If you’re new here, welcome! Many folks have questions about credit unions, so we’re here today to address some basics. For starters, what’s the difference between a credit union and a bank? Telco Credit Union is a full service not-for-profit financial institution serving over 10,000 members. Serving Tarboro, NC, Rocky Mount, NC, Greenville, NC, and Eastern North Carolina, Telco can help with all your financial needs.
Credit unions are different from banks in that they are not-for-profit organizations that exist solely to be of service to their members. Credit unions are member-owned, which means they are owned and controlled by the members who use their services. Typically, a board of directors made of volunteers manages a credit union. This means that your vote matters! These financial institutions work to ensure the well-being of their members.
Credit unions can provide secure and reliable places to save and borrow money at more reasonable rates. However, like banks, credit unions also provide many financial services and accept deposits as well. The profits made by these organizations are returned back to their members. Members can expect lower loan rates, reduced fees, and higher savings rates as part of their membership in a credit union.
There are many benefits in becoming a member of a credit union; often, members share interests and enjoy being part of an organization that helps other people with those interests. Other benefits of joining a credit union include help with small business needs, in-school credit union branches, outreach to consumers, and financial education. Because of the collaborative design of credit unions, members appreciate working towards a common goal of financial well-being.
Membership in credit unions can be determined by the field of membership, or the legal definition of who is permitted to join the institution. These parameters differ in some credit unions. You may be able to join a credit union based on several categories: your employer, your family, your geographic location, and membership in a group or groups. Your employer may sponsor their own credit union, allowing you to join. Most credit unions permit existing members’ families to join. Many credit unions allow people to become members that live, work, worship, or attend school in a particular geographic region. Finally, already being a member of a group, like a place of worship, labor union, homeowners’ association, or school may allow you to join a credit union.
At Telco Credit Union, it is easy to become a member/owner. You can complete a single membership application and make one deposit of $5.00 into a savings account. All you have to do is keep a $5.00 minimum in your savings account. Our motto is “once a member always a member” – it’s as simple as that. Membership at Telco is available to active or retired Selected Employee Group (SEG) employees and their immediate family: this includes a member’s wife, husband, daughter, son, mother, father, brother, sister, grandmother, grandfather, and/or grandchildren. Contact us at Telco for help with your financial needs!