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Public Credit Service Union

So what exactly is a public credit service union? A credit union is a non- profit financial business that based on the ownership and control of its members. A credit union is designed to give services to members that share a commonality of an employer or religion, and are therefore given the opportunity to combine their accounts, give loans to one another, and have a say in how the organization is governed.

The attraction for members is that a credit union will give them an alternative to the typical banking institution.

Credit unions and banks are alike in that the both have the basic offers of checking, savings and loan accounts. All deposits are protected under federal insurance for both institutions. Both give individual service, lower interest rates, and higher returns on investments.

If you are interested in joining a public credit service union, ask your employer if your business provides this service for its workers. Also, if you have a relative that is a member you would be able to join based on having a relationship with that member.

You can also try to connecting with job-related, religious and alumni organizations that you are involved in to check if they are in fact affiliated with credit unions.

Credit unions are very democratic in that the members, no matter how many in number, all have a saying in how the organization is controlled. Every year, there is an annual election where members can choose representatives for the board from the pool of their members to efficiently implement policies for the organization.

As an acting member of a public credit service union, you have the right to vote on all companies polices and elections of board members.

You can also choose to be on the board yourself as a volunteer for one of its committees. All elections are based on every vote. This differs from the for-profit businesses where your voice is overridden by the stockholders vote based on the amount of stock that they are invested in.

When you become a member of a public service credit union, you can remain a member for life for as long as your account remains open and in good standing. However, even if you choose to transfer your account to another branch or terminate it altogether, you can still remain a member.

And because you are a member of the credit union, you can access the profits that are not given to you because of stockholders at other banking institutions. Credit unions also are good in that they offer a higher interest rate on shared accounts and also pay out bonus awards if things are going well for that year.

They offer lower interest rates on both credit cards and loans, so if you have a family that is just starting out with major financial needs, a credit union can offer you lines of credit, car loans, home loans and mortgage rates at a much lower cost on fees and interest then that of a typical banking institution.

You can make your money stretch a lot further by having an account at a credit union. This is why over ninety million members have joined up with credit unions over the typical banking institution.

Another good indicator that public credit service unions are more trustworthy than banks is that most of the generation of the Great Depression has put their faith in these financial institutions rather than take a risk with the very banking system that crashed in 1929. This really does accredit this institution beyond words!!

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