Finding Credit Unions

A credit union is a cooperative member-owned financial institution intended to promote savings, provide credit at reasonable rates, and make available other financial services to its members.  Many credit unions exist to further economic or community development.  Credit unions vary significantly in terms of total assets and average institution size, ranging from volunteer operations with a handful of members to institutions with several billion dollars in assets and hundreds of thousands of members.  Credit unions are typically smaller than banks, but the average US credit union has $ 93 million is assets.  Members with accounts in a credit union are the owners and elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union.   The volunteer board of directors sets policy about interest rates and other details ab out financial services.  Many of those services are the same as those of banks, often using different terminology.  Common services include:  share accounts (savings), share draft accounts (checking), credit cards, share term certificates (CD's) and online banking.  Typically only a member of a credit union may deposit funds with the credit union or obtain loans from it.  Credit unions have historically marketed themselves as providing superior member service and being committed to helping members improve their financial health.  With regard to microfinance, it has been asserted that credit unions provide a broader range of loan and savings products at a much cheaper cost (to their members) than do most microfinance institutions.  (paraphrased from Wikipedia)

One type of credit union opens its membership to any citizen (perhaps within a specific geographic area); anyone can join.  Other credit unions were formed by interest groups (e.g., churches, unions, neighborhood associations, professional groups, etc.) and restrict their membership to those from their originating interest area.  As we proceed with "discovery" we may find employment-seekers who have a connection--through family or otherwise--with a credit union--even one of the second type.  It's possible that the credit union connection could be a useful tool for arranging financial help to initiate a business.  Here is a list of Ohio credit unions that belong to a state-wide association, and here is a handy credit union finder.