Credit Unions
Many credit union members do not take advantage of the benefits offered as a result of their membership. More than half of the federal workforce has membership in a credit union. Creidt unions are owned by the membership who in turn elects a volunteer board, who are also members, to take care of the business of the credit union.
Credit Unions serve a particular population. Either you are a family member must work within the framework of the population served in order to be a member. Example, if you work for the Postal Service or some other Federal Agency, by virtue of your employment you may become a member of the credit union. Your membership will also allow certain family members to gain membership also. Aditionally, there are credit unions that serve church members, social organizations or other designated groups.
Credit Unions offer a wide range of services to its members. Fees are often lower than fees found in most traditional financial institutions such as banks. Credit unions also offer financial counseling services that many members fail to take advantage of when planning their financial future and looking ahead to retirement. Credit unions offer the same basic services as banks. Credit union affiliation is by membership but anyone, all things being equal, can open a bank account.
Credit unions used to have the stigma of not being open on week-ends and having limited lobby hours. Although a number of credit unions still do not have week-end hours, a great majority do, in addition to having extended lobby hours. Whether you use a credit union or a traditional bank make sure that you are aware of the range of services offered and use them to your advantage.
Check with your credit union or financial institution to see what services are offered that will help you and your family make sound tax decisions to protect your wealth.
P. S. Always Remember to Share What You Know.
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