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How Credit Unions Can Save You MoneyCredit unions (CUs) are a great place to put your money. Not too many people know much about CUs, so many people end up going to commercial banks, but they have many benefits that most banks don't offer and joining is easier than you think. Plus they are the most friendly places around. If you are a beginner to money management, then you may want to consider joining.Anyone can join them. Many people think you have to work for certain companies to join, but you can find a them anywhere. I'll bet there is one in your area that you can join easily. It is a safe place to keep your money, and the rates are much cheaper than traditional commercial banks. Once you join you will wonder why you didn't do it sooner. The deals that they offer you are much more competitive than most banks (lower loan rates and higher deposit rates). Commercial banks are in business to make a profit, but CUs are all non-for-profit. They are made up of a bunch of people who pool their money together and make loans for each other. Commercial banks hate credit unions. They have been fighting for years to get Congress to change the tax laws so they have to pay taxes, but Congress keeps making it easier for CUs to survive and expand. If you are interested in finding one, you can do so by simply calling toll free the Credit Union National Association (CUNA). The number is 1-800-358-5710. Call and find out the nearest one to you or visit CUNA at www.CUNA.org . Another way to join is through family. My father's is a member of MECU, and they allowed me to have an account with them when I was younger. I kept it until I got older, then I started doing my own shopping for accounts. If the company you work for has one, you can ask your boss for more details on joining. You can always search the Yellow Pages also, but they rarely are listed. Just remember that once you join, you become a life-time member!
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