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I like the concept of Credit Unions since I believe they are generally non profit and oriented in helping local communities. I've never applied to be a member but would like to. The problem is that I don't seem to fall into any category for membership. I don't belong to a union, my employer doesn't have one, not a teacher and so on. Any advice or is belonging to a credit union just not going to happen for me?
I like the concept of Credit Unions since I believe they are generally non profit and oriented in helping local communities. I've never applied to be a member but would like to. The problem is that I don't seem to fall into any category for membership. I don't belong to a union, my employer doesn't have one, not a teacher and so on. Any advice or is belonging to a credit union just not going to happen for me?
Many credit unions are "community" credit unions where membership is open to anyone who lives and/or works in a specified location. Community credit union membership is often based on county of residence or employment - my credit union covers an area of something like a dozen counties - but I think some credit unions are based at a city or neighborhood level, e.g. people who live or work in a city's downtown.
Most of the credit unions out my way are employer-affiliated. I've noticed that while these offer more services and better fee schedules than the purely community-credit ones, they're both better than banks for service and financial education.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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We belong to two, both required only an initial deposit of $5 to join. BECU was originally just for Boeing employees, but is now open to all WA residents. The other, Sound Credit Union, started for employees of a utility in Tacoma, now open to anyone living or working in the state.
Either go online and do a search for the credit unions around you to find out membership requirements.
OR visit one or two or three an ASK what their membership requirements are. They WON'T turn you away at the door or require a special knock or code word to get in!
THE CUs in my area all are membership based on one {or more} of these:
1} where you work-specific companies that created the credit union or do business with that credit union
2} WHere you live: could be certain towns/cities OR County, OR region OR state
3}Town/city/county/region WHere you go to school-any type of school
4} WHere you worship: again, in certain towns/cities/counties
SO GO IN or GO ONLINE and find out the requirements, then check rates for the ones you can join and join the one that best suits you in locations, services, and rates.
Best of luck in findIng one perfect for you ...you will never go back to A BANK...
The areas where I've lived had a few top-of-the-CU-food-chain CUs, and a bunch of smaller ones, some with only one branch office. Those tended to be specific to some union or employer or what not. Just see who has the most branches in your area and look at their website to see if you qualify. The biggest one in the Tri-Cities was HAPO, so I called them up:
"Hi. I would like to join the credit union. I am not sure if I qualify."
"Great. Do you live in the Tri-Cities?"
"Yes."
"You qualify. Just come on in to any convenient HAPO branch and we'll take care of you."
Note that HAPO stands for Hanford Area something something, but that I did not work at Hanford, nor did anyone at HAPO ask me if I did.
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