Maine credit unions are financial institutions that provide banking services to its membership. Members of government credit unions in Maine control the credit union and must meet a defined set of membership requirements such as living in certain areas or belonging to a non-profit group.
Federal credit unions of Maine also may serve specific employee groups, known as Select Employee Groups, such as teachers or employees of a specific company. These credit unions may be able to change to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.
Banks and credit unions in Maine appear virtually indistinguishable but credit unions in Maine are tax-exempt. There are three basic reasons why this is so:
1. Federal credit unions in Maine must be non-profit, financial cooperatives owned by its members. Maine credit union mortgage rates are therefore frequently lower than the ones offered by banks.
2. Members must elect the board of directors for Maine credit unions and the board must serve as unpaid volunteers.
3. Online credit unions in Maine provide services to members of modest means as part of their social mission.
Action Steps
The best contacts and resources to help you get it done
Locate specific online credit unions in Maine by name
You can easily locate an online credit union if you have some basic information about it such as its name or the location of one of its branches. A credit union's name will normally give you an idea of the basis of its membership, although the requirements for membership are frequently broader than this.
I recommend: The
Nation Credit Union Administration can locate a credit union by charter number and is able to find a credit union by using a word in the credit union's name.
Cudata.com shows credit unions in Maine by name, along with the city, assets and number of members. Click on any credit union name to get contact information.
Find federal credit unions in ME by location
Resources are available to locate all of the credit unions based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.
I recommend: Credit Unions US has a credit union locator on its home page that allows you to specify your city and zip code. The
Credit Union National Association has the ability to locate credit unions within a specified radius of a zip code or by city and state.
Explore the services of local Maine federal credit unions before you join
Examine the membership requirements of a particular federally chartered credit union and the services that it provides, such as Maine credit union mortgage rates, to know if you are eligible to join.
I recommend: University Credit Union specifically serves alumni, employees and students of Maine’s university system.
American Eagle Federal Credit Union is available to residents and workers in Hartford, Middlesex and Tolland counties.
Tips & Tactics
Helpful advice for making the most of this Guide
- Natural-person credit unions serve individuals and form the majority of Maine federal credit unions. Corporate credit unions serve natural-person credit unions by providing them with operational support, products and other services. Corporate credit unions also act as a funds clearing house for natural-person credit unions.
The official source of Federally Chartered Credit Unions in Maine is
the Federally Chartered Credit Unions in Maine page at Business.com
Related Resources from Business.com
Comments
Is any content on this page inappropriate? To let us know, please 
