A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision of credit, and other financial services. In several African countries, credit unions are commonly referred to as SACCOs (Savings and Credit Co-Operative Societies).
Worldwide, credit union systems vary significantly in terms of total assets and average institution asset size, ranging from volunteer operations with a handful of members to institutions with hundreds of thousands of members and assets worth billions of US dollars. In 2018, the number of members in credit unions worldwide was 274 million, with nearly 40 million members being added since 2016.
Leading up to the financial crisis of 2007–2008, commercial banks engaged in approximately five times more subprime lending relative to credit unions and were two and a half times more likely to fail during the crisis. American credit unions more than doubled lending to small businesses between 2008 and 2016, from $30 billion to $60 billion, while lending to small businesses overall during the same period declined by around $100 billion. In the US, public trust in credit unions stands at 60%, compared to 30% for big banks. Furthermore, small businesses are 80% less likely to be dissatisfied with a credit union than with a big bank.
"Natural-person credit unions" (also called "retail credit unions" or "consumer credit unions") serve individuals, as distinguished from "corporate credit unions", which serve other credit unions.
That says, today we will be talking on the best Credit Unions in Las Vegas.
Las Vegas is one of the wealthiest cities in the United States, full of billionaires. People need to keep their earnings in safe places, and credit unions are some of the most relevant financial institutions to save funds. For your information, money in a credit union account attracts more interest than funds saved in a bank. This makes them even better than banks.
You can either open it online or at a physical branch. In this era of digitalization, institutions have done everything to make almost all their operations online. Today, you can apply for an account using your smartphone, tablet, or computer device. That makes things even more easier since you can easily create your account as you do other economic activities in your place. Even depositing money to your account is easy using your online bank and debit cards.
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How to get started with a credit union
Firstly, what you need to do to get an account is by doing your research to see the public institutions within your vicinity or area. If you search only, you can see various unions that you can join. It is effortless to get a no credit check credit union account from various unions.
Before joining a credit union, you should ask yourself whether you share common bonds with the existing members. If not, you should proceed with your search until you get the most suitable one.
Once you get one, you can then start with your application. Since credit unions are financial institutions, you should comply with the federal government requirements. Therefore you should have;
- Social Security Number (SSN)
- Phone number
- An email address
- A physical address
- An identification document
The institution may also ask you to declare your source of money. It can be from employment, government benefits, monthly stipend, etc. You also need to provide other details such as your full name, city, state, marital status, and many others
After filling out all the application forms, you must upload all the documents online and submit them. You will then get feedback from the institution if you have succeeded or not.
How do credit unions work?
The institutions require members to have a common bond. As I mentioned above, common bonds can be the same worship place, same religion, same profession, and so on. Such people come together and then register the institution with the relevant authorities.
They then begin accepting new members for the union to continue growing. The institutions also accept memberships of immediate family members who hold accounts within the unions.
Every member must contribute a particular amount to buy shares from the union. Remember that the institutions are member-owned, meaning that everyone who opens an account with the institution becomes an owner. The funds earn you some interest, and when you decide to leave the union, you can get all your money from the interest earned.
Credit unions not only offer savings accounts but also checking accounts. You can open an account to keep your everyday funds for your daily expenditure. The checking accounts, just like those from banks, come with debit cards so that you can access your funds conveniently.
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However, one can get a loan from the institutions. The loans attract low-interest rates compared to those from banks. Therefore, you find it easy to repay it and succeed in your plans. Las Vegas has some of the best credit unions for personal loans and is easy to join.
Another thing you should take note with credit unions is that they are not profit-oriented. That is why they charge low interest on loans. The members own the institutions. So why would they pay hefty interest on loans? And for your information, one of the aims of credit unions is to uplift the members financially. Above all, experts working in the institutions provide financial advice to the members.
Do credit unions give credit cards?
You can get one from a credit union of your choice. It is not just banks that offer such products. You can do so much with the institution that you can also do with your bank account.
The cards enables you to borrow money from the issuer, whereby you have to return the funds at the end of the month. When you use it, you should repay with interest.
What is the difference between banks and credit unions?
People usually get confused between the two types of institutions. Some think that credit unions are similar to banks. There are differences that you can find between banks and unions. The following are the differences between banks and credit unions.
- Credit unions are member-owned, while banks are businesses owned by individuals or a group of people/companies.
- Credit unions are not profit-oriented. Their aim is to uplift members financially. Banks aim to make profits via various avenues such as loan interests, monthly maintenance fees, transaction charges, etc.
- Members of credit unions have a common bond, while anyone can open a bank account as long as they have the requirements.
- You can get loans and lines of interest at low-interest rates in credit unions. Banks charge higher interest rates on the same.
What are the best credit unions in Las Vegas?
There are numerous unions that you can get in Las Vegas. You will even find that some of the best credit unions in Las Vegas are also the best credit unions in California, New York, North Carolina, and so on. They include the following as you can see below.
1. Greater Nevada Credit Union
Greater Nevada started operating in 1949. It’s the largest in Nevada and has assets amounting to $1.56 billion. The union provides banking services to more than 80,000 members. To become a member, you must have an immediate relative who is also a member of the institution.
As a member, you can get various banking services such as savings, loans, and many more. The Greater Nevada Credit Union corporate offices are at;
- 451 Eagle Station Lane
- Carson City, NV 89701
2. One Nevada Credit Union
The institution has been running since 1950. For your information, the credit union is the 2nd largest in Nevada. It has assets amounting to $1.26 billion. As a member, you can get various banking services such as savings, loans, etc. The One Nevada Credit Union provides services to more than 74,000 members. To become a member, you must have an immediate family member who has an account with the institution.
The Corporate Offices are at;
- 2645 South Mojave Road
- Las Vegas, NV 89121.
3. Clark County Credit Union
Clark County Credit Union occupies the third position of the best credit unions in Nevada. It has assets amounting to $1.09 billion and provides banking services to more than 49,000 members.
If you are a close family member of anyone holding an account with the union, then you are eligible to apply. You can get banking services such as savings, loans, and others from the institution.
The institution’s headquarters are in;
- 2625 N Tenaya
- Las Vegas, NV 89128
4. Silver State Schools Credit Union
The main offices are at;
- 630 Trade Center Drive
- Las Vegas, NV 89119
5. Boulder Dam Credit Union
The institution has been operating since 1940. Being the 5th largest credit union in Nevada, the institution has assets totaling $814.77 million. The Boulder Dam Credit Union provides banking services to more than 21,000 members. You can become a member if you are an immediate relative to anyone holding an account with the union. Like other unions, you can get banking services such as savings, loans, and others in the institution.
The corporate offices are at;
- 530 Avenue G
- Boulder City, NV 89006
6. Financial Horizons Credit Union
The Financial Horizons Credit Union has been running since 1947. Currently, the institution occupies the 6th position of the largest credit unions in Nevada with assets amounting to $264.1 million and provides services to more than 13,000 members. You can become a member of any of your immediate relatives is a member.
The main office is at;
- 895 E Street
- Hawthorne, NV 89415.
Conclusion and closing remarks
A credit union is a member-owned financial institution. Such institutions provide banking services to the members, and you can join if you share a common bond with the existing members or if you have a close relative who is a member. The institutions provide services such as banking, loans, and financial advice. Since credit unions are financial companies like any other, you should provide all the requirements when opening an account.
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