How to Become a Credit Union Member

Simply put, credit unions rock. And if you aren't already a credit union member, maybe it's time to "join the credit union side." SERIOUSLY - there are SO MANY PERKS to being a part of a credit union. My fellow spokester and friend, Lauren from Young & Free Maine, put together an AWESOME how-to on becoming a credit union member. Check it out:

"Like what you're hearing about credit unions?

I mean, what's not to like. Credit unions are member-owned, not for-profit financial institutions. CU's put people before profits. And yes of course, credit unions need to make a profit to survive, but when the annual expenses are paid, the surplus earnings go back to the members in different ways. For example, lower rates on loans, high savings rates, and low to no fees at all!

That's all good. Now how do I join?

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Becoming a credit union member is easy! Each credit union serves what's called their “field of membership." In other words, that's the commonality between the members. If you work, live, worship, or go to school within a credit union's field of membership you can join!

What do I need to join?

You'll need a photo I.D. and some money to set up your account. When you join a credit union, you'll make a deposit into a share account (which is just another name for a savings account). The required deposit amount at each credit union is different. It's usually between $5 and $25.

This money hangs out in your share account as long as you're a member of the credit union. But what does that deposit do? It buys a piece of the credit union! How cool is that?! Remember, credit unions are member-owned financial institutions."

So, first things first:

This is where Lauren started talking about where to find a credit union in Maine; I would've shared, but as we are in Michigan, I thought it might be just a LITTLE bit more handy if I share a credit union locator instead, which you can find here.  You can also visit ANY of the Michigan First Credit Union branches, where they can help you and answer any of your questions :)!

THAT'S ALL THERE IS TO IT! Now you're fully equipped to go out there and - JOIN A CREDIT UNION!

 

Until next time,

Vicky :)