A federal credit union in Maryland is a financial institution that provides banking services to members of that federal credit union. MD credit union members control the credit union and the credit union bases membership on well-defined criteria such as residency within a geographical area or membership in a non-profit group.
Federal credit unions in Maryland also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. A Maryland federal credit union may be able to switch to a community charter, which allows it to serve anyone who lives, works, worships or attends school within a defined area.
Maryland federal credit unions are tax exempt, while banks are not. There are three basic reasons why this is so:
1. A credit union in Maryland must be a non-profit, democratic corporation the members own.
2. Members must elect the board of directors for Maryland federal credit unions and they must serve as unpaid volunteers.
3. An MD government credit union provides service to members of modest means as part of their social mission. It also must place limitations on its memberships with restrictions on the products and services it provides.
Locate a specific Maryland federal credit union by nameYou can easily locate a credit union if you have some basic information about it such as its name or the location of one of its branches. A credit union's name normally will give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.
National Credit Union Administration can locate a credit union by charter number and is able to find a credit union by using a word in the credit union's name.
Find federal credit unions in Maryland by locationResources are available to locate all of the credit unions based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.
Investigate the services of a local MD federal credit union before you joinExamine the membership requirements of a particular federally chartered credit union and the services that it provides to know if you are eligible to join and if it will provide the services you need.
- Most federally chartered credit unions in Maryland serve individuals and may also be called a natural-person federal credit union. MD corporate credit unions serve as a clearing house for natural-person credit unions and provide them with operational support, products and other services.
- Federally chartered credit unions in Maryland may actually have a more disparate membership base than the one implied by its name. This may be the result of a merger of several smaller credit unions. Additionally, individuals may generally remain a member of Maryland government credit unions even when they would normally no longer qualify.