How Can I Find A Credit Union?

Ready to give a credit union a try? Here's a little background and some tips on how to find one near you.

Unlike banks, credit unions are member organizations. By depositing as little as $5, you become a stakeholder in the institution.

When credit unions first came into existence, their members had a common bond -- usually an employer or profession. Today, the "affinity group" can be geographic, social, civic, professional or even religious.

More than 80 million Americans are members of credit unions, according to the Credit Union National Association, a nonprofit trade group.

The good news: If you want to be a member of a credit union, you probably can. The bad news: They rarely advertise, so if you want a credit union, you have to find one. Here are six ways to do just that:

Start with the obvious: your work. Many employers either have their own credit unions or have joined one. Many professions or professional organizations, such as unions or trade associations, also will have credit unions. So while Bob's Electric Repair might not have a credit union, the Electrical Workers Local might.

Hit the Web. The Credit Union National Association's site has a credit union locator that allows you to search by name, city, ZIP code, area code or state, as well as links to lists of community credit unions, corporate credit unions and more.

Work the phone. Many states have a credit union league or credit union trade organization and employees there will help you figure out which credit unions you might be able to join. To find your state league, go to the CUNA Web site. Or call the National Credit Union Administration at (703) 518-6330, and they will look it up for you.

Go to a church. Or a synagogue. Or a mosque. Some houses of worship have credit unions. If you're a member of a religious community, you could be eligible. Also try the local chamber of commerce and civic clubs.

Let your fingers do the walking. Another good source is the Yellow Pages. Many areas have their own community credit unions based on geographic location, so start with the name of your community. And don't count yourself out if you don't live in a particular area with a credit union. In some cases, it's enough to work or go to school there.

And last, but not least, ask Mom. Since many credit unions will let you in if you are related to someone who is eligible, talk to your parents, your spouse, siblings, in-laws, aunts and uncles. Even if you haven't been near a classroom since graduation, having a brother who teaches might be your passport into the local teachers credit union. Rules on relatives vary -- some credit unions limit membership to immediate family -- so be sure to ask.