The economic downturn caused major corporations, including financial institutions like banks to ask for bailout money from The United States Federal Government. On the other hand, credit unions as a whole are not requesting assistance from the governmental money being that is being offered to failing institutions. Overall, they did not into trouble with mortgage backed securities like other financial institutions, according to Michael Fryzel, National Credit Union Administration (NCUA - the Federal agency that charters and oversees credit unions) Chairman.

Since the inception of credit unions, banks were opposed to them—a practice that still continues. Although credit unions hold a very small share of the financial services market compared to banks, lobbyist for banks and bank trade associations continually place anti-credit union legislation on the top of their attack list.

In the past, the only type of individuals that were allowed to join were members of particular organizations.

Nowadays, it is much easier to join a credit union thanks to the NCUA and its supporters. Regulations are not as strict, making it much easier for anyone to become a member. More than eighty million Americans currently enjoy and take advantage of the many benefits that credit unions have to offer.

Some Benefits of a Joining Credit Union are....

Higher Interest Rates on Savings — Comparatively, credit unions offer higher interest rate returns on various types of savings accounts like money markets, certificate of deposits, and regular savings accounts than banks.

Low-Interest Loans — Their members are offered lower interest rates on most types of loans, including mortgages.

Free Checking — Some credit unions offer checking accounts with no monthly services charges, which can save hundreds of dollars annually.

Interest Bearing Checking — Many credit unions offer interest bearing checking accounts, no matter what the balance—and in some cases with no monthly service charges.

Democratic — The charter is run by a democracy. Decisions are made by a volunteer Board of Directors, elected by its field of members. A bank is run by a salaried Board of Directors employed to make shareholder profits.

Ease of Joining — Under the law, anyone is able to join a credit union. However, there are limitations on the people each credit union may serve. A credit union's charter or agreement defines its "field of membership." A field of membership could be an employer, church, school, agency, neighborhood association or community. All employees of an employer sponsored credit are eligible to become a member of that credit union.

Federally Insured Deposits — Deposits at are federally insured at most credit unions for $100,000 per account (same as banks), through the NCUA.

If you are not a member of a credit union and would like to be, here are some suggestions:

• Each state has a representative that would be able to tell you about local credit unions that you are eligible to join in your area.
• Speak with someone in the personnel department where you work.
• If you belong to a neighborhood association, ask the president to research it and speak about it at the next association meeting.
• Contact credit unions directly from the phone book to learn what the eligibility requirements are since they very rarely advertise their services.

Before joining, you may need to consider how convenient it will be to become a member of a particular credit union—most do not have as many branches as banks.

Look for a credit union near your home or office to make doing business there more accommodating and profitable for you.

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