Credit Union In New Jersey [Best Guide]

Step into the world of financial empowerment, where community bonds intertwine with economic growth and prosperity. Welcome to the vibrant landscape of Credit Unions in New Jersey, where unity and financial well-being converge. In this dynamic state, where every member counts, Credit Unions stand tall as beacons of trust, innovation, and unwavering support. Prepare to embark on a journey where your dreams find a nurturing home, and your ambitions are propelled to new heights. From the bustling streets of Newark to the picturesque shores of Cape May, the Credit Unions of New Jersey are poised to redefine your relationship with money and transform your financial landscape. Join us as we unravel the wonders of cooperative banking, where individuals become part of a collective force, and dreams become reality. Together, we can conquer financial challenges, embrace opportunities, and build a brighter future for all. Welcome to the extraordinary world of Credit Unions in New Jersey, where your financial success is our collective ambition.

Table of Contents

The Best Credit Union in New Jersey

If you live in New Jersey and are looking for the best credit union to join, you are lucky since there are many of them. They include the following.

1. Affinity Federal Credit Union

The credit union’s headquarters are in Basking Ridge, NJ. It has approximately $3.82 Billion in assets and around 17 Locations and numerous ATM branches where you can easily access your money using your debit card. 

Account opening

You can apply for an account online or at a branch and get various full-service personal and business banking services such as loans, checking and savings accounts, credit cards, and more. You can also call their Member Service Center at 800.325.0808 to get more help. 

2. Merck Employees Federal Credit Union

You can find the union’s headquarters in Rahway, NJ. The institution has assets of about $2.42 Billion. It has three locations. It offers various banking services to its customers, including individuals and businesses. Furthermore, it runs programs to promote its members in one way or the other. Currently, it is offering scholarships, with the deadline being March 3, 2023. 

Account opening 

You can apply for an account online and get a complete banking experience through their mobile app or website. 

3. Financial Resources Federal Credit Union

The institution’s headquarters are in Bridgewater, NJ. It has assets worth $586.6 Million and has 7 Locations. You can apply for numerous products, such as vehicle loans, mortgages, savings and checking accounts, etc. They offer members Visa credit cards to help them in their day-to-day transactions. 

Account opening

To join the union, you may apply online or at a branch. The union also has an account for teens between 14-18 years. You can access your account through a mobile app for convenience. 

4. Proponent Federal Credit Union

The credit union’s headquarters is in Nutley, NJ. It has assets of approximately $537.52 Million. The institution has 2 Locations and offers various products, such as saving and checking accounts, payment cards, and loans. You can access your account 24/7 from anywhere.

Account opening

Opening an account at Proponent Federal Credit Union is easy, as you can do it online as long as you have all the requirements. You can even open an account at a branch. 

5. First Harvest Credit Union

You can find the credit union’s headquarters in Deptford, NJ, and you can withdraw your money at surcharge-free ATMs or visit branches in New Jersey. 

Account opening

You may open your account at a branch or online. You can contact them at 800-582-7640 if you get stuck in the process.

How to get started with credit unions

Getting started with credit unions is easy. You only have to follow a few steps, and you are good to go. Each credit union has its laid down steps to join them. Generally, the following are the various ways to join a credit union. 

1. Join as an employee of an organization/group of organizations. Suppose you belong to a particular worship group, football club, or society. In that case, you may join a credit union permitting people from your society.   
2. Suppose you work in a particular industry or field. We have credit unions that allow you to join if you work in a specific field. For example, there are credit unions for teachers, others for farmers, hotel owners, and so on. 
3. Having a unique common background. Some credit unions allow people from common backgrounds to join. For example, you can join a credit union if you are a close relative of someone who is already a credit union member. 
4. If you live or work in a particular community. You can join some credit unions if you live in a specific area. Others allow you to join if you work in some areas. For example, GreenState Credit Union allows you to join if you live or work in Iowa or a county in Wisconsin, Illinois, Nebraska, or South Dakota. 

Reasons to join a credit union

There are various reasons why you may want to join a credit union. Some of the common reasons include the following.

1. Credit unions are nonprofit financial institutions and answer only to their members other than outside stockholders.
2. Credit unions are safe as your money is insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000.
3. Credit unions are democratic institutions that allow members to control activities. 
4. Credit unions charge fewer fees than banks. Also, their loans have low interest. 
5. Credit unions offer financial information to their members. For example, you can get programs about money management.
6. Membership is forever. If you join a credit union due to your job, you can keep your membership even after leaving it.
7. Members have an equal say irrespective of the amount of money they have in their accounts.
8. Unlike banks, credit unions rarely make losses, and you may not hear one request for a government bailout.

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Final Thoughts

Credit unions are member-owned financial institutions whereby members have the greatest say on how the institutions are run. The institutions offer products similar to banks, such as checking accounts, savings accounts, loans, and payment cards. However, they are not profit-oriented and thus charge lower fees than banks. Also, their loans attract lower interest rates than banks.