Credit unions – the face of community financing service

9:32 PM Kapil Kumar 0 Comments

Living on debt is an accepted lifestyle today no matter to which class of society you may belong. The culture of consumerism has changed the lives of people. Today, most of the people are living beyond their means with a large section of the population getting used to in living with debts of varying degrees. For millions of people steady income can no more be assured and savings is now a distant dream. 

Against this background the availability of cheaper and easy finance becomes very important. Sudden and unexpected expenditures whether it for medical reasons, children’s education or even getting the car repaired that has broken down has to be met through credit cards. For those who are not even in a position to make use of credit cards, obtaining loans is the only way to meet the expenses. Credit unions hold the perfect answer to assist people with money at lower interest than traditional lenders. This is the specialty of credit unions.

Serving the community

Community banking system in Florida has been established through credit unions that have been formed to help people with favorable financing schemes and also encourage savings. The credit unions in Florida serve the interests of the residents of the particular area.  If you are interested to know how to join a credit union in Florida then the information is available on the websites of credit unions. The basic requirement for joining any credit union is that you have to become a member first. Once you become a member, you can choose the kind of financial service the meets your requirements. Family members of existing members automatically qualify for membership of credit unions.

Eligibility for membership

In order to become a member of any credit union you have to belong to that specific area from which members are invited.  If you want to know how to join a credit union in Florida then it can be assumed that you are a resident of Florida and belong to one of the counties specified. Membership is given to both individuals and businesses and can include licensed professionals together with their employees. 

Joining method

The query about how to join a credit union in Florida assumes more importance because although the method of joining is same for individuals and businesses, the documentary requirements are quite different. In order to facilitate the process of joining, all credit unions have facility for online applications. Applications are also accepted over phone but the paper work has to be completed by visiting the nearest office of the credit union. Individuals have to provide the Florida driving license number and social security number while business owners have to complete the New Business Member Assessment procedure to initiate the process of membership.

Every member is an owner of the credit union. Money can be borrowed from credit unions at a lower interest because these institutions are created not for profit but to help the members with quick availability of funds at competitive rates. It is more of a social service than hard core financing service that relies on profit.