Starting a Credit Union

It is sure that starting a credit union is a daunting task. Many have been intimidated because of the complexity that entails in doing the task.

But with some clear-cut and helpful tips this laborious task can be done as easier than one may think.

For those people who have an idea of starting a credit union one of the biggest obstacles for them is the difficulty of forming one. For a starter, the job and tasks that one has to exert to do the creation of their credit union seemed too long and too complex to their understanding. But don’t be discouraged. Starting a credit union may not be that easy and no short cuts to follow but starting it is doable. One just have to be ready and determine to do his or their homework and everything will be fine. Like what other say: If you do your assignments then most probably you can pass the test with flying colors. And it is the same way with starting a credit union.

If you are still reading this article then it is already certain that you have the capacity to be patience and determine to start a credit union and ready to do it. And before you do it, here are some helpful tips so that your effort can at least be as easy as possible.

The Common Bond in Starting a Credit Union

Since credit unions members are what makes the credit union successful, the trick is to find something in common that can form as a bond between members. You can start this task by determining whether the credit union will be based on occupation, association, community, and income.

Bring the Members Together in Starting a Credit Union

There is a rule that a ‘yes’ vote from 500 probable members can already spurt the continuation of the starting stage of starting a credit union. If you have less than 3,000 members, the National Credit Union Administration will ask you of evidence of support for the credit union. One-third of your members should at least show evidence that they will support the new credit union.

The Paperworks in Starting a Credit Union

The most important paper work that you have to do to start a credit union is to get the Interpretive Ruling and Policy Statement 98-03. It is the paper that remodels that NCUA’ Chartering and Field of Membership Manual. Furthermore, for more materials on how to start a credit union you can visit the site of NCUA for more information.

These tips are just the basics on how you can start a credit union. If you follow these tips then the work that lies ahead will be smoother and can be easily done.

1 Comment

  • trina jackson said on November 24, 2013
    my name is trina Jackson and I want to start a credit union. I would like for someone to call me at 210-773-9482. I would love to hear from someone on starting a credit union. thank you


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