Credit unions are known for superior service toward their members, attractive rates, and low fees.
However, some people may shy away from credit unions since they are not-for-profit institutions and thus, operate a little differently from regular banks. They may not be certain whether they offer the same services as commercial banks.
For example, one concern is whether you can open a credit union account online.
If you’re wondering “How do I set up a credit union online?”, you’re not the only one. The truth is it’s very easy to do that, and most credit unions offer many other online services as well.
How to Set Up a Credit Union Online
For institutions offering online accounts, the process is simple and convenient, as long as you meet the membership requirements.
Can anybody open a credit union account?
First, you need to find a credit union that you’re eligible to join. Once you do, while each institution will have its own policies and procedures, many of them allow you to establish your membership and open a free account without having to step into a physical building.
The option to manage your account remotely is a massive benefit since you’ll no longer have to make the trip to their location every time you need to make a financial transaction.
In addition, the option to open a credit union account online allows more people to join. While years ago you might have been restricted to living in a specific geographic region, the ability to handle your checking, savings, and finances online means you could potentially live anywhere (as long as you meet the membership requirements).
Steps For Opening A Credit Union Account Online
In general, opening a credit union account online is simple.
Just follow these steps:
1. Find the right credit union
First, you need to find the right credit union for you. You’ll probably have several options to choose from, so you can easily choose the one that matches your needs best.
Factors to consider:
- Membership requirements
- Rates and fees, particularly for loans and savings accounts
- Locations—while you’ll be opening an account remotely, having your institution nearby may be beneficial if you prefer in-person interactions
- Online capabilities—some credit unions offer more options than others
- Overall reputation (security, customer service, etc.)
2. Gather what you need to open a credit union account
You’ll need to get some important information together.
Like any financial institution, credit unions require certain documents in order to prove your identity and trustworthiness.
Typically, the information you’ll need includes:
- Your social security number or tax identification number
- A physical address where you can be reached
- Some form of valid identification, such as a passport or driver’s license
- Reasons why you’re eligible
Your institution of choice will ask you to provide this information, so have it ready as you set up your account.
3. Establish membership
Before you can set up a credit union account online, you need to establish your membership. This is as simple as stating the reason you qualify.
It’s worth mentioning that if you don’t immediately qualify for your preferred institution, you could still meet their requirements with minimal effort.
For example, some credit unions will grant membership for making a small donation to a specific nonprofit organization.
4. Make an initial deposit
Once you’ve established your membership, you’ll need money to open an account with an initial deposit. The amount you’ll need depends on the account, but it’s typically quite small—just $5 to $25 in most cases.
The amount you deposit is yours to do with afterward, but you’ll need to make a deposit in order to establish availability of funds.
Also, you’ll usually have to maintain a minimum balance. Again, this is small in most cases, but it’s worth taking into account.
How to Choose The Best Credit Union For You
Regardless of where you live, you’ll likely have at least one credit union within your community. Most people have multiple, and choosing the right one comes down to assessing each institution’s membership requirements, products, and services.
If you want to open a credit union account online, you’ll obviously have to find one that offers online services.
Open A Credit Union Account With Greater Texas | Aggieland Credit Union
For example, if you live near Austin, Texas, you’ll have several options from which to choose.
One of the options that offers online services is Greater Texas | Aggieland Credit Union. Our online services include banking, bill pay, mobile deposit, electronic statements, and account transfers. Establishing membership, making your initial deposit, and setting up an account can all be done online.
For your convenience, we also have numerous locations throughout Texas, including:
- San Antonio
- San Marcos
- Cedar Park
- College Station
To be a member, you’ll need to meet one of the following requirements:
- Be a resident, employee, student, business, or other entity in certain areas of specific counties (location details here)
- Be a student or staff member at certain independent school districts or universities
- Have someone in your immediate family or household who is eligible to join
We also allow membership from anyone working for our list of employers. If you live, work, or study in any of the cities listed above, you most likely qualify for membership and can open a credit union account online.