subject: Credit Union - Becoming A Member [print this page] Is it worth going through the process of signing up for a credit union? Do you believe that this is a better choice than where you currently have your money? While it takes a little bit more effort to become a member, most of the time, the benefits are well worth it. You will need to make sure that you meet all of the qualifications before applying but if you do, you can immediately begin setting up your accounts.
Requirements
Most of the time a credit union needs to make sure that you meet the specific guidelines they have set up in advance. For some, this means that you need to have a certain profession to become a part of the group. You may need to work in a specific school district, have a specific employer, or even have some affiliation with the military. You can check online to see how you can qualify before going in and setting up an appointment.
Heading Into the Location
The best way to become a member of a credit union is to set up your accounts in person. While the ability to sign up online may be available, when you go in, you have an opportunity to speak with a representative and find out any and all benefits that you are not entitled to. You want to get the most out of the experience and this is the best way to go about it. This is your chance to ask questions and get clarification on anything that you don't understand.
Often, in order to get started, you must make a minimum deposit into the first account that you open. This makes you a member; however, you may need to meet monthly requirements to maintain your status. In some cases, you may need to keep a minimum amount of money in one of the accounts or you will need to make a set number of transactions with your debit card monthly.
Choosing Your Account
With the help of a representative, you can begin to choose the account or the accounts that will work best for you. Find out if there are benefits to depositing more money into a certain type of savings or money market account that will allow you to receive a higher interest rate. You can look at all of the different offerings and find one that works well for you. While the fees at a credit union may be less than the banks, it is important to know how much you are going to pay for each account and any fees associated with specific transactions including transfers and ATM withdrawals.
You may have heard that a credit union is a better option when compared to a traditional bank. In order to find out for yourself, check online or make an appointment with one of the companies. You can find out whether or not you qualify and decide if this is the best place for your money.
