By David A. L’Ecuyer
In order to be eligible to join a credit union, the potential member must fit into the Field of Membership (FOM) and charter of the credit union. Historically, credit unions were made available for a particular employer (i.e. IBM, Digital, New England Telephone, Mass Electric, etc.). While many employers have changed over the years, so have the credit unions FOM to those employees.
Most credit unions today are community based. This means if you reside or work or even are educated within a particular community, you are eligible to join. In some cases, if you are part of a group or association you may also be eligible for membership. Lastly, if your family member is a member of a credit union, you typically can join that same credit union.
Once a member, you are always a member. Even if you move or terminate your involvement with a group or association, you may remain in that credit union.
The mission statement or philosophy that drives the entire credit union industry is not for profit, not for charity, but for service.
So consider joining a credit union near you; where you are an owner, as well as member for life.
David A. L’Ecuyer is president/CEO of Central One Federal Credit Union. His marketing manager, Zachary Daniels, can be reached at 508-842-7400, weekdays from 8 a.m. to 4:30 p.m. or by email at zdaniels@centralfcu.com and at www.centralfcu.com. Archives of articles from previous issues can be read at www.fiftyplusadvocate.com.
