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Insurance

Although they are controlled by members, credit unions are generally closely regulated by the government. Thus, they operate in a very prudent way. In the United States, deposits in over 9000 federal and state-chartered credit unions are insured by the National Credit union Share Insurance Fund, which is supervised by the National Credit Union Administration. It insures deposits below $100,000.

Eligibility

If you are apprehensive to deposit your money in or apply for a loan from a bank, then a credit union may be for you. Credit unions are for everyone. It must be noted, however, that the law sets some limits on the individuals who want to use their services. Generally, a credit union has its field of membership defined. Again, members should have something in common. It may be their employer, school, church or community.

Finding a Credit Union

If you are not aware of any credit unions that you can belong to, here are some ways to find one that suits you.

Go online: Visit the websites of associations of credit unions in your country. Most of these sites display a list of their member unions and representatives with their contact details. You can also use their “credit union locator,” which is normally integrated into the site. Once you have found one that matches you, grab the phone and call them to inquire.

Browse through the yellow pages: Because some credit unions do not advertise, you have to look for them. Yet, no matter how frugal they are when it comes to advertising, you can still see their contact numbers printed in the yellow pages. You may even find some of their rare ads stating their field of membership.

Ask around: You have no idea, but your company might actually be sponsoring a credit union. If not, then maybe an SEG (select employee group) has one. You can ask your boss about it. Some employers allow direct deposit of payroll to their credit union. You can also ask your family members. If your employer has none, then maybe your spouse’s employer has one. Many credit unions admit those in a member’s family, although it may be defined by the unions differently. You can also ask your neighbors if they know any.

Credit unions are a great alternative to banks and other financial institutions. If you are sure that it is what you need, find a credit union that can accept you and start saving money or signing up for a loan.

by Mau Angeles

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