Hello My Friend, I get a lot of questions from young people when I tell them that my goal is to help people ages 30 and under learn financial literacy and master their personal finances. Today, I am excited to answer the question,
“What is a shared branch credit union?”
But, first… Thank you for being here. I got tired of hearing about young people starting out their lives burdened by debt and at the same time not having been taught financial literacy. So, I decided that I wanted to help teach my daughter, her friends, and you. By being here, you are helping my mission to help as many young people as possible develop financial wellness. So, thank you. I appreciate you.
Now, let’s get to it.
So, a young person that just got a job offer asked me which bank he should use once the job started. I asked if he had any bank accounts yet. He said no, not really. After he told me a little about some of his financial plans, I suggested that he bank locally, and one of the places that I specifically suggested was a local credit union, and specifically one that is a shared branch credit union. It is something that you should consider, too.
You may be wondering…
Shared Branch credit Union.. But first…Why Should I Bank Local?
When you bank locally, you have a good chance to get good rates on loans, and sometimes good rates. You are also more likely to get better, more pleasant customer service. But, perhaps more importantly in terms of service from a bank, banking locally allows you to get to know the local decision makers and they can get to know you. This may allow for more flexibility from the bank when you are seeking a loan. Also, one benefit that I don’t hear people talk about a lot, is that when you bank locally, you help your local economy. In my case, I just happen to live next door to and across the street from people who work at the place where I bank locally and it’s kind of a nice reminder of the benefit of local decision making that you get when you bank locally.
You also may be wondering…
Another question before I discuss Shared Branch Credit Unions…Why Should I Bank at a Credit Union?
One thing that I definitely like about credit unions is that a credit union exists for the benefit of its members. To do any business with a credit union, you must be a member. Another thing I like is the fact that credit unions are non-profits. This means that they operate with the sole purpose of offering banking services (such as savings accounts, checking accounts, personal loans, mortgage loans, and credit cards) at competitive rates to their members. Last, but not least, is the fact that many, maybe most, credit unions are shared branch credit unions.
What is a Shared Branch Credit Union?
A shared branch credit union is a member of a network that allows credit union members to bank at other credit unions as long as both credit unions are part of the network. There are over 3500 credit unions that are part of the shared branching network. Together those credit unions offer over 5600 branches. This means that unlike with banks, you can find credit unions across the country that will allow you to bank there. This is especially useful, if like me, you end up moving around a lot. It means that you don’t necessarily have to close your credit union account when you move away. I think that this is pretty awesome!
You may be wondering…
How Can I Join a Credit Union?
You can join anytime you become a member of a community that has a credit union. Check with your various communities. Some examples of where I found credit unions include:
- The military community (e.g. Keesler Federal Credit Union for members of Keesler Air Force Base in Mississippi and Hanscom Federal Credit Union for members of Hanscom Air Force Base in Massachusetts)
- Houses of religion (e.g. Abyssinian Baptist Church Federal Credit Union in New York City)
- Towns and Communities (e.g. First Community Credit Union in Richmond Texas, Greylock Federal Credit Union in the Berkshires of Western Massachusetts, and Keesler Federal Credit Union in Mississippi)
- Companies where you work (e.g. Merck Employee Federal Credit Union in New Jersey and other locations)
- Family Members Who Are Members of Credit Unions: Many credit unions allow family members to join their credit union. So, check with your parents, grandparents, and other family members to see if they are members of a credit union. If yes, get the name of the credit union and reach out and see if their credit union will accept you.
Key Takeaways Regarding Shared Branch Credit Unions
- It pays to bank locally
- Credit unions are excellent choices for banking
- There are at least 5 places to look for a credit union to join:
- Through military connections
- Through houses of worship
- Through the towns and communities in which you live
- Through companies for which you work
- Through family members who are members of credit unions
- Shared branching allows you to use credit unions all over the country, once you are a member of one credit union.
So, that’s it! I hope that you found this helpful! You can join a credit union in one location and use credit unions in other locations all over the country. I think that this is an amazing fact! .
Thanks again for visiting!
And don’t forget to subscribe to Rich Mom, Poor Kid to continue to build your financial literacy!
Best,
Rich Mom
Do you want to read more about credit unions? Check out:
What is a Credit Union? I’m Spilling the Tea!
What is a Credit Union? Rich Mom Answers
Wondering About Rich Mom?
If you stumbled upon this post and you are wondering who Rich Mom is: I am a mother to a young adult. My majors and degrees are in business, economics, and education, and I am passionate about personal finance. I am worried about the future of young adults who are often being burdened by massive student loan debt, but at the same time have never been taught about financial literacy.
Too many people work forever.
Too many people work, forever living just paycheck to paycheck, never understanding the pattern that would make their lives easier. My goal with my blog is to inspire those ages 30 and under to become more financially literate, and to be able to focus more on living healthier (mentally and physically), happier lives.
But remember, my blog is intended to inspire, but not as investment advice.
I am not an investment advisor. Always do your own due diligence and research before investing. Check with your own investment advisor.
Also, remember that past performance is not a guarantee of future performance.
The information shared here is not intended as financial advice, just encouragement.