may already be a credit union catering. You can easily ask your employer about credit unions that the company is affiliated with.

Your Church or House 

If your church or house has a credit union or if you attend any religious services then you can easily ask the administrative staff.

Through the Phone Book 

One can find a local credit union through phone book. It means one can easily call and ask about the requirements and get recommendations about the ones that might be right for you.

Contact a Credit Union Membership 

Contact your local credit union member that you belong to. You can also get a credit union membership through a family member and then find out a credit union.

Talk to Other Members 

You can find a credit union through your friends, family members and co-workers. You can ask all of them about any credit union, they have heard about any credit union or also have used themselves.

Look Online 

For credit union in your local area, you can easily check through online. 

Credit Union CD Rates

Credit Union CD Rates

Certificate of deposit (CD) is a special type of deposit account and credit union can issue them in the same way as other financial institutions do.

In the market, most of the investors are looking for the best value for their investment and a CD (Certificate of Deposit) is one of the best ways to invest hard earned money. Different types of financial institutions offer different CD rates and the rates also changed depending upon the length of the CD (Certificate of Deposit). There are two ways to invest money in a certificate of deposit - banks or credit union. Banks are more stable financial institutions but due to a number of reasons, credit unions are found to be better too.

Following Are The Reasons Why Credit Unions Are Better

• Credit union offers higher interest rates on the certificates of Deposit’s as compared to the CD's provided by banks. It is one of the biggest reasons why people prefer investing in CD's through a credit union. Credit unions are cooperative financial institutions which means earnings are returned to members in the form of higher savings rates.

• Credit union is also a nonprofit institution and they don’t have any worry about returning profit to their shareholders as like other banks that have to return profits to their shareholders. 

• Credit union offers easily affordable CD products to their members because the minimum amount that they require are sometimes lower than what the banks require. Credit unions also offer CD products that have very short maturity periods and it is also one of the reasons why some people prefer credit union.

• Now, people have an idea that various credit union marketing strategies offers better options with CD products. Credit union also provides the stability that banks offer. It also provides higher interest rates.

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Credit Union Auto Loans

Credit Union Auto Loans

Auto loans offered by credit union financial services are a great idea for buyers to purchase new vehicle with low interest rates. Generally, Credit union auto loans provide lower interest rates as compare to other banks or financial companies. In credit union, buyers will not qualify for auto loans in the first time. Here, we are explaining some factors of credit union that are considered in their auto loan approval process:

Your Credit Rating

A first time buyer will face four types of credit situations and these are:

Toughest – No credit with collections.

Tough – Absolutely zero credit.

Easier – Limited credit with short history.

Easy – Long history, but no prior auto loans.

Current Members in Credit union

Are you a member of credit union? It is not important to be a member prior to applying for credit union auto loans.            

Your Employment Stability

Credit unions want to see minimum of 12 months and preferred 18 months on the job. Sometimes credit unions consider for how long you are working in the same line, if you are doing multiple jobs over that time period.

The Vehicles Age and Miles

Many credit union auto loan approvals will get affected by the vehicles age and miles. Many will not finance vehicles with over 100,000 miles.

The Total Amount Financed

Prior credit history will help in determining how much a credit union will loan you and this total amount financed range is usually reserved for customers just starting out with a limited credit history.




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Benefits of the Navy Federal Credit Union

Navy Federal Credit Union

Navy Federal credit union offers various financial services and products including checking amounts,account opening system, loans, share savings and credit cards to military service members and their families. The individual will have access to quality or financial services with great rates if an individuals become a member of Navy Federal Credit Union.

Benefits of Navy Federal Credit Union

Money Management Option

Navy Federal Credit Union focus on member’s money management programs and money management programs supports the needs of its members. In the Navy Federal Credit Union, money management option offers free checking accounts with a free debit card. Money management options of Navy Federal Credit Union include:

• Free Visa Check Card with worldwide ATM access
• Free and unlimited access to Navy Federal ATMs,
• 24/7 online account access
• Unlimited and free transactions through over 20,000
• CO-OP Network ATMs and a variety of options

Free Debit Card Products

The Navy Federal Credit Union provides free debit card service as like the Navy Federal's CUCARD and Visa Check Card. Members can use CUCARD & Visa Check Card at any CO-OP Network without any fees. Both debit cards allow navy members to make loan transfer and payments by Federal ATMs. With the CUCARD, members can receive cash-back rewards at various merchants. The Visa Check Card allows its members to carry large amount of money safely and offers amazing password protection.

Free Online Account Management

The Navy Federal Credit Union also offers free online account service. One can also view its entire online contacts and also provide 24 hours world wide access. All the members can make loan payments, order checks, apply various loans, request for stop payments, send e-message, transfer money.

Low Interest Rates and Impressive Rates on Financial Aid

The Navy Federal Credit Union offers low rates on visa and master cards or credit cards to its members with high credit limits. It also provides transfer fees service from one Federal credit union to another credit union. It offers impressive rates on financial aid on mortgages, car loans, equity education and other types of loans. 


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Do Credit Unions Have Membership Fees??

Credit Union Membership

To access the Credit union efficiences and its services, one should become a member of credit union. Anyone can be a part of membership like an employer, school or university, community and employee group. These community based credit unions are available in many cities and towns across the countries. Members of credit unions require few qualifications whereas some credit unions or other institutions charge a membership fee.

Qualifications

Basically, a credit union requires that maximum potential customers will qualify for the membership. A credit union working under a corporation will accept that members and member’s family that operates under a corporation. Sometimes credit union allows family members of current members to join a credit union without their own qualification.

Membership Dues

Some of the credit union requires membership fees to be paid by their customers. For example the Aventa Credit Union requires $6 membership fee from all adults’ members to pay and according to credit union, website Minors pay a $1 membership fee. In the credit union membership fees change by institution. Most of credit union don’t charge directly infect credit union charge their membership fees after joining the organizations.

Banking Fees

Several credit union charge additional fees from their customers. Many credit union charge fees on checking or savings account if customer does not maintain minimum balance in their accounts. Credit union institution may charge fees on checking, withdrawn balance through ATM or using ATM from another bank. Credit union also charge fees if a customer overdrafts his/her account.

Considerations

As compare to other banks and financial institutions, credit union has strict membership terms and offers better interest rates as compare to traditional banks. Banks offer products and services; credit union also offers same products or services as like checking and savings accounts, auto loans and credit cards.

Credit Union Mortgage vs. Bank Mortgage

Credit Union Mortgage vs. Bank Mortgage

Banks and credit unions offers same type of services but in a different way. Both offer mortgage loans which are helpful for customers to purchase homes. Credit union efficiences offer comfortable financial services and Credit union marketing ideas to provide members an advantage in their financial problems as compare to banks. There are many benefits becoming a member of any credit union as compare to national and other local banks.

Features

As we know, credit union based on membership means membership which is based on where you live, your work place. But banks are open for everyone but with strict rules for lending requirements.

Functions

Credit union usually works as a non-profit institution and also operated by its own members. Credit union provides adjustable loans rates to its members. It offers multiple loans in process on a single property. Credit union offers lower interest rates or cheap loan rates to its members on mortgages and fees as compare to banks.

Types

Credit union offers fewer types of mortgage loans to its members as other banks offers. Banks and other institutions provide more types of mortgages than credit unions. These types of mortgage include fixed and adjustable rate mortgages. In banks, variable payment options are included for various mortgage loans.

Considerations

Credit unions have fewer employees to deal with customers as compare to banks. Most of the credit unions do not provide 24 hour customer service to their members.

Various Credit Union Banking Laws

Credit Union Banking Laws

Credit unions are member owned and members controlled co-operative financial institutions. Most of the credit union provides a place to save and borrow money at suitable rates. It also offers other Credit union financial services to its members.

History

Credit unions began in Europe and established there to encourage savings by their members. In 1903, credit unions were established in Unites States. In 1934, Federal Credit Union Act was signed into law authorizing in all states. The main purpose of Federal Credit Union is to make credit available and promote through national system of non-profit. Credit union starts in 1990s and up to 21^st century, more than 85 million people were its members that has deposited their savings in credit union.

Membership

According to credit union law, credit union can be established into community. The community may be based on employment, where you work, work place etc. Credit union provides credit union solutions and financial services to the people who have a common relation or connections. For example, credit union can be established by a company for its employees or anyone who is related to the company. A member becomes an owner of the credit union by deposited small saving.

Management

Management of credit union and other banks are different. It is different from other banks because credit union members are in control of how it is managed by electing a volunteer board of directors. After this process, the board selects their officers and other supervisors for credit union management.

Deposit Guarantees

Both banks and credit unions keep members money safe. Almost all the deposited money is guaranteed by the National Credit Union Share Insurance Fund (NCUSIF). Safe deposited money of the members makes it sure that the credit union has NCUSIF.

Morale

According to credit union laws, when a credit union institution were establish by a community or company opposite to other banks, credit union creates an important benefit for its employees or members. Credit unions understand the needs of its members as compare to other banks.




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