I believe Credit Unions are by law "Not-for-profit", which I don't think
applies to Mutual Banks.
You have to be a member of a Credit Union, and there are limits on who
can become a member. You have to have some common interest with the
other members in order to become a member. Sometimes that "interest" can
be a bit tenuous and you'll still be eligible to join.
The two big Credit Unions around here are Coastal Federal Credit Union
and North Carolina State Employees' Credit Union. You had to have some
affiliation with someone who worked for the Federal Government to be
eligible for the former and/or an affiliation with the state government
here in North Carolina to be eligible for the latter.
I was in the North Carolina National Guard, so that was close enough to
make me eligible to join the NC SECU. And because it was the ARMY
National Guard, I could have joined Coastal Federal if I had wanted to.
SECU had more convenient branch offices at the time, so I chose them.
I know there are other credit unions around here. IBM had a large
presence out at Research Triangle Park, and their employees had a credit
union available to them.
On 3/26/2014 7:34 PM, P.J. Alling wrote:
That's also a description of an old fashioned, Mutual savings bank,
after they were allowed to offer Checking accounts, (called something
else but I don't remember what right now). Credit unions have one
advantage, they're tax free, also I don't think it's legal to convert
a Credit Union into a Stock company, but it was perfectly legal to do
that with Mutual banks, Hence the current dearth of Mutual banks,
(especially as the converters could often make hefty profits).
On 3/26/2014 4:07 PM, steve harley wrote:
on 2014-03-26 12:53 Ann Sanfedele wrote
Thanks, Steve..
I confess, I really don't understand what a credit union is,
actually..
a non-profit cooperative bank, basically; all the same services
except checks are called "share drafts"; plus you get a small say
in how things are run
I need a bank that has lots of locations and near me - the one I
chose seems very good - I should have switched long ago.
the credit union i use belongs to a network of credit unions that
share ATMs and physical branch services; so i have free ATMs and
teller services at locations nationwide; when i'm traveling an app
tells me where find them
perhaps not worth pursuing now that you are settled, but for
others' reference:
<http://www.co-opsharedbranch.org/participating-cus/>
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