Credit unions are unique financial institutions that put the best interests of their members first. Read to learn how to become a credit union member and take advantage of all the features and benefits they have to offer.
Why Join a Credit Union?
Credit unions offer their members a wide range of perks and benefits that traditional banks don’t. Here are just a few of the many reasons becoming a credit union member can save you money and add value to your life:
Shared Values and Goals
Joining a credit union means partnering with an organization that shares your values and goals. You become part of a community-driven effort to achieve financial stability and success.
Better Checking and Savings Account Rates
As not-for-profit cooperatives, credit unions typically offer better rates on checking and savings accounts than for-profit banks. Higher interest rates on deposits grow your wealth steadily. This increased earning potential helps you reach your long-term financial goals faster.
Lower Loan Rates
Similarly, because of their structure, credit unions typically offer better rates on loans. Affordable loan terms reduce debt burdens and free up income for other expenses. You can manage your debt more effectively and allocate more funds toward other important aspects of your life.
Lower Fees
Credit unions also typically charge lower and fewer fees. Fewer transaction charges keep more money in your pocket. Minimizing unnecessary fees enables better resource allocation towards saving, investing, or enjoying the fruits of your labor.
Focus on Member Service
Because credit unions are owned by their members, the member is the number one focus. Our dedicated team provides personalized support tailored to your needs. We address concerns promptly and efficiently, making your banking experience seamless and stress-free.
Giving Back to the Community
Your membership supports local community initiatives that foster growth. You contribute to efforts that improve lives and strengthen your community.
Convenient and Secure Services
Our comprehensive services make managing finances easy, efficient, and rewarding. Manage your accounts safely and easily from anywhere, anytime, with advanced security measures protecting your data. Our secure online and mobile banking ensures confidentiality and security.
Financial Education and Resources
Free workshops, webinars, and online tools empower you with financial knowledge. These resources help you navigate complex topics, ensuring control over your financial future.
Exclusive Member Benefits
Enjoy member rewards, exclusive programs for educators and those ages 50+, and perks like identity theft protection and financial counseling services. These benefits can enhance your lifestyle and provide peace of mind.
Step-by-Step Guide to Joining a Credit Union
Joining a credit union is straightforward, requiring only a few simple steps.
Step 1: Check Your Eligibility
Credit unions have eligibility requirements to ensure members share a common bond. At APGFCU, eligibility is based on living, working, worshiping, volunteering, or attending school in Harford County, Cecil County, Baltimore County, or Baltimore City.
Step 2: Gather Required Documents
Membership requires identification and proof of eligibility. Typically, this includes a government-issued ID, proof of address, and documentation supporting your eligibility.
Step 3: Choose Your Application Method
Our online application is convenient and quick. You can apply from anywhere. Visiting one of our credit union branches allows you to speak with a representative who can answer any questions.
Step 4: Open a Share Savings Account
A minimum deposit of $5 establishes your membership and grants access to our products and services. This initial deposit is required to open a share savings account, which also requires identification and proof of eligibility.
Step 5: Explore Other Great Products and Services
Once you're a member, explore the many financial products designed with you in mind. For example, high-yield checking accounts offer competitive interest rates and help your money grow faster than traditional savings accounts.
Many credit unions provide comprehensive support for homebuyers by offering mortgages with 100% financing for qualified buyers. They understand the challenges of down payments and strive to reduce financial barriers through various options, including closing cost assistance.
Can Credit Unions Help Build Credit?
Many people wonder, “Can credit unions help build credit?” The answer is “Yes!” They are not-for-profit organizations that offer the same financial services as banks. However, their biggest difference is that they are member-owned and member-driven. Members have the power to shape the future of the credit union through board of director elections and annual meetings.
Credit unions often have specialized programs for individuals with credit issues who struggle to obtain loans. For example, the APGFCU Credit Builder Program provides secured and unsecured loan options with competitive rates and flexible repayment terms. Credit unions like APGFCU also offer free financial education to assist their members with making sound financial decisions regarding saving and borrowing.
How to Switch Checking Accounts
Switching checking accounts from another financial institution is effortless when you follow these straightforward steps. Soon enough, you'll be enjoying enhanced features and benefits.
Research and choose: Compare credit union offerings to make an informed decision about which account best suits your needs.
Open Your New Account: Gather your identification and proof of eligibility. You can apply online or in person. You might also need a minimum deposit.
Update Direct Deposits & Payments: Contact your employer to redirect your paycheck deposits. APGFCU offers Direct Deposit Switch through Online and Mobile Banking to make updating your accounts quick and easy!
Review any automatic payments (Netflix, cell phone, etc.) and update them accordingly to reflect your new account details.
Close Your Old Account: Ensure all transactions have cleared before closing your old account. Contact the financial institution for guidance on any necessary steps to ensure a seamless transition so you can fully embrace the advantages of your new checking account.
Make the Switch – Join APGFCU Today!
Switching to a credit union can be a game-changer for your financial well-being. By joining a credit union, you'll likely experience better rates, lower fees, and exceptional member service tailored to your needs. Discover how we can help you build a stronger financial future with our diverse checking account options.