How can you join a credit union?
There
are many different ways that you become a credit union member. There may already be a
credit union serving the area in which you live, your company or union, or your
organization or religious affiliation. Nearly all credit unions allow family members of
existing members to join, and most allow you to remain a member after you move or change
jobs.
Who can join Saratoga's Community
Federal Credit Union?
Persons who live, work, worship, or attend school in and
businesses and other legal entities located in Saratoga County, New York;
and, also included are spouses of persons who died while within the field of membership of
this credit union, employees of this credit union, members of their immediate family or
household, and organizations of such persons are eligible to become a member of
Saratoga's Community Federal Credit Union.
If you're not sure if you meet these eligibility requirements, just stop by our office at
23 Division Street in downtown Saratoga Springs or call (518) 583-2323 and a staff
member will assist you in determining your eligibility.
We welcome all who meet our membership criteria.
What is a credit union?
While a credit union offers financial services to its members, it is different from
most financial services providers. A credit union is a financial cooperative -- not a
business. It is owned and controlled by the people who use its services. These people are
called members to reflect their ownership status.
The reason it is called a credit union is because the members come together through a
"common bond" based on the community in which they live, the company or
profession in which they work, their fraternal organization, or their religious
affiliation. This common bond helps to define the credit union's "field of
membership" which is determined under its state or federal charter.
Credit unions are not for profit. Their boards of directors are elected by the members
and serve as unpaid volunteers. Credit unions exist to provide a safe, convenient place
for their members to save and get loans at reasonable rates.
Why join a credit union?
The credit union mission is service, not profit. Because they do not have to make
profits for stockholders, members can usually obtain higher rates on savings, lower rates
on loans, and lower, or no fees for many other financial services. All credit unions offer
basic savings accounts, called "share" accounts. Share accounts represent the
member's ownership in the credit union. Although not all credit unions offer every type of
service, most offer loans, and many offer checking accounts, ATM access, Share
Certificates, home mortgages, IRA's, credit cards, and many more financial services. Since
its field of membership is based on something close and important to you, the staff of
your credit union treats you more like a friend than a customer -- you belong.
Credit unions are safe institutions for your money. Your
savings are federally
insured to at least $100,000.00 and backed by the full faith and credit of
the United States Government through the NCUA, National Credit Union
Administration, a U.S. Government Agency.
Originally, credit unions were founded to serve the needs of people of modest means who
could not obtain financial services elsewhere. Today, credit unions are there to help in
times of family or personal crisis by providing emergency loans to their members, as well
as meeting the ever changing needs of today's member.
Credit unions are a valuable employee benefit!
Credit union membership is an important "fringe benefit" for an employer to
offer employees. Although employees often think of the credit union as a benefit from the
employer, the credit union is actually self-supporting and operates independently.
Payroll deduction is a favorite among credit union members. It makes it easy to save or
pay loans automatically. For the employer, it's simple and economical. Most credit unions
even accept direct deposit, which can save money for the employer.
Credit union membership benefits employees by;
