 | Stan Cowan
has worked in the financial industry for over eight years and is currently VP of marketing for Boeing Wichita Credit Union. His education includes a BBA and MBA from Wichita State University. He also teaches part-time for the Wichita branch of Baker University. Stan can be reached at (316) 651-5169 or scowan@bwcu.org |
Banking & Finance
2003-06-01 10:13:00
Credit union membership
: What is a 'field of membership' in a credit union? How does a person know whether or not he qualifies to join a particular credit union?
ANSWER: Way back in the 1930's when credit unions started up in America, they were created by a group of people who shared a 'common bond.' For example, a group of teachers could form a credit union based upon that similarity. Or, all employees from a specific company could. That common bond became what is known today as a 'field of membership,' the group of people that define who can join a particular credit union. Over the past 20 years or so, however, many credit unions have defined their field of membership to be a specific geographic region, i.e. a particular county or city, or even a whole state! That's called a community charter. So, no matter where you work or live, there are probably several credit unions in your area that you can join. Here are some ways that you can find out: Check the yellow pages - several credit unions will be listed for you to investigate. Check with your employer - there could already be a credit union out there that has your company within their field of membership. Ask your family - many fields of membership include 'family' in their definition. Just being a relative of an existing member in most cases will qualify you as a potential member. Ask your neighbors - as stated earlier, many credit unions have community charters that you are automatically eligible to join. Log on to http://www.creditunion.coop/cu_locator/index.html. This is the easiest way to find a credit union closest to you nationwide. Or call (800) 358-5710.
