While a lot of people have heard of credit unions, the advantages in membership remain mostly unknown unless you happen to be a member or know someone who is. Most people tend to think they cannot belong to one because they aren’t lucky enough to meet the criteria that will grant them that elusive ‘members only’ status. They might also be a bit confused about the cooperative nature of these institutions and what it means to be a member. However, credit unions have been a part of our financial system for over a century, and contrary to popular belief, there probably is one, or several, that you do qualify for.
Here is the FAKE NEWS surrounding credit unions and why joining a credit union might actually be the perfect option.
1. Credit unions strictly limit eligibility. While credit unions do require that members meet certain criteria or have an affiliation in order to become a member, it might be as simple as location or the city you live in. Sometimes the criteria might be more specific, such as credit unions related to an occupation, a religion or even being a school’s alumni association, but there are usually one or more in your area that you would be eligible for. Keep in mind, membership is also extended to family members, so you may find you qualify based on a parent or spouses affiliation. To learn more, visit CULookup.com to see the credit unions in your area that you might be eligible for.
continue reading »