What Is credit Union ? Membership , Examples and More 2024

1. A credit union is a part of financial service body owned by its members.
2. It works as a nonprofit enterprises, meaning its purpose is to benefit of its members, not to make a profit.
3. Credit unions provide similar financial services to banking industries like savings accounts, checking accounts, credit cards, loans, certificates of deposit, and online banking.
4. Requirement of Credit union is only members of a credit union can deposit money or take out loans from it.
5. In some African countries, credit unions are called SACCOs, which stands for savings and credit cooperatives.

Requirement to Join Credit Union :

Membership Requirements

– To be a part of a credit union, people needed to have something in common, which include things like working in the same industry, for the same company, or living in the same community.
– As of 2024 many credit unions have relaxed these rules and often allow anyone to join.

Joining a Credit Union

– To do business with a credit union, you must become a member by opening an account, usually with a small deposit.
– After opening a credit union account successfully , you become a member and part-owner of the credit union.

Membership Benefits

– After becoming a credit union member, one is eligible to participate in the credit union’s activities, such as voting for the board of directors and making decisions about the credit union.
– Every member has an equal vote, no matter how much money they have in their account.

Membership Growth

According to the National Credit Union Administration (NCUA), membership in federally insured credit unions grew to 136.6 million as of March 31, 2023.

Top credit Unions in the United States

Here are some of the top credit unions in the United States, known for their size, customer satisfaction, and range of services:

1. Navy Federal Credit Union
   
2. State Employees’ Credit Union (SECU)
   
3. Pentagon Federal Credit Union (PenFed)
   
4. Boeing Employees Credit Union (BECU)
   
5. SchoolsFirst Federal Credit Union
   
6. Alliant Credit Union
   
7. First Tech Federal Credit Union
   
8. Golden 1 Credit Union
   
9. America First Credit Union
   
10. Suncoast Credit Union