Membership

Wiremen's CU Membership Benefits

The following are some of the many benefits of membership in a credit union.

Nonprofit status: For-profit banks and other lending institutions are looking for a return on an investment when a member takes out a loan. Credit Unions, however, have no stockholders looking at the return on their investment.

  1. Democratic process: The board of directors is elected by the Credit Union's membership and works on a volunteer basis. Unlike banks, credit union members have a direct say in who’s elected to run the credit union.
  2. Inclusiveness: Credit unions have long-standing reputations for allowing spouses, siblings, and children of members to join.
  3. Lower fees: Comparatively, credit unions have lower fees for services.
  4. Better interest rates on loans: Interest rates are typically better through credit unions, which traditionally have been among the leaders in auto loans.
  5. Funds returned to members: If there are excess funds, they are generally returned to the members in the form of dividends or added services.
  6. Easy to join: You need only ask your employer, family members, or neighbors about credit unions that they may be part of. The process is then simple, and minimum balances are usually very low.

Eligibility

Wiremen’s Credit Union is open to all members of Local 38 and their families.

You can open your Wiremen’s Credit Union account by visiting our office. A Membership Application Card must be completed, including one photo ID (Driver’s License or State ID) and a minimum deposit of $5.00. 

FAQs

What is a Credit Union?

A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.

Who owns a credit union?

Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn’t operate in that manner. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.

How did credit unions start?

The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.

What is the purpose of a credit union?

The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they are nonprofit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.

Are savings deposits insured?

Yes. Accounts at this Credit Union are insured up to $250,000 by American Share Insurance (ASI). This institution is not Federally Insured. Members accounts are not insured or guaranteed by any government or government sponsored agency.

Who can join a credit union?

A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group.