Credit Union Memberships Explained

In a credit union, you join a cooperative where members own the institution. Unlike banks that serve shareholders, credit unions serve members, with earnings returned through competitive rates and fewer fees.

Who Can Join? Understanding Eligibility

Membership eligibility follows a "field of membership," which is the community, employer, or organization the credit union serves. Broadview welcomes members based on where they live or work, or their membership in qualifying groups.

Many people qualify through an employer, a family member's membership, or residence in specific counties. Some don't realize they're already eligible through a previous job or family connection.

Review Broadview's eligibility requirements to confirm your qualification status.

The Member-Owned Difference

Here's what member ownership actually means for your wallet:

• Better rates: Competitive rates on loans and higher yields on savings options

• Fewer fees: No drive to maximize fee income from everyday services

• Member dividends: Potential returns on eligible deposit accounts when the credit union performs well

• Personal service: Staff focused on your success, not sales quotas

How Your Membership Supports Local Communities

Your membership dollar stays local. Credit unions reinvest earnings in the communities they serve rather than sending profits to distant shareholders.

This local focus means your mortgage, auto loan, or home improvement financing may support neighborhood stability and economic activity. It's banking that builds communities.

Weighing Your Options

Getting Started With Membership

The process is straightforward: confirm eligibility, open a share (savings) account, then add the checking, loan, or digital services you need.

Most credit unions require a small initial deposit to establish membership. This deposit represents your ownership share in the cooperative.

Once you're a member, you'll have access to the full range of products and services, from everyday banking to specialized lending options.

Making the Most of Your Membership

Membership benefits compound over time, especially when you consolidate multiple financial services. The savings from competitive loan rates, higher savings yields, and fewer fees can add up significantly.

Review your options annually. As your financial needs evolve, your credit union may offer new solutions that traditional banks don't provide.

Consider the full relationship value, not just individual product rates. Member-focused service during major financial decisions can be invaluable.

Ready to experience the member-owned difference? Start your membership application today and join a financial cooperative that puts your interests first.

Frequently Asked Questions

How does credit union membership work?

Credit union membership means you join a cooperative institution owned by its members. Unlike banks that serve shareholders, credit unions focus on serving their members. Earnings are typically returned through competitive rates and fewer fees. To join, you usually confirm eligibility, open a share (savings) account, and then can access other services.

Who can join a credit union like Broadview?

Eligibility for credit union membership is based on a "field of membership," which defines the community, employer, or organization it serves. Many people qualify through where they live or work, an employer, or a family member's existing membership. Broadview welcomes members based on residence in specific counties, workplace, or membership in qualifying groups.

What are the main benefits of joining a credit union?

Credit union membership offers competitive rates on loans and savings, along with fewer fees on many everyday services. The member-owned structure supports member value, focusing on your financial goals rather than shareholder profit. Members may also receive potential dividends on eligible deposit accounts and benefit from community programs.

Is there a downside to joining a credit union?

Some considerations for credit union membership include potentially fewer physical branch locations compared to larger banks. Eligibility requirements apply, as membership is typically defined by a specific field of membership. Additionally, the range of digital tools can vary by institution.

How do credit unions differ from banks?

Credit unions are cooperative institutions owned by their members, while banks are typically owned by shareholders. This means credit unions serve their members, returning earnings through competitive rates and fewer fees. Banks, in contrast, aim to generate profits for their shareholders.

How does credit union membership support the community?

Credit union membership extends beyond personal finances by supporting the local community. Credit unions often reinvest earnings locally, and their lending activities can help households and local businesses. This local reinvestment can contribute to neighborhood stability and economic activity.

^{Last reviewed: August 2, 2026 by the Broadview Team}