"What's a credit union, anyway?" Simply put, a credit union is a type of cooperative that's designed for financial reasons. Unlike banks, however, unions are run and operated by its members. This is one of the major reasons why people are attracted and continue to work with them to this day. Of course, this is just a small degree of the information that can be provided by reputable minds in finance, Robert Jain included.
"In essence, credit unions are banks, aren't they?" Despite being similar to one another, to a degree, credit unions and banks are entirely different entities. Credit unions, for example, are operated by members, whereas banks are operated by paid higher-ups. Additionally, credit unions are non-profit while banks are for-profit. These are just a couple of striking differences that those outside of finance should be aware of.
"Are there requirements to become a member?" In order to become a credit union member, according to names like Bob Jain, there are a few factors to take into consideration. First, you should ask your employer if you can join a union they may sponsor. Second, ask a family member if they're part of a union, as this may help you join as well. These are just a few factors but it's easy to imagine that they will go a long way in terms of helping you obtain membership.
"How much of a say do I have?" If you're a credit union member, you have more of an impact on your establishment's growth than you think. For example, let's say that your union is readjusting its guidelines. As a member, you have a vote, meaning that you can have a direct impact on which guidelines are passed versus those that are dismissed. This allows unions to be more democratic, resulting in a system that's influenced by members.
"Is there a credit union near me?" Depending on where you live, yes, it's entirely possible to find a credit union in your area. However, it's in your best interest to go online and research different institutions. After all, you want to make sure that your investment is a worthwhile one. Many credit unions have developed to the point where they offer drive-through options. For those that are constantly on the move, this is a great incentive.
"In essence, credit unions are banks, aren't they?" Despite being similar to one another, to a degree, credit unions and banks are entirely different entities. Credit unions, for example, are operated by members, whereas banks are operated by paid higher-ups. Additionally, credit unions are non-profit while banks are for-profit. These are just a couple of striking differences that those outside of finance should be aware of.
"Are there requirements to become a member?" In order to become a credit union member, according to names like Bob Jain, there are a few factors to take into consideration. First, you should ask your employer if you can join a union they may sponsor. Second, ask a family member if they're part of a union, as this may help you join as well. These are just a few factors but it's easy to imagine that they will go a long way in terms of helping you obtain membership.
"How much of a say do I have?" If you're a credit union member, you have more of an impact on your establishment's growth than you think. For example, let's say that your union is readjusting its guidelines. As a member, you have a vote, meaning that you can have a direct impact on which guidelines are passed versus those that are dismissed. This allows unions to be more democratic, resulting in a system that's influenced by members.
"Is there a credit union near me?" Depending on where you live, yes, it's entirely possible to find a credit union in your area. However, it's in your best interest to go online and research different institutions. After all, you want to make sure that your investment is a worthwhile one. Many credit unions have developed to the point where they offer drive-through options. For those that are constantly on the move, this is a great incentive.
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Please contact Bobby Jain for more information about finance.. Free reprint available from: Credit Unions & Vital Questions That Robert Jain Can Answer.
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