Powered by Yahoo! Answers

Is Credit Union a credit card company or a banking company?*

Does anyone know if you can apply for credit union online?If so what's the website?

Answers:

1) Credit Unions are a kind of private bank, much like the old Savings & Loan companies. They usually serve a specific group, such as state employees, and offer preferred rates on savings, loans, etc., to their members.

2) A credit union is simply a chartered bank which is owned and operated by it's union AKA it's clients. The client's have a vested interest in the company, thereby owning x shares of it. They pretty operate on the surface like a federally chartered bank. The major difference is the governing parties are the ones who decide on things like types of accounts, rates, etc... You must be a member to use it's services. You can usually apply online...just find a local listing in your phone book and hop to it!

3) A credit union is not a credit card company or a banking company. A credit union is a cooperative financial institution that is privately owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union. You can apply to join a credit union online or in person if you qualify for their membership. The Navy Federal Credit Union is the largest one in the world. I've put the membership requirements below, just to give you an idea of what a credit union would require. As with all credit unions, membership in Navy Federal is limited to individuals sharing the common bond defined in its credit union charter. Membership in Navy Federal is limited to: Eligibility Checklist Navy Federal's field of membership is determined by the National Credit Union Administration. If you are in any of these categories, you are eligible to join: All Department of Defense (DoD) uniformed personnel—Army, Navy, Air Force and Marine Corps, retirees and annuitants All Department of Defense Reservists—Army, Navy, Air Force and Marine Corps—regardless of drill status—retirees and annuitants All Army and Air National Guard Personnel—regardless of drill status—civilian employees, retirees and annuitants All DoD Officer Candidate programs: Midshipmen and cadets at the United States Naval Academy, United States Military Academy, United States Air Force Academy, United States Coast Guard Academy and the United States Merchant Marine Academy; Personnel in Officer Candidate programs All DoD civilian employees U.S. Government employees assigned to DoD installations DoD contractors assigned to U.S. Government installations Family Members, including grandparents, parents, spouses, siblings, grandchildren, children (including adopted, foster and stepchildren) and household members

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.