What is a credit union?
A credit union is a financial institution that is owned and operated by its members. It accepts deposits from its members and provides them loans as well as other financial services like checking and savings accounts, credit cards, etc.
How do I become a member of a credit union?
You can become a member of most credit unions by simply opening an account with them and making a small initial deposit.
What are the benefits of a credit union membership?
The main benefit is that as a member of a credit union, you can use its services. You also get to vote to elect the board of directors that run the operations of the credit union.
Is there any eligibility criteria for the membership of credit unions?
Yes, you usually need to meet certain requirements to become a member of a credit union, and it depends on the kind of the credit union.
For example, if a credit union is based on a geographic location, you must live or work in that area to become a member. Or, if a credit union is meant for employees of a certain company, you need to be employed by that company to get membership in that credit union.