Credit Union

Credit Union

Credit Union Ratings – The Largest Credit Unions

The largest credit unions in America, based on the latest credit union ratings available for the first six months of 2009 show that the Navy Federal Credit Union is the largest and with the biggest assets credit union in the US, while the credit union of Arizona State is the one ending the list of the top 100 credit unions in the country. The share growth of these credit unions is very strong and the members consider the credit unions a safe place to keep their money and a beneficial institution to borrow money from. The credit union ratings as published show that since 2004 almost one million new members have been drawn to these institutions – referring only to the top 100. The ratings and statistics also show that the loans and Credit Cards issued by the largest credit unions have significantly increased during the last 4 years.

According to these ratings, the top 20 credit unions in the US based on their memberships are: Navy Federal Federal Credit Union

Merrifield, VA. 3,194,292 members.

2. State Employees Credit Union

Raleigh, NC. 1,498,062 members.

3. Pentagon Federal Credit Union

Alexandria, VA. 864,803 members.

4. The Golden 1 Credit Union

Sacramento, CA. 694,836 members.

5. Security Service Federal Credit Union

San Antonio, TX. 681,353 members.

6. Boeing Employees Credit Union

Tukwila, WA. 588,755 members.

7. America First Federal Credit Union

Ogden, UT. 484,291 members.

8. Suncoast Schools Federal Credit Union

Tampa, FL. 471,441 members.

9. Schoolsfirst Federal Credit Union

Santa Ana, CA. 400,721 members.

10. Digital Federal Credit Union

Marlborough, MA. 370,309 members.

11. Desert Schools Federal Credit Union

Phoenix, AZ. 364,261 members.

12. Pennsylvania State Employees Credit Union

Harrisburg, PA. 350,812 members.

13. Alaska USA Federal Credit Union

Anchorage, AK. 348,933 members.

14. Vystar Credit Union

Jacksonville, FL. 347,123 members.

15. Wescom Central Credit Union

Pasadena, CA. 340,620 members.

16. Mountain America Federal Credit Union

West Jordan, UT. 319,361 members.

17. Redstone Federal Credit Union

Huntsville, AL. 304,825 members.

18. Municipal Credit Union

New York, NY. 301,068 members.

19. ESL Federal Credit Union

Rochester, NY. 298,288 members.

20. Patelco Credit Union

San Francisco, CA. 297,626 members.  

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What is the best credit union to join?

My work takes me to every state in the country so I can literally join any credit union I want, tell me what the best credit union is.

Actually, you can't join any credit union because each one has a field of membership (FOM) which defines who is eligible to join. There are many credit unions with "closed" FOMs which means only the employees of a particular company can join or the members of a specific church. Most likely you'll find A Credit union that you can join which has a community FOM which means if you live in a particular area, you are eligible for membership.

When you look for a credit union, keep in mind most credit unions do not have lots of branch offices so if you are on the road and want to stop in a "brick & mortar" to handle your banking, it may not be possible. Some credit unions are part of a "shared service center" which means you can go into other locations at participating credit unions to transact your business. Shared branching is the next best thing to having a zillion branches all over the place.

The other thing to look for is a good ATM network. Credit unions across the country are part of an ATM network which does not charge extra fees for using the machines. One such network is called "STAR". All you have to do is find one of the thousands of machines located throughout the country and use it to save yourself some extra $$.

Here is a useful website that can help you find a credit union you are eligible to join:

http://www.creditunion.coop/cu_locator/index.html

Hope this helps. Good luck!

Inside Look - How Does a Credit Union Differ from a Bank? - Bloomberg

 

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