An article appearing on FoxBusiness.com recently sets the record straight about who can join a credit union and how to go about it. "What are the Requirements to Join a Credit Union?” explains that unlike banks, credit unions have a defined field of membership that an individual must belong to in order to join. Many credit unions are community-based, the article points out, making them more accessible. CUNA's Jim Hanson points out that "out of the 8,000 credit unions, almost 25% are community-based. The vast majority of consumers, especially in large communities and cities have an opportunity to join a credit union." Churchgoers and students can also find credit unions that are open specifically to them.
FoxBusiness recommends that people should look into credit unions because these “not-for-profit financial institutions, which offer everything from savings accounts to automobile loans," are "offer competitive rates on loans and have money to put to work.”
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