Bank vs. Credit Union Eligibility

Banks are open to the general public. While regional banks operating within a certain location may limit some or all banking products to people in that location, national banks usually extend individual accounts to any legal resident aged 18 or older.3

In contrast, credit unions are required to limit their customer base to a group of people who share a common bond, known as the “field of membership.” Fortunately, the requirement is relatively easy to meet. You may be eligible to join a credit union because of:

  • Where you work
  • Where you live
  • Your membership in an organization (such as a school or place of worship)
  • A family member’s eligibility4

Wherever you are, there’s a good chance you’re eligible for a nearby credit union. Some even serve members remotely or entirely online, allowing you to bank with a credit union in another state.

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