Entries Tagged 'Credit Unions' ↓

If you don’t have an account with your local credit union, consider opening an account so you can start a relationship with them. Credit unions differ from banks and can offer better rates on many products because they have the credit union member’s in mind. They are a not-for-profit cooperative, where the members “help each” and so the rates are often better than at a commercial bank with commercial interests in mind.

Credit unions also have several other benefits:

• Taxation Benefits: Credit unions don’t have to pay federal income taxes, which was established in 1937 and reaffirmed in 1998 in HR 1151. Not having to pay taxes is a huge benefit.
• Volunteer Boards: Did you know that the board of directors on a credit union is filled with volunteers elected by the credit union’s membership? Yep!

So, consider learning the eligibility requirements for your local credit union and joining!

The Pentagon Federal Credit Union is probably one of the best credit unions in the country as it’s always consistently had low rates on loans and high rates on its Certificates of Deposits (CDs), so one must ask, how can you join? Much like any other credit union, you have to satisfy membership requirements before you can get in and this one is no different. PenFed was originally intended for the military and civilian employees of the government and so their appearance in the list of qualifying groups is clear. The other groups allow family members and relatives to join as well as those who work at eligible places of business such as Walter Reed Army Medical Center and Anderson Air Force Base. Again though, there you see the ties to the military or government.

So, can someone with no ties to the military and who doesn’t work for the government find a way to join? The answer is yes.

Let’s go back to the six groups that can join:

1. United States Military & Uniformed Services
2. Member of an Eligible Association or the Military Officers Association of America (MOAA)
3. United States Government Employees
4. Family Member or Housemate
5. Employee of an Eligible Place of Business
6. National Military Family Association (NMFA)

Did you see that sixth entry? The National Military Family Association (NMFA)? If you are a member of the NMFA, then you can join the PenFed and anyone can join the NMFA for a one-time fee. There you have it… a way for a civilian to get membership into the PenFed. Check out their rates and you’ll be amazed… then you’ll want in!