How to Join a Credit Union in Three Easy Steps

If you like the idea of joining a not-for-profit financial services community where you have ownership, then you may like the idea of credit union membership. Over the years, credit unions have provided savvy consumers with a strong alternative to traditional banking, attracting more than 132.6 million members in the United States alone.

Credit union benefits don’t just include a full spectrum of financial services and products such as credit union savings accounts, which typically offer high rates of return, and credit union checking accounts, which come with fewer — or even no — fees attached, but also a mission to help their members improve financial wellness. Interested? Let’s explore the process of understanding, choosing, and applying to a credit union for membership.  

Step One: Understanding Credit Unions

A credit union is a type of financial institution that is owned and operated by its members. Unlike traditional banks, credit unions are not-for-profit organizations that offer services such as savings accounts, loans, and other financial products to their members. Credit unions typically have lower fees and interest rates than traditional banks, as well as more personalized customer service. In addition, many credit unions are also often more willing to work with customers who have a lower credit score or limited banking experience and some offer financial counseling to help members improve their financial wellness.

Step Two: Understanding Credit Union Requirements

Typically to be a member of a credit union, you have to live or work in a specific community. According to the Credit Union National Association (CUNA), nearly everyone is eligible for membership in at least one credit union organization. However, it is important to understand that not every credit union will have a field of membership that will apply to you. Here are some examples of these fields of membership:

  • People who live, work, or worship in a specific geographic area

  • Employees of specific organizations

  • People who work in a particular industry

  • People with a common background, such a Defense Department employees and family members

Some credit unions have overlapping fields of membership, so they may serve both groups of employees and members of a community at the same time, for example. One way to determine whether you are eligible to join a credit union located in your community is to check their online site or stop into a branch location in person. Alternatively, you can go the National Credit Union Administration’s locator site that can help you find appropriate credit unions in your area. If you find one you like and you are eligible to join, you may want to use the Companion Tool to research your credit union to get more information.

Step Three: The Credit Union Application Process

Once you have located a credit union for which you are eligible, you can begin the credit union membership process. In most cases, this is a very simple task and does not differ much from the way you would join a traditional bank. In most cases, you may want to go in person, but many credit unions offer online application options as well. We will explore both:

Credit Union Online Application

If you find a credit union that makes online account opening available, you can apply for membership and open a credit union account through their online application process. Typically, you will need two forms of identification as well as other information:

  • Driver’s license or passport

  • Birth certificate or vehicle registration

  • Social security number or your individual taxpayer ID number

You will also need bank routing numbers and account information or a debit card that will be used to fund your account, as well as providing personal information such as your address, phone number, and of course, your name.

Credit Union In Person Application

If your credit union does not offer online applications, you will need to go in person to apply for membership and open an account. Like the online process, you must provide two valid forms of identification as well as funding for your new account and personal information. Typically, you do not need an appointment to begin the process. You can simply walk in and wait for the next available member services advisor to assist you.

Join Our Encompass Credit Union Community Today!

We love our members, and we love welcoming new faces into our community. If you have a business, work, live, or worship in Tipton, Clinton, or Howard Counties in Indiana, you are eligible to be a member at Encompass CU.

Joining is simple — all you have to do is stop by one of our branch locations and open a savings account with a minimum balance of $5 and you’ll enjoy all the perks of membership, including:

  • Online Banking

  • Mobile App with Remote Deposit

  • Electronic Bill Paying

  • Mortgages and loans at competitive rates

  • Overdraft Protection

In addition, you’ll get lower rates on loans and higher rates on savings to help you meet — or exceed — your financial goals.

Start getting the benefits of membership today. Contact us now or call us at 800-675-8852 with any question or stop by and become a member today!

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