3 Easy Steps to Joining Your Local Credit Union
Editor’s Note: This blog was originally published on September 8, 2020, and has been updated for accuracy and relevancy.
How do I join a local credit union?
Unlike banks, credit unions are communities. They’re known for their friendly employees, warm hospitality, and outstanding rates. Because of the amazing service that credit unions offer, it’s easy to assume that membership is extremely exclusive.
This is not the case, however! In this blog post, we’ll break down the steps to joining your local credit union. We hope by the time you make it to the end, you discover not only how simple joining a credit union is, but also find out a few things about us you didn’t know before.
Step 1: Find your closest credit union
Be sure you’re in the field of membership
We can’t stress enough how easy it is to join a credit union. Most credit unions accept members based on location, typically within a radius of a few counties.
Membership at Dade County Federal Credit Union, for example, is open to all who live, work, or worship in Dade County, Florida.
Some credit unions are a bit more niche, however, and only accept members in both a certain radius and certain professions. There are credit unions that specifically tailor to teachers, first responders, those in select military branches, etc. For these credit unions, the member must live within a certain area but also work the field that the credit union is based on.
Let’s use DCFCU again to paint the picture. Part of our field of membership includes any employees of the following organizations:
Miami Dade County
Jackson Memorial Hospital
Nicklaus Children’s Hospital
Step 2: Consider becoming a member for life
The wonderful thing about credit unions is that when you join, you are a member for life! This means that if you move, switch professions, etc., you are still able to keep your membership. That’s the #CreditUnionWay.
What you need to know before applying to join a credit union near you
To join a credit union, all you have to do is visit the website of the one you qualify for. Many sites have an electronic application you can fill out.
Once you get accepted, you will then be asked to deposit a minimum of $5.00 into your savings account. These $5.00 dollars signify your ownership in the credit union. (That’s right, you OWN a part of the credit union!).
Unlike banks, credit unions use members’ money for loans. Essentially, if you were to apply for an auto loan, for example, the money borrowed would come from your fellow credit union members.
Step 3: Apply online or in-person
If you would not like to apply electronically, you can email or call your local credit union and set up an appointment to talk about membership with a representative.
Credit unions are there to serve you. That includes us! Ditch being a customer of a bank and become a member at DCFCU today!
You may also enjoy reading…
