Using Federal Employees' Credit Unions
Take advantage of eligibility to join a credit union for government employeesIf 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.
Federal employee credit unions are financial institutions that usually offer better rates and fewer fees than you are used to seeing at banks. Other important points include:
1. A federal government credit union serves more than just federal employees.
2. Federal government credit unions number in the dozens, so there's a good chance you can join one.
3. In addition to traditional government credit unions, there are also military credit unions that cater to service members.
Find a federal employees credit union that you can join
Learn about the services your federal employee credit union offersTo become a member of your federal employees credit union, all you have to do is open a savings or "share" account with a minimal amount of money -- usually $5 to $50. But, to really take advantage of your membership, you should not stop there.
Start using federal employees' credit unions and save some cashOnce you've got a good idea of what your federal employee credit union offers, start using it. It could be one of the best financial decisions you've ever made.
National Credit Union Association's logo on its website and in its branches. This guarantees your savings for up to S250,000 plus an additional $250,000 for your IRA savings. Some credit unions also offer Excess Share Insurance to provide up to $250,000 more than the federally insured amount.
- Just because a credit union has the word "federal" in its name doesn't mean that it's a federal employee credit union. Lots of credit unions use it to reinforce that they're federally insured.
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