I was listening to WRFG yesterday, and heard an interview with staff from a local credit union (BOND Credit Union). They told the story of a homeless man who regularly collected and sold aluminum cans and deposited the money in their credit union. So not only did he own part of the bank (like all credit union depositors), upon application, he qualified for and received a $200 loan. He couldn't have done that at a commercial bank. I think that's a great story. And if credit unions can benefit this homeless man, think what they can do for you!
Credit unions are fully insured (like the FDIC) and operate much like commercial banks, except that member depositors own the bank and receive profits in the form of higher interest rates on deposits and lower interest rates on loans (as compared to commercial banks). You may well qualify to join a credit union and it may be in your best interest to do so. Learn more:
* Use this site run by the Credit Union National Association to learn more about credit unions and to find a credit union that you can join. Federal employees may also want to consider the National Association of Federal Credit Unions.
* "The National Credit Union Administration is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government."
* The National Credit Union Foundation is "the charitable arm of the U.S. credit union movement, having both the knowledge and resources necessary to undertake national programming, serve as the financial intermediary between credit unions and governmental agencies, and fund innovative initiatives in support of consumer savings and asset accumulation."
So make the most of your money: join a credit union!
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4 comments:
A selfish reason to join a credit union: Stop (home/car) loan officers cold.
I had to replace my vehicle from college a few months back, and Finance Guy at the dealership was all set to run game about "how the rate has to be X% higher because the car is used and standard blah sleazy blah..." I told him, "Well, I'm going to my Creidt Union later today." He closed his book, straightened his papaers and said "I'll see you tomorrow. You can drive it off the lot tonight if you'd like."
That felt really great.
I guess you showed them! Way to go, DatFuule! Credit unions really do seem to be the best deal for the individual depositor. I'm thinking of joining the credit union associated with my employer. I wish I could join BOND but I don't qualify geographically. Hope all is well with you, DF. Thanks for stopping by, and please come again soon!
PS: Most, if not all, of what we do is selfish in some way. Best to choose actions that will help others at the same time.
I joined Emory Federal Credit Union today! All Emory employees, students, and alumni are eligible to join, as are family member and housemates of them.
Here's another one to consider: Self-Help Credit Union
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