10 Facts You Need to Know about Credit Unions
Credit Unions really are the brighter way to bank. Here are 10 facts about Credit Unions, brought to you Jeopardy! style
Read on for all you will need to know if you are ever presented with a “Credit Unions” category in a future Jeopardy! episode.
Fact #1
President Roosevelt signed THIS to promote thriftiness and prevent usury (the illegal action or practice of lending money at unreasonably high rates of interest) during the Great Depression.
Answer: What is the Federal Credit Union Act in 1934?
Fact #2
Credit unions are insured. THIS, which provides essentially the same coverage on funds as the FDIC, insures all funds kept at Radiant “up to $250,000… per share owner, for each account ownership category.” That means no matter what happens, your money is safe with us.
Answer: What is The National Credit Union Administration (NCUA)?
Fact #3
Eligibility is flexible at most credit unions. Most require THIS in a certain community, city, or state, or that you are employed by the credit union’s sponsor company, also known as a Select Employee Group (SEG). But requirements are broad on most, making eligibility at a credit union a possibility for almost anyone.
Answer: What is Residency?
At Radiant, anyone who lives, works (or regularly conducts business in), worships, attends school, or participates in associations headquartered in the rural districts comprised of Alachua, Bradford, Citrus, Clay, Columbia, Dixie, Gilchrist, Hamilton, Lafayette, Lake, Levy, Marion, Putnam, St. Johns, Suwannee, or Union Counties in Florida are eligible for membership. Additionally, you can join if you are the immediate family of a current Radiant member; participate in programs helping to alleviate poverty/distress; or are a business maintaining a facility in our previously mentioned counties of service. It has never been easier to join the Radiant family.
Fact #4
Credit Unions are THIS and are owned by the people they serve, not by a few shareholders.
Answer: What are not-for-profit institutions?
Fact #5
Credit unions can offer better rates on savings accounts, lower interest rates on loans, and little or no fees on accounts because they are THIS. Credit unions still pay state taxes, though.
Answer: What is exempt from federal taxes?
Fact #6
The credit union board of directors are all volunteers elected by the members. The board’s interests are about THIS – unlike bank shareholders whose interest lies in profit.
Answer: What are the benefits to the membership?
Fact #7
Credit union members have THIS type of control of the credit union and can attend and participate in regular and special membership meetings.
Answer: What is democratic?
Fact #8
Nonmembers benefit from credit unions, too. Competition for low rates keeps THIS in check, thereby benefiting nonmembers.
Answer: What are banks’ fees?
Fact #9
With more than 5,000 credit unions across the globe and access to tens of thousands of ATMs, credit unions are increasingly convenient on a national scale. Additionally, Radiant Credit Union is part of THIS, offering you Radiant service from afar.
Answer: What is Co-Op Shared Branch Network?
Visit co-opcreditunions.org/locator to find the shared branch nearest you.
Fact #10
Once you are a member of a credit union, you stay a member for as long as you maintain THIS, regardless of whether you continue to meet the original eligibility requirements. That means, if you move out of Florida, you can keep your Radiant Credit Union account. And, with our eBanking and Mobile App, our closest branch is wherever you are.
Answer: What is your deposit account (share)?
Now you’ve got enough Credit Union knowledge to crush any imaginary Jeopardy! opponent that may cross your path. But, the good news is, choosing your next financial institution doesn’t have to be as complicated as a category in Jeopardy! Credit Unions are the smarter choice.
Ready to join today? You can join in less than 10 minutes.
