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The 4 Main Types of Credit Unions

by Cuone.com

The 4 Main Types of Credit Unions

When it comes to choosing the best credit union for you, there are four different kinds to look into. While all of these offer the many benefits that fall under the umbrella of a credit union, there are four different kinds to consider and research.

Credit Unions Fall into 4 Categories

  • Group credit unions
  • Local credit unions
  • Employer credit unions
  • Federal credit unions

Group Credit Unions

It is not unusual for community organizations, fraternities, sororities, and church groups, to set up credit unions to support their members. Much like employer credit unions, in order to become a member of the credit union must be a member of the specific organization in order to open an account there.

Local Credit Unions

Organizations, activities and job titles are not the only things that determine who is represented by a credit union, though. These credit unions exist for residents of certain cities and communities, as well.

Employer Credit Unions

Employers often sponsor credit unions for their employees to use. Employee credit unions can represent workers from a diverse range of fields, these include, but are by no means limited to:

  • Police officers
  • Firefighters
  • Doctors
  • Nurses
  • Teachers
  • Postal employees
  • Dentists
  • Transit workers
  • Government workers

Federal Credit Unions

Federal credit unions are designed to make credit more available to Americans via nonprofit credit unions. Some national credit unions allow you to join either online, or in person and the only real requirement is that you to be over 18 years old and a U.S. citizen or permanent resident.

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