Consumer Credit Union
Posted by, CUD Staff
A Consumer credit union does not operate for profit; it is a cooperative and also a saving and loan institution. The consumer credit union is a licensed entity and is insured by NCUA (National Credit Union Administration). The process for joining a consumer credit union is a simple one as it can be joined by people who transact business or everyday activities in or around the location of the credit union. You would have to visit the location to become a member, but an application form would still be required. The minimum deposit for opening this account is $5 and the membership is a lifetime one.
In order to assist the government in the fight against terrorist funding and the laundering of money, there are some very important procedural information to be obtained regarding the opening of a new account. It is required by law that every financial institution should gather, obtain and verify as well as record their account holders. The process of opening an account involves total disclosure regarding the account holder’s name, date of birth, address and any other relevant information which can be used for identification purposes. The requirements may or may not include a photo identification issued by the government or any other means of identification.
Consumer credit unions also have savings accounts which you can use to accumulate your funds. Their smallest savings account attracts a daily interest rate which allows the interest to be posted to your account at the end of each quarter. They offer a no charge option for your checking account. This enables you to check the balance on your checking account which attracts no fees and no minimum balance is required for it. There are no charges to dread each month, and you will have the option to write multiple checks with no limit on the amount you choose to write. The only cost associated is for the actual checks.
They have different options for Christmas and other holiday savings. With this option you will be restricted to withdraw your funds only once per annum, this is between the 1st of November and the end of December. This type of account attracts interest on a daily basis and is the ideal account for you to save for a vacation or holiday. In addition to the daily interest, there is also the fact that you can only withdraw your funds once per annum. IRAs (Individual Retirement Accounts) are also available both in traditional and Roth. The accumulated amounts on these accounts also earn interest daily which are added to your account quarterly.
There is no requirement of a minimum amount and there is also an option to save for children’s educational needs and this is tax free savings. Some of the accounts offered by a consumer credit union are: bill payment, online banking, payroll deduction, investment services, money orders, you can do night deposits or send wire transfers, investment services and a wide variety of other services which are offered. Consumer credit unions are fully capable and equipped to take care of your financial needs, all you have to do is make that first step into one of their offices.
