Credit unions are the best financial institutions to help you meet your financial goals. New York City is among the busiest towns in the world. In fact, it is the largest city in the US, with millions of people from all over the world. There are many financial companies such as banks and credit unions that you can use to meet your financial goals. I will discuss the available credit unions in New York that you can open an account with.
Credit unions assist you in saving for a particular goal in your life. This can be education, starting a business, constructing a house, buying a car, renovating a building, among other goals. It is usually tricky and risky to save money in your house since you might find yourself misusing or risking it since thieves might visit you and take away your hard-earned money. Your house might even catch accidental fire, which can burn everything, including your savings.
Credit unions almost resemble banks but have some kinds of differences. Even though banks are more popular than credit unions, many people are beginning to notice the importance of credit unions as more people are beginning to open credit union checking or savings accounts. Furthermore, there is no problem in having a bank plus a credit union account.
What is a credit union?
A credit union is a non-profit financial company that allows members with common financial goals to pool their resources to develop financially. Such institutions are non-profit oriented, and thus members pay low-interest rates when they pick loans from their pooled resources.
Credit unions are also called cooperatives since they involve member cooperation for financial advancements. The members are the core decision-makers, and in a real sense, they run the institutions.
Since the institutions are for people with a common goal, there can be a farmers’ credit union, car owners credit union, or even credit unions for small businesses. You can opt out of a credit union if you no longer need the services or have met your goal. That means that you can walk away with all your savings to start something else.
How do I join a credit union?
If you would like to join an already existing credit union, you have to meet the union’s requirements. In other words, you should have a common goal as the existing members. You could also have a common bond to join a credit union.
The bond could be your employer, your location, or your religion. If you would like to join a credit union, then the steps below are very crucial. Have a look.
- Meeting the eligibility requirements
- Opening an account
- Making a small deposit
- Starting to use your account.
Step One: Meeting eligibility requirement
Before joining any credit union, you must have at least 18 years old. That means that you can make well-informed decisions and also have the necessary requirements. You also need to be within the credit union’s scope of members. You, therefore, need to have a common bond with the existing members. You can join a credit union if;
- Your employer has started a relationship with a credit union. For example, the NASA Federal Credit union is strictly open to NASA employees.
- Your relative membership at a credit union allows you to join.
- You belong to a community that has a credit union.
- Your occupation allows you to join a particular credit union.
You can find a credit union by asking your fellow workers. Your neighbors and friends can also help you with the correct information concerning the credit unions they are part of. Alternatively, you can find the correct information concerning credit unions online.
Step Two: Opening an account
Once you get the correct information about the right credit union to join, you can open an account. Most credit unions give you an option to open an account online or visit a physical branch.
New York has various credit unions that allow you to open an account online or at a physical store. You should have the following details with you when opening a credit union account.
- Social Security Number or Tax Identification Number
- A physical address
- Valid identification document, e.g., a passport, a driver’s license, or other government-issued ID
- A reason why you think you are eligible to join the credit union ( “my dad is a member here” or “I live within XYZ location”)
You might also need a good banking history depending on the credit union you are opening. Some require you to have a good banking history to open an account, while others do not check your details in the ChexSystems. You must ask the relevant credit union whether they require you to have a good banking history or not.
When opening a business account, you should bring additional documents such as employer identification number (EIN) and provide any additional information that shows that your business exists. Any signatures from the relevant parties are essential.
Step Three: Making a small deposit
Once you have registered a credit union account, you can make a small deposit if the credit union requires you to do so. You can get a deposit of as low as $5 to get started.
Interestingly, you can make a deposit, a check, or transfer money from your bank account by using a debit card or any other form of electronic transfer. Credit unions prevent you from using the funds you deposit.
Step Four: Using your account
Once you have deposited some amount in your credit union account, you can start using your account for various transactions depending on the type of account you have opened. The following are the types of transactions you can use with your account.
- Pay bills online. The credit union account allows you to pay for goods and services online. You can even set up an automatic bill pay to not pay for goods and services online.
- Set up a direct deposit so that you can receive your earnings from your employer.
- Check your balance online via the credit union’s app if it exists.
- You can set up texts or email alerts in your account to know if there is an unauthorized transaction. You can easily take the necessary action before it is too late.
What are the factors to consider when opening a credit union account?
There are various factors you should consider when opening a credit union account. They include the following.
- Interest rates. Even though credit unions have low interest rates, it is crucial to have a credit union with low-interest rates for loans to save big.
- Minimum deposit. Credit unions require you make a minimum deposit when you open an account. You should therefore choose a credit union with the most affordable minimum deposit.
- Ease of access. It is important to choose an account with ease of access. Some credit unions have physical branches only. However, it is good to choose a credit union that allows online access.
The best credit union in New York
If you are looking for the best credit unions in New York, the following are some of the institutions you should consider.
1) Bethpage Federal Credit Union
The credit union is one of the best credit unions for personal loans. It is the largest credit union in New York. the institution is a community-based financial company. Therefore, if you are working or living within the geographic region of the institution, then you can become a member.
Furthermore, if you worship within the credit union’s vicinity, you can open a credit union account. Immediate family members of the credit union account holders are free to open accounts. The Bethpage Federal Credit Union has more than 422,000 members and over $10.38 Billion in assets. It has around 32 locations that you can open an account from depending on your wishes.
The credit union address is;
899 South Oyster Bay Road
Bethpage, NY 11714
2) Teachers Federal Credit Union
The Teachers Federal Credit Union is the second-largest credit union in New York. The company has been around since 1952. It has over 360,000 members with assets worth over $8.7 Billion. We are not a community-based credit union. Teachers Federal Credit Union is one of three credit unions in the United States with an open charter, meaning anyone can join regardless of location, job or group affiliation.
Furthermore, if you live or worship within the Teachers Federal Credit Union geographical region, you can as well join the union. The immediate family members of the current members can become members.
The physical address is;
102 Motor Parkway
Hauppauge, NY 11788
3) ESL Federal Credit Union
Being the 3rd largest credit union in New York, ESL Federal Credit Union has over 388,000 members. The union has assets worth over $8.26 Billion in total. The institution is a member-owned financial institution providing financial services to multiple member groups.
It was primarily founded to serve chemical industry employees but later expanded its services to other industries. The immediate family members of the current account holders can also open accounts with the concerned institutions.
The union’s headquarters physical address is;
225 Chestnut Street
Rochester, NY 14604
4) United Nations Federal Credit Union
The United Nations Federal Credit Union is the 4th largest credit union in New York. The union has assets totaling $6.85 Billion and over 161,000 members.
The union provides services to multiple member groups, although it primarily serves local government employees and federal state employees. Immediate family members of the account holders can join the union.
The physical address to the headquarters of the credit union is;
24-01 44th Road
Long Island City, NY 11101
5) Hudson Valley Credit Union
Hudson Valley Credit Union was formerly known as Hudson Valley Federal Credit Union. The credit union provides services to more than 308,000 members. Since its establishment in 1963, the credit union has grown to possess assets of over $6.12 Billion.
The Hudson Valley Credit Union is a community-based financial institution that members living, working, or worshiping around can join. The immediate family members of the union’s account holders can join.
Its headquarters’ address is;
2373 Route 9
Poughkeepsie, NY 12601
6) Visions Federal Credit Union
Visions Federal Credit Union has assets totaling $5.16 Billion and provides financial services to more than 217,000 members. The credit union is the 6th largest credit union. It started in 1966 as a community-based financial institution.
People working, living, or worshipping within the vicinity can become members of the Visions Federal Credit Union. Furthermore, the immediate family members may also join the credit union.
The address to the credit union is;
3301 Country Club Road
Endwell, NY 13760
SEFCU started its operations in 1934. The institution has assets amounting to $4.84 Billion and over 359,000 members. It occupies the 7th position among the largest credit unions in New York.
Primarily, the credit union serves state, federal, and local government employees. However, it has extended its services to include multiple groups and immediate family members of the account holders.
The address to the company’s headquarters is;
Albany, NY 12207.
8) Municipal Credit Union
The company started in 1917 and now has over 591,000 members. Furthermore, it has assets totaling $3.84 Billion. It is a member-owned financial cooperative society that provides various financial services to its members.
The immediate family members of the account holders are also eligible to join the Municipal Credit Union.
The physical address to the headquarters of the credit union is;
22 Cortlandt Street
New York City, NY 10007
Is a credit union safe?
Credit unions are safe since, just like banks, the institutions have insurance. Money in your credit union account has insurance with the National Credit Union Administration (NCUA) up to $250,000. Therefore, in case the credit union collapses, your money is still safe.
A credit union is a non-profit financial company where members of the same financial goals pool their resources together and get loans at small interest rates. There are various Credit Unions in New York that you can open an account to meet your financial targets.
Credit unions have insurance by the National Credit Union Administration up to $250,000, and thus your money is safe in such institutions.