How to Join a Credit Union, PlainCU Guide

Joining a credit union is easier than most people expect. Unlike banks, credit unions are member-owned nonprofits, which means they return profits to members through lower loan rates, higher savings rates, and fewer fees. Here's exactly how to find and join one.

Step 1: Determine Your Eligibility

Every credit union has a "field of membership" - the group of people it's allowed to serve. The most common eligibility categories are:

Employer-based: You work for a specific company or industry (e.g., school employees, federal workers, healthcare workers).
Community-based: You live, work, worship, or attend school in a specific geographic area. These are the easiest to join.
Association-based: You're a member of an organization (alumni association, trade union, religious group).
Family-based: An immediate family member already belongs to the credit union.

Many credit unions offer a community membership option, you can often join by making a small donation to a partner charity (typically $5–$25) if you don't otherwise qualify.

Step 2: Find the Right Credit Union

Look for a credit union that:

Has a health score of 60 or higher on PlainCU (indicating solid finances)
Offers the products you need (auto loans, mortgages, checking accounts)
Has convenient access - branches, ATMs, or a robust online/mobile banking platform
Is part of the CO-OP ATM network (30,000+ surcharge-free ATMs) or Shared Branching network

Use PlainCU's search tool, state browser, or healthiest rankings to compare options.

Step 3: Open a Membership Share Account

To join a credit union, you must open a share account (the equivalent of a savings account). This typically requires:

A minimum deposit of $5–$25 (this is your "share" of ownership)
Government-issued photo ID (driver's license, passport, or state ID)
Your Social Security number for identity verification
Proof of eligibility (employer ID, utility bill showing address, etc.)

Most credit unions now offer fully online membership applications. The process typically takes 10–15 minutes.

Step 4: Fund Your Account and Start Banking

Once your share account is open, you're a full member. You can immediately:

Open additional accounts (checking, money market, certificates)
Apply for loans at member rates
Access all digital banking services
Vote in board elections, you're an owner

What to Expect

There's no credit check to open a basic share account. If you have a troubled banking history (ChexSystems flag), some credit unions offer second-chance accounts. For loans, your credit score does matter, but credit union lending standards are often more flexible than banks for members in good standing.

Are Credit Unions Safe?

Yes. All federally-insured credit unions are covered by the National Credit Union Share Insurance Fund (NCUSIF), which insures deposits up to $250,000 per account type, the same limit as FDIC bank insurance. Read our guide on NCUSIF insurance for full details.

Not financial advice: This guide summarizes general NCUA-backed information for education, not a recommendation to join any specific credit union. Verify current rates, membership eligibility, and NCUA insurance status directly with any credit union before opening an account.