Compare These Top Vendors for Federal Employees' Credit Unions
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Business directory to 401k rollover information and advice.
www.business.com/finance/401k-rollover/Retirement industry advisers and consultants.
www.business.com/finance/retirement-consultants/Companies that provide retirement plan benefits, including 401k plans and pensions. Get information on corporate retirement plans, or how to offer retirement benefits for employees.
www.business.com/finance/retirement-plans/401(k) plans allow employees to save for their retirement by contributing a portion of their wages to an individual account. Employers can also contribute to 401(k) plans in the form of employee benefits; be sure your 401(k) vendor can manage your employees’ investments wisely.
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Federal employee credit unions are an attractive benefit to offer your employees. As more and more companies are forced to cut many traditional employee incentives due to rising costs, offering memberships to a federal employee credit union can be a valuable incentive to bring aboard good, long-term workers. Read More »
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If you're new to the federal government, or are simply seeking employment there, you may not know about federal employee credit unions. It is best to take the time to learn though, since it could save you a lot of money. Read More »
Federal Employees' Credit Unions Basics
Federal employees' credit unions are also cooperatives, which means that those who hold accounts have "shares" in the credit union. This makes them able to vote for members of the board of the directors and even to run for a credit union office. Other unique aspects include:
1. Federal employee credit unions reinvest their profits in the credit union or offer them as dividends.
2. To join a federal employee credit union you have to be in a particular field of membership.
3. A federal employee credit union can operate in secured buildings or on military bases, making some branches inaccessible to the general public.
Learn about how a credit union for federal employees works
A credit union for government employees is a unique, but not exclusive, type of organization. It operates in the same way as a typical credit union. Thus, it's best to gain a good knowledge of credit unions in general.Find out which agencies have a federal employee credit union
Just because you're a federal employee doesn't mean there is a government employee credit union available to you. It is up to each agency to start their own credit union or petition for membership in an existing one.USA.gov to find a list of federal agencies and contact information. Or, if you already know where the agency is located, you can try the Credit Union National Association's locator tool. Just be aware that the name of the credit union may be different from the name of the agency. For instance, Tower Federal Credit Union serves employees of the National Security Agency.
Discover other ways to be a federal employees' credit union member
Just because some agencies lack credit unions for federal employees, this doesn't mean all federal employees can't be credit union members. There are lots of other ways to be eligible to join.- Membership in a federal employee credit union does not give you automatic access to credit union branches in secure areas. You still need the proper credentials.
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Tips & Advice for Federal Employees' Credit Unions
There are perks to just about every occupation and as federal employees know, they have some of best benefits and perks available. Among one of the most appreciated perk is access to well run Federal Employees' Credit Unions. Working with a credit union, instead of or in conjunction with a bank, offers a wide variety of advantages to federal employees. Credit unions offer almost every service conventional banks do and can be counted on for special consideration of the clients they serve. Since credit unions are devoted to one group of people, in this case, federal employees, they have greater flexibility in terms of credit rates and other financial elements.
Federal Employees' Credit Unions can assist with a number of different financial aspects for their clients. For example, they are allowed to offer and secure loans including car and home mortgages, as well as extend lines of credit and equity loans when appropriate. Many credit unions also offer checking accounts and cards, saving accounts, and retirement accounts. Credit unions are often perceived as being more personable than the banks and often provide the option of starting a Christmas or holiday fund account to their clients.
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