The pentagon federal credit union is one of the largest and most influential unions in America featuring a long experience of 72 years and hundreds of thousands of members. In order to present both sides of the issue, you will also find a listing of some of the reasons why you might choose to avoid a credit union and go with a local bank instead. Credit unions are known to provide better and competitive mortgage rates and equity loans. Income and job stability are also considerations – if you have at least a one-year history at your part time job and you bank at the credit union, you may have a chance. Join the effort to make sure the 2016 candidates for President are talking about the economic issues that matter to middle class credit union members like you. If not, ask them to consider making the valuable benefit of credit union membership available.
In the United States, Federal credit unions are chartered by and overseen by the National Credit Union Administration (NCUA), which also provides deposit insurance similar to the manner in which the Federal Deposit Insurance Corporation (FDIC) provides deposit insurance to banks.
Since the union is an organization that allows its members to save their money together and lend to each other with reasonable interest rates, the union members themselves are the ones who determine exactly what the qualifications that must be met to join are.
State-Chartered credit unions are overseen by the state’s financial regulation agency and may, but are not required to, obtain deposit insurance. Once you become a member of the credit union you always remain a member – as long as you maintain an account.
The Credit Union National Association , commonly known as CUNA, is a national trade association for both state- and federally chartered credit unions located in the United States. CUNA Governmental Affairs Conference unites more than 5,000 industry leaders in our nation’s capital to advocate for the credit union movement.