Many people see credit unions as financial institutions that they can turn to if the high street turns them down. In reality, however, they are community cooperatives. This means that they also help the community at large. By finding a credit union serving Broward County, Palm Beach County, Miami-Dade County, in other words, you will be helping all of those communities.
Credit Unions Provide Loans and Community Savings
In almost all cases, credit unions are small organizations that run according to non-profit principles. The founders tend to be people who want to benefit a community. They may all live in the same town, work for the same industry or be members of a trade union, for instance. Once upon a time, these unions were essentially made up of a man and a ledger in a church hall. Today, most have commercial premises and they are also available online.
Anyone Can Enjoy the Services of a Credit Union
Credit unions exist in order to create a financial community. Because they are non-profit organizations, any benefits that come to the unions will be translated to its members and not to third-parties who hold shares. This means that these unions will often work very hard to help disadvantaged people access banking products. People who have financial difficulties, people in poorer communities and so on can all benefit from these services. It also means they can avoid doorstep lenders and payday lenders.
Savings, Loans, Mortgages, Current Accounts and More
Most credit unions offer both saving systems and loan constructions. What sets them apart is that the rates on their loans are not extortionate, and anything you do pay goes back into the community. Many now also offer vehicle loans and some even offer mortgages. It is also increasingly common for credit unions to offer current accounts, including debit cards. In many cases, these accounts can be accessed by people of all ages, including young people. However, young people will need some sort of parental authorization on their accounts. Additionally, they provide services to help people better manage their finances will also be offer. You can check out credit union rates and see what works for you best.
You Can Join Multiple Unions, but You May not Qualify for Any
If you have seen a credit union that you would like to become a member of, you will have to check whether you meet the eligibility criteria. Each union has their own specific criteria. This can be such things as living in a specific area, being part of a certain industry or being part of a certain minority group, for instance. As such, it is also sometimes possible to join multiple unions. You could, for instance, be a lesbian firefighter in Palm Beach County of African-American origin. In that case, there are three minority credit unions you can join (because you are a woman, African-American and part of the LGBT community), one area union (Palm Beach) and one profession union (firefighter). If, however, you are a male doctor in Colorado, you wouldn’t be able to join any of them. It is very rare, however, to find yourself in a situation where you cannot join any credit union at all.
