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 Credit union institution may charge fees on checking, withdrawn balance through ATM or using ATM from another bank.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.