6 Credit Unions For Those Who Want To Avoid Big Banks
Between their high interest rates and bureaucratic corporate structure, big banks can be stressful and oppressive to deal with. That's why many people choose a credit union as a more efficient, personable, and financially advantageous alternative. The ones included here operate around the country, serving the needs of members from all social and economic backgrounds. This video was made with Ezvid Wikimaker.
6 Credit Unions Providing Alternatives to Major Banks
| Name | Locations it Serves |
|---|---|
| Premier Members Credit Union | Nationwide and across the world, with most members residing in Colorado |
| San Francisco Federal Credit Union | San Francisco and San Mateo Counties |
| Common Trust Federal Credit Union | Middlesex County, Massachusetts |
| Jovia Financial Credit Union | Nassau and Suffolk Counties, Long Island, New York |
| Unitus Community Credit Union | Washington State and various counties in Oregon |
| HFS Federal Credit Union | The Island of Hawaii |
Understanding the Difference Between Banks and Credit Unions
Quick Tips for Being Frugal
- Make a budget and plan expenses in advance
- Keep track of your daily spending habits
- Reduce your usage of water and electricity
- Maintain an emergency fund
- Save up by storing money in an adult piggy bank
- Cancel services you no longer use
- Think of prudent alternatives, e.g., cooking instead of eating out, or making a gift instead of purchasing one
Serving Long Island Communities With Jovia
In Depth
Credit unions are not-for-profit financial institutions that offer traditional banking services, often with lower interest and higher savings rates than big banks. These organizations are owned and operated by their members, and profits are given back to the communities that they serve. In no particular order, here are six credit unions and a few of the many services each has to offer.
To start, at #1, we have the Premier Members Credit Union. This organization bases its operation on six pillars: staying at the forefront of technology, promoting eco-conscious efforts, having friendly service, offering plenty of locations for accessibility, educating younger generations to achieve financial independence, and giving back to local communities.
There are a variety of ways to qualify for membership, such as living, studying, or working in certain counties in Colorado. Also, those who have an affiliation with one of over 750 partner organizations, or with a local charity called Impact on Education, are eligible. These accounts are federally insured by the National Credit Union Administration.
These accounts are federally insured by the National Credit Union Administration.
At #2, we have the San Francisco Federal Credit Union, which has been operating since 1954. Membership is available to those who reside, worship, or work in San Francisco or San Mateo counties. It regularly shares tips and tools to assist members in managing money.
This credit union offers debt consolidation loans with low-interest rates. Members have access to education and counseling services offered through BALANCE, a financial fitness program. There are tips for a range of situations, whether members need help with financial goals or are experiencing hardship.
For #3, we have the Common Trust Federal Credit Union. Those who reside in, worship at, regularly work in, or attend school in a contiguous portion of Middlesex County are eligible for membership. This institution offers financial education alongside other services. Members can apply for a first mortgage loan online and receive an answer within minutes.
This institution offers financial education alongside other services.
The Common Trust Federal Credit Union offers most services online and is committed to accessibility. In addition, this organization partners with James Dimos to offer financial planning services to members.
Next up, at #4, is the Jovia Financial Credit Union, which was founded over eighty years ago. This group boasts a commitment to quick and easily accessible banking. Members can apply for a mortgage or open a free checking account from home and have access to over fifty thousand fee-free ATMs worldwide. In addition, members can get customized advice based on their goals and needs.
Jovia's earnings are given back in the form of lower interest rates on loans and higher earnings rates on deposits. This group focuses on a commitment to personal service to suit people's daily needs and long-term aspirations. Those who reside in, work at, or attend school in Nassau County or Suffolk County can apply for membership.
This group focuses on a commitment to personal service to suit people's daily needs and long-term aspirations.
At #5, we have the Unitus Community Credit Union. There are a variety of savings accounts to choose from and members can open a free checking account. Unitus started in 1937, and has remained committed to a core principle of "people helping people."
Those who reside or work in the state of Washington or certain Oregon counties, or have a family member that does, are eligible to join. Unitus offers a "Switch Kit" to ease the process of transferring to a credit union. This organization ranked in the top ten on Portland Business Journal's Corporate Philanthropy List in 2019.
Finally, at #6, is HFS Federal Credit Union, which has been operating since 1937. Membership is open to anyone who resides, works, or worships on the island of Hawai'i. This institution serves over fifty thousand members.
Membership is open to anyone who resides, works, or worships on the island of Hawai'i.
In addition to the full range of services one would find at a bank, HFS also provides accident and life insurance. Members can open a savings account with competitive dividend rates to help plan for the future. The organization also offers a financial education program for anyone to use called Banzai.
