There's a Credit Union for That
As we all know, credit unions offer many different benefits for members in comparison to banks. These benefits are one of the main selling points for credit union advocates and in most cases are the deciding factors for getting new members to join. Choosing between a credit union and a bank may seem like an easy decision to some, but for others it might not be such a clear choice. This is because not all membership is the same, and eligibility can vary. Your credit union’s field of membership serves a different community than others depending on things like location, industry, and employer, but no matter how specific the community may be, there’s a credit union for it.
A potential credit union member should start by thinking about a few things that might help them determine which financial institution would suit them best. Employer and industry are two of the most common areas to look at first when it comes to finding a credit union. This is because there are many credit unions out there that were started with workers of a certain industry or company in mind. If your credit union is one of these types, then be clear about who you represent and who is eligible to join. Check online, #CreditUnionsvsBanks to see how credit unions keep growing and expanding on awareness strategies.
If a credit union doesn’t serve employees or affiliates of a certain industry, then there are other categories that determine their field of membership. Living in a certain geographical region or being part of a group or organization like a church, for example, is usually enough to make someone eligible for credit union membership. Most credit unions also allow the family of their members to join. If your credit union allows this, be sure to let your members know, that way you become an option for other potential members.
Even though there are numerous ways that a person can become eligible to join a credit union, the ways in which they are defined are always changing. This is not necessarily saying that every rule of eligibility will change from year to year, but instead implies how some laws and regulations may be adjusted. For example, field of membership for a credit union could expand to an underserved area of a community or industry, therefore changing the rules that were previously set. These changes usually help credit unions expand and find new members.
The field of membership for a credit union is often broad, but well defined. When it comes down to it, there is a credit union for everybody. Changes and expansions to underserved communities not only help credit unions grow, but allow for even more people to find a financial institution that is right for them. Although these changes facilitate growth, it also means complying with new rules and regulations. This is where Oak Tree can come in. With 35 years of experience in supporting credit union forms, we are no stranger to compliance. Our forms fit the wants and needs of our clients and follow all state and federal regulations.
Stay informed with news about FOM. Read latest article on Credit Union Times ‘Federal Judge Strikes Down Part of NCUA Field of Membership Rules’ - here.
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