Field-of-Membership Expansion (2024)

FAQs

What does field of membership mean? ›

A credit union's field of membership is the legal definition of who is eligible to join. Credit unions often want to expand their fields of membership to include additional potential members. Federal credit unions operate under one of three kinds of charters: single common bond, multiple common bond, or community.

For members, member-owned

It's that simple. When you join a credit union, a small deposit buys you a common share. With that simple transaction, you become a part-owner of your credit union, giving you access to several benefits (like access to a network of over 5,000 branch and ATM locations through Shared Branching).

Starting a credit union can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful credit union. Importantly, a critical step in starting a credit union is to complete your business plan.

The Federal Credit Union Act allows for three types of federal charters: Single Common Bond (occupational or associational), Multiple Common Bond (multiple groups), and Community. Depending on a credit union's specific charter, it may be possible to either amend or expand an FOM to include additional members.

When a hiring manager notices a professional association listed on your resume, they may realize that you're committed to the field. Industry memberships might also assure employers that you have the appropriate knowledge to perform your duties, as members often attend seminars and training programs.

PenFed is the easiest credit union to join on this list. It doesn't require you to have any specific affiliation to become a member. If you don't meet Alliant's, BECU's or First Tech's traditional membership guidelines, you just need to make a small donation to a partner charity or organization.

A bank or credit union may make a soft inquiry on your credit when you open a new checking account to check for a history of fraud. These soft checks do not affect your credit score. However, in some cases, a bank may perform a hard credit check, which does affect your credit score.

As long as you meet the membership requirements, a poor credit score typically won't be a dealbreaker when it comes to joining a credit union. Credit unions usually don't check your credit score when you open a checking or savings account.

As set forth in the Act and Chartering Manual, there are three types of federal credit union charters: single common bond (one occupational or associational group), multiple common bond (multiple groups), and community.

1. Navy Federal Credit Union. Founded in 1933, Navy Federal Credit Union is the largest national credit union in terms of both assets and membership.

What is the meaning of membership type? ›

Membership Type means the type of membership for which an individual applies each being a sub-category of Voting Member or Non-voting Member. The membership type defines the benefits received by members in any given membership year as determined by the Board from time to time; Sample 1Sample 2Sample 3.

That common bond is known as the credit union's field of membership (FOM). Every credit union must establish a FOM that is permissible under law and regulation, and only persons or groups within the FOM—and a few others by virtue of their close relationship to a member—may join the credit union.

1. : the state or status of being a member. 2. : the body of members. an organization with a large membership.

the state of belonging to an organization, or an agreement by which someone joins an organization: [ U ] We applied for membership in the country club. [ C ] Some fitness clubs sell lifetime memberships. The membership is all the members of an organization: [ U ] We asked the membership to vote on the issue.