Federal credit unions in New Mexico provide banking services such as loans to its members. Government credit unions in New Mexico must meet a set of well-defined criteria such as membership in a non-profit group or residency within a geographical area.
Federally chartered credit unions in New Mexico 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 switch to a community charter, which allows them to serve anyone who lives, works, worships or attends school within a defined area.
New Mexico federal credit unions appear to be similar to banks but their tax exempt status mandates three important differences:
1. Members must own a federal credit union in New Mexico and run it as a non-profit, financial cooperative.
2. The board of directors for New Mexico federal credit unions must be unpaid volunteers that the members elect.
3. A government credit union in New Mexico has a social mission that includes service to members of modest means. A credit union has restrictions on the services and products that it provides and must place restrictions on its membership.
Action Steps
The best contacts and resources to help you get it done
Locate specific New Mexico federally chartered credit unions by name
You can easily locate a New Mexico federal 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
Credit Union Service Center provides detailed information on all of its registered credit unions within New Mexico. The
National Credit Union Administration can locate a credit union by charter number and can find a credit union by using a word in the credit union's name.
Find federal credit unions in New Mexico by location
Resources are available to locate all of the federally chartered credit unions in New Mexico based in your area, which you may wish to do because residency is a common membership requirement for many credit unions.
I recommend: CU Village.com allows you to find credit unions within your zip code. If you don't find any, this locator will show the credit unions that are closest to you.
Credit Unions US has a credit union locator on its home page that allows you to specify your city and zip code.
Join one of the local government credit unions in New Mexico
Examine the membership requirements of a particular New Mexico federal credit union and the services that it provides to know if you are eligible to join and if it will provide the services you need.
I recommend: Animas Credit Union is in Farmington and open to all residents of San Juan County.
Cannon Federal Credit Union accepts most military and government employees in Curry and Roosevelt counties and the city of Clovis.
Tips & Tactics
Helpful advice for making the most of this Guide
- New Mexico federally chartered credit unions frequently allow a broader membership base than their name implies. Smaller credit unions may merge into a single credit union with a disparate set of membership qualifications. Additionally, an individual may usually remain a member of a credit union even after he no longer meet the membership requirements, as when a member moves or changes jobs.
The official source of Federally Chartered Credit Unions in New Mexico is
the Federally Chartered Credit Unions in New Mexico page at Business.com
Related Resources from Business.com
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