Learn about the advantages and disadvantages of Georgia 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 "regular" credit unions. Examples include more 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 primary disadvantage of 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 Georgia federally chartered credit union

Visit a prospective credit union's website or call to find out the requirements for joining. Requirements vary widely based on the credit union's federal charter. For example, the Georgia Federal Credit Union is restricted to a diverse group of people including school system employees, the Archdiocese of Atlanta, residents of certain counties and cities of Georgia and persons affiliated with the University of Georgia, to name a few.

I recommend: Visit Georgia Federal Credit Union to see if you meet eligibility requirements.

Compare and contrast a few players among federally chartered credit unions in GA

As mentioned earlier, the Georgia Federal Credit Union is one of the largest federally chartered credit unions in the state. The Georgia Florida United Methodist Federal Credit Union allows members of any Methodist church in the North Georgia, South Georgia or Florida conferences to join. This organization offers a variety of loans (auto, home, boat, recreational vehicle, personal and credit cards), checking and savings accounts, individual retirement accounts (IRAs) and online banking. The Coosa Valley Federal Credit Union is open to persons who live, work, attend school or worship in these 10 Georgia counties: Bartow, Catoosa, Chattooga, Dade, Floyd, Gordon, Haralson, Paulding, Polk and Wheeler. This credit union offers services not only to individuals, but also to businesses and has 24-hour banking at ATMs throughout the area.

I recommend: Visit the National Credit Union Administration to search for federally chartered credit unions in Georgia. See if you qualify to join the Georgia Florida United Methodist Federal Credit Union or the Coosa Valley Federal Credit Union.