Credit unions are known for having minimal fees and great rates on savings and loan accounts. Ideally, you can locate top-notch financial services and products nearby. However, there could not be any credit unions close by or you might require more features than those offered at neighborhood credit unions.
Thankfully, you can join numerous credit unions online and take advantage of their fantastic benefits.?
You must qualify by fulfilling certain standards, and for the majority of people, that’s rather simple.
The credit unions highlighted here are simple to qualify for, permit just modest initial deposits, are federally insured, and allow internet membership anytime and wherever you like. Once you join, you can access other credit union services, open savings and checking accounts, and apply for loans online.
Membership in a credit union
Initially, a term regarding “membership.” Customers of credit unions have voting rights on matters that affect the course of the institution and are considered co-owners of it. Fees and rates are often fair because banks and savings associations are not-for-profit institutions that don’t strive to make money for external shareholders.1
You must have a shared link with other bank union members in order to satisfy the requirements of the “field of membership.”
You must meet certain requirements, such as sharing something in contact with other members, in order to join a financial union, whether you do it online or in person:
the field of job you do
The business you work for The region where you live or work
your relation to religion
participation in specific organizations
family members that are currently credit union members2
Many credit unions include online forms you can fill out to join. These organizations may operate mostly in small areas or provide services to customers nationwide. The membership regulations apply in both cases.
Requirements For Online Registration
Joining a group is usually the answer if you’re wondering how you may associate with people who don’t live nearby and with whom you might not share any common interests.
At the credit unions listed below, all that is necessary to qualify is membership in a nonprofit organization or a small donation to a predetermined cause.
Sign up online to bank Locally
Some folks would rather do practically all of their banking requirements online. However, even after joining a virtual credit union, you can still interact with a live teller. At nearby credit union branches, you can receive official checks, make withdrawals and deposits, and pay off loans.
There are thousands of sites across the country where credit unions that are a part of the shared branch network allow you to manage tasks in your online banking accounts by visiting their branches.
The following three credit unions are simple to join online.
Union Credit Alliant
Based on assets, Alliant Credit Union is among the biggest credit unions in the United States. Alliant, which has its main office in Chicago, Illinois, offers services to those who live nearby, are employed by or affiliated with particular businesses, or have relatives that are Alliant members. Further highlights
Simple application process: Anyone who donates $10 or more to Foster Care to Success (FCS) is eligible to apply to join Alliant. A nonprofit group called FCS supports people as they transition out of the foster care system.
You can contact Alliant’s support team at any time for help with your accounts in addition to using the app as well as online service alternatives.
Savings with a high annual percentage yield (APY): Alliant’s High-Rate Savings account, which has a $5 initial initial deposit requirement, is competitive with internet savings accounts.5 If you decide to use electronic statements, there are no ongoing monthly maintenance charges.6
Online payment of bills, mobile check deposit, account inquiries, transfer demands, and other top-notch services are all available on the Alliant app for mobile devices.7
NASA Seven NASA personnel founded the Federal NASA Federal Financial Credit Union (NASA FCU), which has since expanded to over 200,000 members. The workers and members of a number of other enterprises and organizations that collaborate with NASA FCU are also eligible to join. Also eligible to apply are families of current NASA FCU members.8 Further highlights
Simple membership: You can join one of many groups to fulfill NASA FCU’s qualifying requirements.9 If you join the National Space Society while creating accounts at NASA FCU, membership is free.10
Free FICO credit ratings are available to members who use online banking. They may view their actual FICO scores, track monthly changes, and determine what influences them.
PayPal for personal payments: Since many of your family and friends possess a PayPal account, sending money online to someone who uses another financial institution or credit union is simple. They are not required to download applications or register for new services.
App for mobile devices: The NASA FCU app offers all the capabilities you’d anticipate, including secure customer service messaging, online bill paying, transfer requests, mobile check deposit, and mobile bill deposit.11
Union of Lake Michigan Credit
The Grand Rapids, Michigan-based Lake Michigan Credit Union (LMCU) is a sizable and expanding credit union. Anyone in Florida or the lower peninsula of Michigan who resides, works, worships, or attends school is eligible to join. Like other credit unions, you can join if a member of your immediate family is already a member. Further highlights
Simple enrollment: If you donate $5 or more to the Amyotrophic Lateral Sclerosis (ALS) Association, you are eligible to join LMCU.12 The Association for the Fighting of ALS is a nonprofit group whose mission is to fight ALS, better known as Lou Gehrig’s disease, via patient support, advocacy, and research.
Reward checking is a checking account offered by LMCU that offers a high APY on the balance in your account while still allowing you to use the account normally. There is no minimum balance requirement, and the account reimburses ATM fees up to $10 per month. To be eligible for the high yield, you must meet the requirements for reward checking accounts, which include making a minimum of ten debit card purchases per month, enrolling in direct deposit, logging in to access the account at least 4 times per month, and using online statements.
Alerts and SMS banking: These features can be useful when you don’t always have the time to log in and check your accounts. Find out if somebody tries to update your private data without your permission, when transactions hit your account, or when the account balance falls below a specific amount. Additionally, you don’t need to enter into an application or website to receive a response with the balance of your account when you send a fast text message.
LMCU’s mobile app provides services such as online bill payment, mobile banking deposits, transfer requests, and more to make your life simpler.
Similar features and eligibility requirements can be found at other credit unions. Ask about membership choices if a specific credit union offers the rates, characteristics, or services you desire.
Find out if any financial institutions or credit unions collaborate with groups involved in your favorite cause or charity. You can aid with that investigation by performing a quick web keyword search.
The relationship that members share is among a credit union’s most crucial features. The credit union can continue to provide top-notch services if you choose an organization based on your ideals. Additionally, you will feel good about assisting other clients who share your values.
Answers to Frequently Asked Questions
What is the cost of opening an account?
An account with a credit union is simple to open. You can open an account after making sure you satisfy their eligibility conditions and making a $5 to $25 deposit.
Can you still make withdrawals from a credit union online?
Credit unions frequently offer sister branches, also known as shared branches, where you can do business just like you would at your own credit union. Therefore, even if your credit union does not allow cash withdrawals, you should be able to locate a nearby credit union that does so for free or at a very low cost.
What distinguishes a credit union from a bank?
Typically non-profit institutions, credit unions provide services to their members. Banks return earnings to their shareholders, but credit unions aim to benefit its members. Fortunately, selecting between a bank or a credit union should not limit you to the products that are offered, but understanding which is the best option for you and your specific requirements is crucial.