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How Credit Unions Work

        Money | Banking & ATMs

How Credit Unions Work: Author’s Note

I will be the first to admit that I am financially illiterate. One of the best parts of writing for HowStuffWorks is that it forces to understand the basics of our finance and banking systems. This article is a great example. I've probably driven by hundreds of credit unions and never once stopped to think, "What are those things all about?" Researching this article helped me understand the possible advantages of joining a credit union (lower interest rates on loans and credit cards) and the potential disadvantages (fewer branches and ATMs). I should probably share all of this useful information with my wife, since she's the one who makes all of the financial decisions (thank goodness).

Sources

  • "After the War Years." Credit Union National Association http://www.creditunion.coop/history/war_years.html
  • "Credit Union Community." U.S. Central. http://www.uscentral.org/default.asp?content=community
  • "Credit Union History." Credit Union National Association http://www.creditunion.coop.history/index.html
  • "Credit Unions Lose to Banks in High Court." The New York Times. 26 February 1998. http://query.nytimes.com/gst/fullpage.htmlres=9AO2EFD7133EF935A 15751C0A96E958620&scp=1&sq=credit+union
  • "Credit Union Ruse." Massachusetts Banker Association. http://www.creditunionruse.com/
  • "Definition of cooperatives." University of Wisconsin Center for Cooperatives http://www.uwcc.wisc.edu/info/i_pages/prin.html
  • "Frequently Asked Questions: Banking Information." Federal Reserve Board. http://www.federalreserve.gov/generalinfo/faq/faqbkinfo.htm#11
  • "History of Credit Unions." Randolph Brooks Federal Credit Union https://www.rbfcu.org/NB/html/Reference/AboutUs/HistoryofCu.htm
  • "How to Join a Credit Union." Credit Union National Association http://www.creditunion.coop/how_to_join.html
  • "International Credit Union System." World Council of Credit Unions. http://www.woccu.org/memberserv/intlcusystem
  • "United States of America: National Credit Union Data." World Council of Credit Unions. 2006. http://www.woccu.org/dev/programs/country?c=US
  • Weston, Liz Pulliam. "Ditch Your Bank for a Credit Union." MSN Money. 16 July 2007. http://articles.moneycentral.msn.com/Banking/BetterBanking/DitchYourBankForACreditUnion.aspx