Calhoun Liberty Credit Union provides full-service financial institution membership to anyone residing, working, worshipping, volunteering or attending school in Calhoun, Franklin, Gulf, Gadsden Jackson Liberty counties; along with their immediate family. Businesses and legal entities may also qualify.
Credit unions are non-profit institutions, offering members exceptional savings and loan rates at unbeatably competitive prices.
What is a credit union?
Credit unions offer members many advantages, such as lower interest rates and fees on loans, savings accounts and electronic banking accounts. Furthermore, these organizations typically provide more personalized customer service as well as community outreach efforts and financial education tailored specifically for each area in which they operate.
Credit unions operate with an emphasis on serving their community and prioritizing people over profits, typically having fewer physical branch locations and using less advanced technologies than banks do. Some have joined networks which enable members to access fee-free ATMs and shared branches throughout the country.
Credit unions differ from for-profit banks in that their earnings are returned directly to members through lower savings product interest rates and loan fees as well as better checking account rates with reduced fees. You can generally join one simply by living or working within certain geographic boundaries or being affiliated with certain groups such as religious institution, employer, school, labor union or association – membership usually being free!
How does a credit union work?
Credit unions are non-profit financial organizations that distribute profits back to members through affordable banking services with lower loan rates and increased deposit yields. While banks are subject to taxes on earnings, which enables credit unions to keep more of it circulating within their communities.
Credit unions differ from banks in that members contribute funds to a shared pool that is used to fund loans to other members, making credit unions the ideal way to lend to members with limited assets. Every member has one vote and equal participation when setting policies or making decisions for the credit union.
Credit unions usually impose specific criteria in order to open an account with them, including membership with an organization, community or company; in order to ensure they provide services in ways which benefit all. Once these requirements have been fulfilled, however, an account can typically be opened and services utilized immediately.
What are the services offered by a credit union?
Credit unions provide many of the same services that banks do, such as checking accounts, mobile banking, ATMs and lending. But unlike banks that focus on making profits for shareholders, credit unions are member driven and their earnings are passed back down to members via lower fees and increased savings rates.
Consumers seeking to join a credit union typically must meet certain criteria in order to join. This may include living or working within a geographical area, belonging to the same church or community organization, and sharing an employer. Over time however, these restrictions have become less stringent, giving more people access to join.
Credit unions go beyond offering traditional banking services by also offering financial education and counseling to their members and the surrounding community. Classes covering topics like budgeting, retirement planning and other topics help people better manage their finances. Furthermore, educational resources may also be made available.
How do I open an account at a credit union?
Credit unions are an excellent way to find free checking, competitive interest rates on savings accounts and loans at competitive rates, all while benefitting their member-owners rather than shareholders.
To open an account with a credit union, it’s usually necessary to meet their eligibility requirements and then be approved as a member. This could involve living in a certain geographic area or working in certain industries such as teaching or healthcare – some employers also have relationships with credit unions which allow employees to join.
Once you meet eligibility requirements, opening an account at a credit union can be simple – usually online or at one of their branches will work best! After opening one, you’ll enjoy all the advantages that come with membership including intuitive digital banking experience and access to exclusive member benefits offers.