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How to Find a Credit Union
Posted By Jim On 04/11/2011 @ 7:05 am In Banking | 12 Comments
If you found yourself complaining about the “Too Big To Fail Banks” and still have your money at one of the TBTF banks, then you, my friend, have lost the right to complain. If you want to remedy that, or if you simply want better rates, then a credit union is a fantastic almost-perfect substitute for a commercial bank.
The key difference between a credit union and a commercial bank is that the depositors and borrowers of a credit union are its shareholders. With a commercial bank, the shareholders are the owners of its public stock or investors in the corporation. When the credit union counts you as a shareholder, it gives you better rates on your deposits (high yield savings accounts  may still offer higher rates) and better rates on your loans. Finally, credit unions are NCUA insured up to $250,000, just like commercial banks and the FDIC, so your money is safe.
The main trade off is that credit unions are smaller and so they lack the enormous geographic footprint of much larger banks.
So how do you find a good credit union?
Credit unions are required by law, the Federal Credit Union Act , to limit membership. The membership is generally limited to an association, such as your workplace, or a geographic region, a county or municipality.
Places to look:
Have you moved your funds to a credit union lately?
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 Credit Unions kick ass.: http://www.bargaineering.com/articles/10-reasons-why-credit-unions-kick-ass.html
 high yield savings accounts: http://www.bargaineering.com/articles/high-yield-savings-accounts-rates.html
 Federal Credit Union Act: http://en.wikipedia.org/wiki/Federal_Credit_Union_Act
 NCUA’s Find a Credit Union: http://cuonline.ncua.gov/CreditUnionOnline/CU/FindCreditUnions.aspx
Thank you for reading!