By

Allan Roth,

Are you tired of your big bank charging high fees, paying little on deposits and providing poor customer service? If so, you may want to consider credit unions.

A credit union is similar to a bank, but it is owned by its members. Because of this, it’s considered a nonprofit organization. This gives credit unions two advantages over banks: They don’t

I know many bank officers who think the credit unions’ tax-exempt status is unfair, and they have a point. Still, I belong to several credit unions because I’m getting better rates on my

money. Here are few points to consider in determining if a credit union is right for you.

As of March 2021, there were 5,174 credit unions in the U.S., according to the Credit Union National Association (CUNA). Those credit unions had a combined 20,916 branches. 

Many people assume that all credit unions are closed organizations, open only to a select group, such as employees of a corporation. But many of these credit unions make it easy for anyone

to join. For example, one of the credit unions I belong to is Pentagon Federal Credit Union, even though I’ve never served in the military or worked for the federal government. I was able to

become a PenFed member after paying a one-time $20 fee to join a charity — but they no longer require even that.

Here is a partial list of credit unions anyone can join. With other credit unions, you may have to live in a specific geographic area or work for a specific company.

insured, just like money in a bank.

Similar to the bank Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) insures your money at a credit union. Accounts are insured to $250,000

per depositor or $500,000 for a joint account. Your money is just as safe in a credit union as it is with a big bank.