How Do Credit Unions Work 30. October 2018 Administrator Blog (0) Credit unions are financial cooperatives comprising of members who pool their money which is further used to provide loans, financial products and services, and demand deposits to one another. The income generated by a credit union is used for various projects and services that are in interest of community and members of the union.On the surface, credit unions have many similarities with other financial institutions, but they greatly differ in their working. To understand the working of credit unions, let’s look at the following points:They are owned by their members. Anyone who opens an account with a credit union, albeit a small one, becomes a partial owner. So, every member has an equal right to vote for the leadership position of the union. However, to become a member, one needs to qualify. For this: You should live, work or worship in a particular city or area, Be a member of a certain group e.g. the same college, armed forces, a church, etc. You will have to fill out an application form, prove your eligibility, provide the name of a relative, employer or organization you work for and personal information such as your place of residence and work.Thereafter you will have to choose the financial services you are interested in.Once you are eligible for being a member of the credit union, the next requirement is to open an account with it. Credit unions are federally insured or protected by National Credit Union Share Insurance Fund (NCUSIF). They consist of an upper management body which formulates strategies, makes policies and so on. This board generally comprises of elected volunteers.Service precedes profitability in credit unions and this is the reason for which they offer competitive rates for their services and products. Most credit unions offer savings and loan accounts to their members along with other additional products and services.Credit unions provide services such as Checking Accounts, ATM Cards, Credit Cards, Auto Loans, Payroll Deduction, Direct Deposit, Notary Service, Mastercard Cash Advance, On-Line Access, Mastercard Gift Cards, Wire Transfer, ACH Origination, Bill Pay etc.You can become a member of Greater Central Texas Federal Credit Union to avail the services offered. For more information, visit at 3305 E Elms Road, Killeen, TX 76542. You can also call at (254) 690 – 2274.