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CREDIT UNION MEMBERSHIP AND HISTORY
Anyone can join a Credit Union.
Credit Unions originally were formed by groups of people who wanted to control their finances apart from the typical banking system. Teachers, government employees or organizations like universities or employers organized coops to support each other financially. Most CUs have opened their membership to the general public so we can all take part in the group. It is more common for a CU to consist of ‘people who live in Travis County and neighboring counties’. When you research CUs, check out their membership requirements, any fees to join and which type of accounts need to be opened. The cost to join can be as low as $5. You can sign up for membership online, by phone or at a branch.
LOCAL RECOMMENDATIONS FROM OCCUPY AUSTIN BANK ACTION COMMITTEE
HOW TO CHANGE FROM A BANK TO A CREDIT UNION
Some Credit Unions offer a “Switch Kit” online or at branches.
Top Recommended Credit Unions – coming soon
List of Austin Credit Unions
Convenient listing of Austin Credit Unions and contact information with web links.
Austin Credit Union Comparison Chart
CREDIT UNION BRANCH LOCATORS
Locate a Credit Union near you.
ALLIANCE OF AUSTIN CREDIT UNIONS:A SHARED FREE ATM NETWORK
In the spirit of financial cooperatives, several Austin-area Credit Unions have joined forces to provide members with a totally FREE ATM network. All members of participating Credit Unions now have the convenience of using any ATM within the network at no charge. Use these handy search options to find a FREE ATM near you!
SHARED BRANCHING:SERVICES FOR TRAVELERS
With shared branching, credit unions from all over the country share facilities to give members thousands of convenient locations to perform transactions just as if they were in their home credit union. Whether you are at work, home, or your favorite travel destination, your credit union is always nearby. Look for the blue Swirl logo. You may also use the “search” feature” to see which of the local Credit Unions offer shared branching.
HOW TO CHANGE FROM A BANK TO A CREDIT UNION
Some Credit Unions offer a Switch Kit online or at branches.
1. Open Your New Account.
Opening costs of joining a credit union are as low as setting up a $5 savings account. Most checking accounts only require a $25 to $100 initial deposit.
2. Order New Checks and an ATM/Debit/cards.
These typically take 1 to 2 weeks. Some Credit Unions even offer instant Debit/ATM cards issued in minutes. You can apply for credit cards as well.
3. Ask Your Employer to Reroute Your Direct Deposit.
Get a Direct Deposit authorization form from the Credit Union. It should include your new account information. Give this form to your employer and anyone else who makes direct deposits to your account. It may take one or more pay cycles for the change to be made, so keep your old checking account open and watch for the switch.
4. Contact Companies that Direct Debit Your Account.
Ask the CU for an automatic payments authorization form that includes your new account information. Check your last bank statement to be sure to include all authorized debits.
5. Set-up Online Bill Paying for your New Account.
If you like to pay bills online, set up bill payments information for your new account. Also, stop automatic, recurring payments you have established through your old account.
6. Close Your Old Account.
Once you have started receiving direct deposit into your new account and are sure that there are no outstanding checks or automatic debits that need to clear, CLOSE YOUR ACCOUNT. Do NOT simply leave it dormant. If you do not leave enough in your old account to cover debits and checks, you will incur fees from your old big bank. Follow the bank’s procedure for closing out the account.
