Florida is one of the 52 states of the United States of America. There are various financial institutions such as banks, credit unions, and mobile money wallets that serve the people of Florida. However, today I want to take you through the best credit unions in Florida that you can open if you are a state resident. We all understand the importance of having an account with any financial institution.
Credit Unions are vital when it comes to personal growth in terms of financial strength. They can drive your financial goal to greater heights if you join the union that suits your needs. For your information, credit unions are formed by members with a common goal. You can find a credit union for farmers, another one for teachers, bankers, police, or even workers of a particular company.
Having a common goal means having a common bond. When opening your account, you have to prove that the members will see that you belong to their community. Credit unions operate both online and at physical stores. Online credit unions are easy to open since you require your mobile device to get started. You only require a secure and consistent internet connection to create an account. Furthermore, you can save time that you could have wasted queueing at a branch.
How to get started with a credit union
Opening a credit union account is the best thing you can do for your financial prosperity. Before looking for the best credit union that fits your needs, you must know why you want to open an account. You may be planning to open a credit union account for your business or your personal development.
Once you have determined why you need a credit union account, you can open an account with the most preferred institution around. Credit unions are in every town, and you can quickly locate one. Again, you can find many of them online. Remember that you have to choose a credit union that has members with similar financial goals. You can quickly get a no credit check credit union account from numerous credit unions around Florida and other states.
During account opening, you need to submit documents and information about yourself as precisely as possible. If you are opening online, you will have to upload the documents, enter the necessary details and submit them. Most credit unions can verify your information very fast to give you an account within minutes or hours.
What do I require to open a credit union account?
There are various things that you have to submit when opening an account with your credit union. They include the following.
- The Social Security Number(SSN)
- Your Identification Document which can be your Passport, Government ID, or Driver’s License
- Phone number
- Physical address
- Email address
The federal government regulations require every financial institution to open an account to demand the above details. They help identify the individual opening the account and thus help to prevent criminals and, more so terrorists, from accessing financial services.
A financial company may demand more details from you when opening an account with them. Therefore, you have to comply with the request if at all you want to join the union. Additional requirements include proof that you belong to a particular organization, profession, religion, and so on as per the credit union’s requirements for new members.
How do credit unions operate?
Credit unions operate in a simple manner. Members contribute some amounts of money every month to deposit in their accounts. If you open a checking account, you will be able to spend money on your everyday expenses.
You can also open a savings account and earn significant interest on the amount of money saved. Most credit unions offer higher interest rates than banks. Some checking accounts also earn interest when you maintain a certain balance in your account.
Checking accounts have debit cards that you can use to withdraw money at ATMs or over the counter. Most checking accounts debit cards from credit unions also offer you cashback when purchasing your goods at certain outlets.
Interestingly, a credit union account gives you loans that you can service conveniently within a long time. You can also get a credit card if you qualify for one to borrow from your union when you need a cash advance. Like loans, credit unions’ credit cards have low-interest rates that save you from the burden of paying a lot of money during the repayment time.
How are credit unions different from banks?
Credit unions are different from banks in various ways. The first difference between banks and credit unions is that credit unions are member-owned, which means members have a say on how things should run in the company. In contrast, account holders at banks do not contribute to the policies of the institutions.
Secondly, credit unions allow only members with the same financial goals to join them. For banks, anyone can open an account as long as they have the requirements. By the way, this is one of the significant differences between banks and credit unions.
Moreover, credit unions are not profit-oriented. They aim to uplift their members financially. They charge low-interest rates on their loans. On the other hand, banks are profit-oriented. Their rates on loans are higher compared to credit unions. Furthermore, banks have numerous fees to make as much profit as possible.
Can people open a joint credit union account?
Yes. Credit unions allow you to open a joint account with your spouse or anyone else that you operate together. In such a case, you will all submit the required documents to the credit union. A joint account continues to operate even when any of the account holders die as per the agreements.
A joint credit union account is to be run by all members owning the account. Withdrawals have to be done under the presence of all members to ensure that accountability prevails.
What is the best credit unions in Florida?
There are various credit unions in the state of Florida. I have come up with the best credit unions that will help you achieve your financial plans. Have a look.
1) Suncoast Credit Union
Suncoast Credit Union was initially known as Suncoast Schools FCU. The union started its operations in 1978. It is currently the largest credit union in Florida and the 13th largest in the United States of America, with assets amounting to $13.82 Billion. By the way, it is among the best credit unions in California.
The Suncoast Credit Union provides banking services to more than 968,000 members. Being a member-owned financial company, the credit union provides members banking services such as loans, savings, and other financial services. You can even get a checking account to cater to your everyday needs.
Immediate families of current members can join the union and start enjoying the services offered.
2) VyStar Credit Union
VyStar Credit Union started operating in 1952. That’s a couple of years and has grown tremendously to serve thousands of members in the US. It serves more than 778,000 members. The credit union is the 2nd largest credit union in Florida State. Furthermore, it is the 18th largest credit union in the United States, with assets amounting to $11 billion.
The institution is a member-owned financial company that provides its member’s banking services such as savings, loans, checking, and other financial services. Immediate family members can join the company. You can reach the union at (904) 777-6000. They also have a toll-free number which is (800) 445-6289.
3) Space Coast Credit Union
Space Coast Credit Union has been running since 1951. It is the third biggest credit union in Florida, with assets amounting to $6.48 Billion. The credit union served more than 512,000 members across the state, as we speak.
The credit union is a member-owned company that provides banking services such as checking, savings, loans, and other financial services. The Space Coast Credit Union membership is open to the immediate family of current members.
You can reach the credit union at (321) 752-2222. They also have a toll-free number which is (800) 447-7228.
4) MIDFLORIDA Credit Union
MIDFLORIDA Credit Union is another credit union that you can get in Florida. The credit was formerly called Polk County Teachers Credit Union. The institution has been running since 1978 and is currently the 4th largest credit union in Florida. The company has assets totaling $5.79 Billion and provides services to more than 398,000 members.
The MIDFLORIDA Credit Union is owned by members whereby it provides banking services such as checking, savings, loans, and others to its members. Membership is open to immediate family members of the current account holders. You can reach the credit union at (863) 688-3733 or use the toll-free (866) 913-3733.
5) Fairwinds Credit Union
The credit union has been running since 1949. It is the 5th largest credit union in Florida. The union has assets amounting to $3.77 Billion and provides banking services to more than 207,000 members.
Being a member-owned financial company, it provides banking services such as savings, loans, and others. Membership is open to immediate family members of the current account holders. You can reach the union’s management at (407) 277-5045. The Fairwinds Credit Union also has a toll-free number which is (800) 443-6887.
6) Grow Financial Federal Credit Union
Grow Financial Federal Credit Union is one of the excellent credit unions in Florida. It has a phone number open to the public that you can use to enquire about account opening. You can call (813) 837-2451 or toll-free (800) 839-6328. The company has been around since 1955 and is the 6th largest credit union in Florida.
Moreover, the Grow Financial Federal Credit Union has assets amounting to $3.2 Billion and provides banking services to more than 220,000 members. You can join the union if you are an immediate family member of someone with an account with the credit union. Currently, it serves several groups but primarily serves the military members in the armed forces.
7) GTE Financial
GTE Financial has been operating since 1935. It is the 7th largest credit union in Florida, with assets totaling $2.72 Billion. It provides banking services to more than 230,000 members. The credit union is among the best credit unions for personal loans.
You can become a credit union member if you have a close relative who is also a member there. The credit union provides services such as checking, savings, and loans. GTE Financial primarily serves communications and utility employees.
You can reach the company officials at (813) 871-2690. You can also call the toll-free number (888) 871-2690 and ask about various services you can get from the credit union.
8) Eglin Federal Credit Union
The credit union has been open since 1954 and is currently the 8th largest credit union in Florida. It has assets amounting to $2.63 Billion and provides various banking services to more than 122,000 members.
The Eglin Federal Credit Union is a member-owned financial company that provides financial banking services to various member groups. Primarily the union serves the military. Immediate family members of current account holders can apply.
You can call the credit union’s toll-free number, which is (800) 367-6159. You can also reach them at (850) 862-0111. Also, you can mail them at; Eglin FCU, 838 Eglin Parkway NE, Fort Walton Beach, FL 32547.
9) Campus USA Credit Union
Campus USA Credit Union has been running since 1935. It is the ninth-largest credit union in Florida, with assets amounting to $2.56 Billion. It provides banking services to more than 131,000 members.
The Campus USA Credit Union is owned by members and provides financial services such as checking, savings, loans, etc. Membership is also open to the immediate family of current account holders. You can reach the union’s officials via (352) 335-9090. They also have a toll-free number which is (800) 367-6440.
A credit union is a member-owned financial company that provides checking, savings, and loans. You can join a credit union if you share a common goal with the current account holders. Credit unions are not profit-oriented and provide members with low-interest loans. There are numerous credit unions in Florida that you can join today.