If your company does business with or for the State of New Jersey, you may be able to join a New Jersey state credit union. Membership in these credit unions limited predominately to people that work for the state government, but credit union management can file a petition to allow outside businesses to join as Select Employee Groups, or SEGs.

If you can get your business approved as an SEG for a NJ state employees credit union, you and your employees can take advantage of everything the credit union has to offer. Three ways working with New Jersey state employees credit union institutions can help you save money are:

1. Through savings accounts, certificates and club accounts that offer competitive dividends;

2. Through loans that have lower rates and often fewer restrictions than you can find at many banks;

3. With remote access options, such as online banking and direct deposit, that let you make transactions from your home or office.

Action Steps
The best contacts and resources to help you get it done

Examine the savings accounts a NJ state employee credit union offers

An NJ state workers credit union, just like any other credit union, will offer at least a share savings account, which is just a typical interest bearing savings account, but often has very competitive dividends. Most credit unions also have what they call share certificates, which are essentially the same as CDs. Some also have retirement accounts, money market accounts and club accounts.

I recommend: Look at the membership eligibility requirements for the North Jersey Federal Credit Union. It is open to you if your business is in Passaic or Bergen County as well as some other areas of the state. This credit union has all of the savings options listed above. To see how its savings rates compare to the average, look at Bankrate's listings, which are updated regularly.

Check out loan options at a New Jersey government employees credit union

An employees federal credit union NJ could be the best place to get a loan, either for business or for personal needs. Most times a credit union will have less-stringent penalties for late or missed payments than a traditional financial institution, not to mention lower rates. Credit unions are also less likely to have prepayment penalties if you want to pay off early.

I recommend: Consider working with the Credit Union of New Jersey. This credit union has mortgage and home equity loans, vehicle loans, Visa cards, student loans and personal loans. It is also one of the few credit unions in the state that offers business loans. To find other credit unions that offer these services, a good point of contact is the New Jersey Credit Union League.

Find a state employees credit union New Jersey that has remote banking

It won't be hard to find a NJ credit union that has online banking and direct deposit. After all, it is the 21st Century. Credit unions that don't currently have these services are quickly jumping on the bandwagon, since it is to be expected in this day and age. Some credit unions charge for remote services. You may want to do some searching until you find one that doesn't.

I recommend: Locate a credit union online through the FindaCreditUnion service. Then call the credit union or go to its website to see what remote services it offers. If you can't find a credit union you're eligible for and that you'd like to work with this way, try CommonBond's credit union directory. Some of the listings may be different.

A NJ credit union can be a wise choice for your banking needs. A NJ state employee credit union provides some of the lowest loan rates around. When you want to expand your business, increase your working capital or purchase assets, a state employee’s credit union in New Jersey has competitive interest rates and flexible terms.

Choosing to bank at a New Jersey state employee’s credit union is tricky. In order to join a credit union for NJ state employees you need to be a NJ state employee or a family member of a NJ state employee. Check to see if you qualify for a state union or try an employees' federal credit union in NJ.

Consider the following when looking for a NJ state workers credit union:

1. Learn specifics about a NJ state employee credit union from others.

2. Find New Jersey state employees credit union from online sources.

3. Look for a local state of New Jersey employee credit union branch.

Action Steps
The best contacts and resources to help you get it done

Locate a specific NJ state workers credit union by name

One of the best forms of advertising is word of mouth. Listen to others when you're looking to join a New Jersey government employees' credit union. You can then research each credit union to see if you qualify and decide if any of them meet your business needs.

I recommend: Use Credit Unions Online to locate a NJ state credit union by name. Click on any of the NJ credit unions to find out more information about them. With Credit Union Directory, you can compare the rates of each state credit union in NJ side by side. Use it to find the best rates in your area.

Find the NJ credit union that is nearest to your business

Since residency is a common requirement to become a member, you need to find a NJ state employee credit union that is close to your business.

I recommend: If you want to become a member of a credit union for New Jersey state employees you can use Credit Union Finder. You can easily locate a NJ credit union near you and look at the detailed report provided to determine if it fits your needs. With the National Credit Union Administration site, you can find NJ credit unions by charter number, name or state, and sort them by name, region or type of membership as well as several other options.

Select a New Jersey state employees' credit union to join

Depending on where your business is located, it may be a factor as to which NJ credit union you want to join. Check the membership page to see if you qualify.

I recommend: Affinity Federal Credit Union is an employees' federal credit union in NJ that is open to many participating organizations. Even if you don’t belong to one of them, you may still qualify for membership. They offer business management services, 401(k) plans, insurance plans and business lending products. They have branches in North Jersey as well as shared branches around the world. Credit Union of New Jersey offers money management services, competitive financing and personal attention to all your business needs. Its membership extends to state workers and many other companies and family members are welcome to join, too. It’s located in Mercer county New Jersey and has shared branches, as well as ATMs, around the country.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Once you qualify for membership in a state employees' credit union in New Jersey, you remain a member even if your circumstances change.
• •  Since you may be eligible for more than one New Jersey state credit union, shop around. Compare the interest rates for savings, checking and loans as well as any minimums they require, so you get the best deal a New Jersey state employees credit union offers.

New Jersey state employees credit unions allow members who work for the state or local governments to use their services in the financial sector. Savings accounts, checking accounts and all sorts of loans may be obtained through the New Jersey state employees credit union.

Take some time to learn about some of the key terms associated with these federal credit unions so that you can get the most out of the banking experience. Here are some of those terms along with some helpful resources to help get you started.

Action Steps
The best contacts and resources to help you get it done

Eligibility

Eligibility refers to the people who are allowed to be members of a particular credit union. In the case of New Jersey state employees, one must work for the state or local government or one of its municipal branches or affiliates.

I recommend: Go to the website for the Credit Union of New Jersey for a further discussion of eligibility.

Internet home banking

Internet home banking refers to the ability of the client to access their accounts from the comfort of their home computer. The client may check balances, write checks, transfer funds and more. Because a credit union operates slightly differently than a bank, these online services were not always available in recent years to members.

I recommend: Visit the website for Atlantic City Fire Fighters Federal Credit Union, a credit union which allows certain state employees to join, for more information on internet home banking.

Electronic payment processing

Electronic payment processing is the method by which merchants accept credit card and electronic check payments from consumers. Some credit unions align with electronic payment processing companies to offer their customers a direct deposit option as soon as the electronic payment is processed.

I recommend: Visit the website for Newtek Referrals. They have partnered with First Jersey Credit Union to offer business clients electronic payment processing. State employees of New Jersey are allowed to join the First Jersey Credit Union.

Loan rates

Loan rates refer to the interest rate that a federal credit union will charge a client for a given loan over a certain period of time. Credit unions often offer home, car, collegiate and personal loans to their customers.

I recommend: Go to the website for the Middlesex County Employees Federal Credit Union for an example of what a loan rates page commonly looks like on a credit union page.

Credit cards

Credit cards, in terms of credit unions, operate slightly differently from their bank counterparts. While it is still a financial tool that allows consumers to make purchases up to a certain credit limit, the terms are usually a bit more favorable. The interest rates are traditionally lower with an extended grace period. Usually these credit cards have some form of underlying security, as the client must have a savings account with the credit union.

I recommend: Visit the website for Jersey Trades Federal Credit Union for an example of the terms and conditions extended to members when obtaining a credit card through the credit union.

Loan calculators

Loan calculators are financial tools that allow a client to determine their monthly payment for a monetary loan. These loan calculators usually specialize in home, auto or personal loans and will request information such as size of the loan and term of the loan. Check the interest rate page on the credit union website to determine which interest rate to use for the calculator.

I recommend: Visit the website for the Atlantic City Electric Company Employees for additional information and examples of calculators commonly found on New Jersey federal credit union websites.