Find and Join a Local Credit Union

I was listening to WRFG community radio yesterday, and heard an interview with staff from a local credit union. BOND Credit Union operates in the Little Five Points neighborhood of Atlanta and serves people who live, work, or volunteer in the area. They told the story of a homeless man who regularly collected and sold aluminum cans and deposited the money in their credit union. So not only did he own part of the bank (like all credit union depositors), upon application, he qualified for and received a $200 loan. He could not have done that at a commercial bank. I think that's a great story. And if credit unions can benefit this homeless man, think what they can do for you! ?
Credit unions are fully insured through an organization similar to the FDIC (which insures commercial banks) and operate much like commercial banks, except that member depositors own the bank and receive profits in the form of higher interest rates on deposits and lower interest rates on loans (as compared to commercial banks). You may well qualify to join a credit union and it may be in your best interest to do so. Here are some ways to learn more: ?
* Use this site - http://www.creditunion.coop/ - run by the Credit Union National Association to learn more about credit unions and to find a credit union that you can join. Federal employees may also want to consider the National Association of Federal Credit Unions.

* "The National Credit Union Administration is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government."

* The National Credit Union Foundation is "the charitable arm of the U.S. credit union movement, having both the knowledge and resources necessary to undertake national programming, serve as the financial intermediary between credit unions and governmental agencies, and fund innovative initiatives in support of consumer savings and asset accumulation."