Ever thought about joining one of those “members only” credit unions? Well, you just may be able to! If you do not already know, credit union customers enjoy more and better benefits than bank customers. The general reason is that credit unions are non-profit entities while banks are for-profit entities. So, that means credit unions can enjoy a competitive edge by passing along the “profits” in the form of higher savings rates, lower loan rates, extra benefits such as free checking, etc. But, the catch is, you need to be a “member”.

The first credit union that I joined was some 15 years ago. I joined as a relative of a member, my father. I do not remember exactly. But, the credit union was for telephone people who worked for PacBell. I can still remember how great it was to have free checking. I also remember how great it was to enjoy the higher savings rates. So, I was really excited because I knew how difficult it was to join that credit union.

Fast-forward 15 years. The banking industry is now a lot more competitive. Credit unions are trying to expand their deposit base. So, they are loosing up the standards to joining their credit unions.

I recently joined an armed-forces credit union even though I have never ever been in the armed-forces before. I became a “member” by joining an “armed-forces club”. The credit union considered all members in the club as members in the armed-forces.

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