Federally chartered credit unions in Florida may meet a firm’s needs better than the traditional use of a bank. A credit union is owned by its depositors, meaning you (the account holder) have a say in how to run the business. Each member of a credit union gets one vote at the annual election of the Board of Directors.
Government credit unions in Florida are non-profit entities. This lets them to operate at a lower cost than traditional banks. Credit unions pass through savings to you in the form of higher savings account rates and lower loan interest rates. When choosing a Florida federal credit union, consider:
1. The advantages of federally chartered credit unions in Florida over traditional credit unions;
2. Eligibility requirements to join Florida federal credit unions; and
3. Some players among federal credit unions in Florida.
Learn about the advantages and disadvantages of Florida federally chartered credit unions
According to the National Credit Union Administration (NCUA) a federally chartered credit union is a "financial cooperative chartered by the federal government and owned by its members...Surplus income is returned to members in the form of dividends." A federal credit union has more protections than "average" credit unions. Examples include more frequent audits of financial records, mandatory reserves to offset uncollectible loans, control of investments of surpluses and annual exams by the NCUA. The National Credit Union Share Insurance Fund (NCUSIF) bonds accounts in federal credit unions up to $100,000. The main drawback to a credit union is that membership is limited to groups of people with a common bond such as the same employer, association or area of residence.
I recommend: Visit the
NCUA website (part of the government entity Pueblo). Learn how the
NCUSIF protects your credit union deposits.
Meet eligibility requirements to join a Florida federally chartered credit union
Visit a prospective credit union's website or call to find out the requirements for joining. Some credit unions allow business memberships; others only permit individual memberships. You may want to consider forming a credit union for your employees or collaborating with a local credit union so your employees can benefit from membership. Requirements vary greatly based on the credit union's federal charter. For example, the Financial Federal Credit Union is restricted to employees of Bloomingdales, Macy's, Office Depot, Tech Depot, 4Sure.com, Cheshire Direct, FACS Group, FSG and Federated Logistics (and their immediate family members).
I recommend: Visit the
National Credit Union Administration to search for federally chartered credit unions in Florida. See if your company meets eligibility requirements for the
Financial Federal Credit Union.
Compare and contrast a few players among federally chartered credit unions in FL
Here is a small listing of some other Florida federally chartered credit unions. The MIDFLORIDA Federal Credit Union permits those who live, worship, work or attend school in Polk, Highlands, Okeechobee, Hardee, DeSoto, or Sumter counties or the Poinciana area to join. This organization offers a variety of loans (auto, mortgage, personal and credit cards), checking and savings accounts, online banking and investing services. The Sun State Federal Credit Union offers membership to those who live, work, worship or attend school in one of these counties: Alachua, Dixie, Levy, Columbia or Gilchrist. This credit union offers a variety of loans, checking and saving account, online banking and 24-hour account access.
I recommend: See if your company qualifies to join the
MIDFLORIDA Federal Credit Union or the
Sun State Federal Credit Union.
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