Credit Unions Have Been Opened to Some Outsiders

How would you like to earn more money on your savings and pay less money for your car loan or boat loan?

A credit union, because it is a nonprofit membership organization, can usually give you much better rates on your savings and loans. But, up to now, credit unions have been closed to outsiders. Only the employees or others who belong to a specific organization were eligible for memberships.

Now, the National Credit Union Administration (the federal regulatory body for credit unions) has changed the rules regarding membership for retired persons and other senior citizens.

A credit union is now allowed to open its doors to groups of retired people as it sees fit. And, groups of retired persons can petition a local credit union to take them on as members.

By joining a credit union, you might be able to make more on your savings--a point or more in interest. And, if you need to borrow money for a car, a trip, or whatever, you can usually get a point or two better rate than you could get at a local bank.

Automatic Tellers

On top of this, some credit unions have automatic teller machines in their neighborhoods so you can take out cash when you need it and make other transactions any time of the day or night.

Some credit unions offer their members deep discounts on special purchases of furniture, appliances, theater tickets and vacation packages. As a member you could save considerable money through this kind of group purchasing power.

Aside from the financial benefits, belonging to a credit union can open up a myriad of social contacts. You might be able to be on one of the credit union’s membership committees or latch on to a volunteer job to help run the business.

Belonging to a credit union can be like belonging to a church group, social club or other such organization. Some credit unions regularly schedule parties, meetings, seminars and trips. You could expand your travel and entertainment plans without busting your budget.

But, you can’t just sit around and wait for a local credit union to invite you in as a member. You have to take some initiative. You have to find out where credit unions can be found in your area.

If you have any problem finding the names of credit unions in your area, you can write: Credit Union National Assn., Box 431, Madison, Wis. 5370l. Your request for information will be passed on to your state’s credit union league for action.

Form a Group

Under the new rules, credit unions are supposed to limit their membership drives to retirees who are already in a recognizable group, such as a senior center or religious organization. But you can form a group for the sole purpose of joining a credit union. The group can have any name and need not hold meetings regularly or require dues.

Retirees who are already members of credit unions swear by them. One woman in upper New York state says: “my credit union membership has given me a whole new lease on life. . . . I’m on the board and serve on several committees. . . . There’s always something going on.”