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Credit Unions: What you need to know

Financial problems cause stress and anxiety for employees that can translate into increased absences, accidents, and poor performance. Credit unions can help solve employees' financial problems. Credit unions offer a full range of financial services that can include checking accounts, retirement plans, credit cards, first and second mortgages, auto loans, and educational loans.
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Because credit unions often provide credit at better rates than other sources, they relieve the pressure on the employer to get involved when an employee is faced with a financial crisis. For these reasons, employers affiliate with and encourage employees to join a credit union. Thirty-three percent of respondents to BLR's Survey of Employee Benefits reported that they had a credit union for employees.
Federal credit unions can act as trustees or custodians for their members' health savings accounts (HSAs) under a National Credit Union Administration rule. The rule helps maintain parity between federal credit unions and other financial institutions with the ability to offer HSAs. Additional information on HSAs is available.
Credit unions are nonprofit organizations run by their members. Employees join a credit union by depositing money and then become eligible for all the offered services. In many credit unions, immediate family members are allowed to become members.
An employer may sponsor a credit union itself or may contact an existing credit union to inquire about making its employees eligible for membership. Under the Credit Union Member Access Act of 1998, employers with up to 3,000 employees may associate with an existing credit union that is seeking new affiliates. ...

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