Step 2: Making the First Deposit
You can open an account once you’ve found a credit union that accepts you. You can frequently complete everything online, or you can visit a branch in person. To become a credit union member, you must make a small deposit reflecting your purchase of a credit union share. This deposit is frequently as little as $5 to $25.
You can make your deposit any way you want, whether by cash, cheque, debit card, or other electronic money transfer from another bank. It is important to note that for some credit unions, but not all, you must keep a certain quantity of money in your account at all times.
As a result, if your account balance is $10 and the share requirement is $5, you’ll only have $5 to spend. Remember that the credit union forbids you from using those cash while you prepare your budget. As with any financial account, you must supply information about yourself, such as:
• Your Social Security Number or Tax ID Number
• Your actual address (you can also use a separate mailing address for correspondence)
• Valid identities, such as a driver’s license, passport, or other government-issued ID
• A reason for joining the credit union (“I work for XYZ Company” or “my mother is a member here”)
When creating an account, some credit unions check your credit and other databases, such as ChexSystems, which tracks your history of bouncing checks. If you’ve had problems in the past, it’s a good idea to consult with credit union officials before applying.
You may still be able to open an account without a debit card or checks. Additional documentation is required when opening business accounts. Bring your employer identification number (EIN) and any documentation proving the existence of your business organization (if it is incorporated in any way). Request comprehensive details from the credit union and obtain signatures from all required partners.
Step 3: Making Use of Your Account
That’s it—once you’re a member, you get access to all of the credit union’s services.
• Set up direct deposit with your employer so that your wages are automatically transferred to the credit union.
• Use your credit union’s online bill pay to make payments electronically and retain a record of all transactions.
• Download your credit union’s app to monitor your balance and (if possible) conduct mobile check deposits.
• Set up account notifications (text or email) to notify you of any significant withdrawals or low-balance situations.