Credit Unions

Learn About The Best Credit Unions In Florida

Florida is one of the 52 states of the U.S. You can find numerous financial institutions like banks, credit unions, and mobile money wallets for people in Florida. Today through this post, you will get to learn all about the best of the best credit unions in Florida that you can join if you’re from Florida. As you know, holding an account with a financial institution is extremely useful.

Credit Unions are essential for personal growth in the financial department. Suppose you work with a union that suits your needs. Then, you will be able to reach your financial goal to greater heights with their help. This is mainly because credit unions are formed by partakers with similar goals. There are credit unions specifically for farmers, teachers, bankers, police, or even employees of a chosen company.

Common goals and common bonds 

As you can imagine, having a common goal helps form a common bond. The members should see you have similar goals as them when you open an account. If that’s the case, then you belong to their community. Credit unions function both at physical stores as well as online. Online credit unions save a lot of time because you only need your mobile device, and a secure and consistent internet connection to make an account. Plus, you don’t have to be queueing at a branch thanks to the online method.

How To Open A Credit Union Account? 

Want to know what’s best for your financial prosperity? We would say it’s opening a credit union account. Of course, you might want to know the best credit union for yourself. But before that, you should figure out exactly why you want to open an account. Are you planning to open an account for your business or your personal development?

Once you know exactly why you want to open a credit union account, you can go ahead with the next step. The next part is choosing your preferred institution. Credit unions are everywhere. So locating one is not a challenge. Plus, you can find them online. When you pick the institution, make sure that the credit union of your choice has members with similar financial goals as you. You can get a no-credit-check credit union account from different credit unions around Florida and even other states.

You will need to submit several important documents during account opening. The documents and information about yourself should be accurate. Suppose you are opening an account online. In that case, you can upload the documents, enter the necessary details and submit them online.

Usually, credit unions can verify your information in minutes or hours, allowing you to open an account quickly.

What Are The Requirements For Opening A Credit Union Account?

You have to submit several documents and details when opening an account with your credit union. Here they are:

  • Your Social Security Number(SSN)
  • Your Form of Photo Identification, Which May Include a Passport, State or Federal ID, or Driver’s License
  • Your contact number
  • Your physical address
  • Your email address

According to federal government regulations, financial institutions need to collect the above details to open an account. This information is necessary to identify the person opening the account. It makes it easy for them to recognize and prevent criminals and terrorists from working with financial services.

Financial companies can ask for additional details from you when creating your account with them. So you have to comply with the request if at all you wish to be a member of the union. They might request information like proof that you are a part of a particular organization, profession, religion, and so on. The details they collect usually depend on the credit union’s requirements for new members.

Process Of Credit Unions Operate

Credit unions function in a simple process. Generally, members provide some amount of money monthly to deposit in their accounts. Suppose you open a checking account. Then you get the chance to spend money on your day-to-day expenses.

Optionally, you can open a savings account as well. This way, you will be able to earn quite a large amount of interest on the amount of money saved. Most of the time, credit unions offer relatively higher interest rates compared to banks. Certain checking accounts also earn interest when you maintain a particular balance in your account.

Checking accounts have debit cards. You can use them to withdraw cash at ATMs or over the counter. Most checking accounts’ debit cards offered by credit unions also offer you cashback when you buy goods at certain outlets.

Other than that, a credit union account offers you loans that you can use conveniently for a long time. Plus, you will be eligible to get a credit card if you qualify for one to borrow from your union. This can be useful when you need a cash advance. Credit unions’ credit cards also have low-interest rates like loans. This can save you from the burden of having to pay so much money during the repayment period.

How do credit unions differ from banks?

Well, credit unions differ from banks in many ways. One difference between credit unions and banks is that credit unions are member-owned. So what does that mean? It means members’ input is considered regarding how things should go in the institution. On the flip side, bank account holders do not get to contribute to the policies of the company.

Another difference is that credit unions only let in members with the same financial goals. However, when it comes to banks, things are quite different. In that case, anyone can open an account as long as they meet the necessary requirements. This has to be one of the major differences between banks and credit unions.

Also, credit unions and banks differ as far as their profit orientation. For instance, credit unions are not profit-oriented. Their goal is to empower their members financially. They usually charge low-interest rates on their loans. Unlike that, banks are profit-oriented. They have comparatively higher rates on loans than credit unions. Plus, banks have various fees to make as much profit as possible.

Top Credit Unions in Florida

The state of Florida is home to several credit unions. We have identified top-tier credit unions that may aid you in realizing your financial goals. Have a look.

1) Suncoast Credit Union

Initially, Suncoast Credit Union started out with the name “Suncoast Schools FCU,” which started its operations back in 1978. Now, it has evolved into the largest credit union in Florida and the 13th biggest in the U.S., with assets amounting to $13.82 billion. It is also one of the best credit unions in California. Currently, the Suncoast Credit Union offers banking services to over 968,000 members. As a member-owned financial company, the credit union offers its members banking services like savings, loans, and other financial services. They also let you get a checking account to help you with your daily needs.

Immediate family members of current members have the chance to join the union and enjoy the services provided by Suncoast Credit Union.

2) VyStar Credit Union

VyStar Credit Union began its operations in 1952. It has now grown tremendously to serve many of its US members. Right now, it serves over 778,000 members. The credit union is ranked as the 2nd largest credit union in the state of Florida. It is ranked the 18th largest credit union in the US, with assets amounting to $11 billion.

This institution is a member-owned financial company that offers financial services including loans, savings, checking, and more. Immediate family members of current members can join this company. If you want to learn more about this institution, contact them at (904) 777-6000. Their toll-free number is (800) 445-6289.

3) Space Coast Credit Union

As a cooperative financial institution, Space Coast Credit Union has served its members since 1951. Right now, this company is ranked third among the biggest credit unions in the state of Florida, with assets amounting to $6.48 billion. As of now, the credit union serves over 512,000 members across the state.

Members control the credit union, which offers traditional banking services like checking and savings accounts, as well as loans and other financial products. A member’s spouse and children are eligible for membership in Space Coast Credit Union.

If you want to reach out to them, here is their telephone number: (321) 752-2222. You can also contact them via a toll-free number, which is (800) 447-7228.

4) Mid-Florida Credit Union

Mid Florida Credit Union is a credit union in the state of Florida. It was initially known as the Polk County Teachers Credit Union. This credit union has been around since 1978 and is currently ranked the 4th largest credit union in Florida. This institution has assets totaling $5.79 billion and provides services to over 398,000 members.

The Mid-Florida Credit Union is owned by its members. You can expect banking services such as checking, savings, and loans. Membership is open to the immediate family of the current members. Contact them via (863) 688-3733 or use the toll-free number (866) 913-3733.

5) Fairwinds Credit Union

Fairwinds credit union has been operating since 1949. Currently, it is ranked as the 5th largest credit union in Florida. The union has assets amounting to $3.77 billion and offers banking services to over 207,000 of its members.

As a member-owned financial company, it offers banking services including savings, loans, and others. You can be a member of this institution if you are an immediate family member of a current account holder. If you have further questions, contact Fairwinds Credit Union’s management at (407) 277-5045. The Fairwinds Credit Union has a toll-free number as well, which is (800) 443-6887.

6) Grow Financial Federal Credit Union

Grow Financial Federal Credit Union is popular among residents of Florida as one of the best credit unions in their state. If you wish to inquire about opening an account with them, contact them via their phone number. You can call (813) 837-2451 or toll-free (800) 839-6328. Grow Financial Federal Credit Union has been operating since 1955. Currently, it is ranked as the 6th largest credit union in Florida.

Also, the Grow Financial Federal Credit Union has assets amounting to $3.2 billion and offers banking services to over 220,000 of its members. If you are an immediate family member of an account holder, you can join the credit union. Right now, their main focus is on serving military members, but they also serve others.

7) GTE Financial

GTE Financial is a well-known company that has been around since 1935. It is the 7th largest credit union in the state of Florida. It has assets totaling $2.72 billion. The institution proudly offers banking services to over 230,000 members. They are one of the best credit unions for personal loans.

Do you want to become a member of this credit union? You can easily join if you have an immediate family member who is also an account holder there. The credit union offers services like savings, checking, and loans. GTE Financial focuses mainly on serving communications and utility employees.

If you want to contact the company, you can do so at this phone number: (813) 871-2690. There is also a toll-free number, which is (888) 871-2690, where you can ask about the services you can obtain from the credit union.

8) Eglin Federal Credit Union

Eglin Federal Credit Union has been around since 1954 and is now ranked the 8th largest credit union in Florida. It has assets amounting to $2.63 billion and offers numerous banking services to over 122,000 of its members.

The institution is a member-owned financial company that gives financial banking services to different types of member groups. The union mainly focuses on serving the military. You can apply to become a member if you have a close relative who is an account holder.

Contact this credit union via their toll-free number, which is (800) 367-6159. You can also reach them at (850) 862-0111. Also, you can mail them to Eglin FCU, 838 Eglin Parkway NE, Fort Walton Beach, FL 32547.

9) Campus USA Credit Union

Campus USA Credit Union has been functioning since 1935. Currently, it is the 9th largest credit union in the state of Florida, with assets amounting to $2.56 billion. It offers banking services to over 131,000 of its members.

The Campus USA Credit Union is a member-owned company that provides financial services like savings, checking, loans, and so on. You can apply to be a member if you have immediate family members who are account holders. If you have further questions, reach out to the officials at (352) 335-9090. Their toll-free number is (800) 367-6440.

Wrapping up

A credit union is basically a member-owned financial company that offers numerous financial services like checking, savings, and loans. You can become a member of the credit union if you have the same goal as the current account holders. Note that credit unions are not profit-oriented, and they offer low-interest loans to their members. If you are a Florida resident, there are many credit unions in the state to choose from and join today.

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