How to choose a credit union

Credit unions are financial institutions that fill many of the same needs as banks but which are different in their conception. Credit unions are non-profit cooperatives owned by the membership. And because each credit union has a strict “field of membership,” not everyone can belong to any credit union. In effect, then, the credit union chooses the member/customer rather than the other way around.

Field of Membership

Originally, credit unions were formed as a way for people in the same occupation or field to pool their financial resources.These days, the definition of “field of membership” has expanded to include geography as well…