Regulate Number Charter For Free

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.

Banks are for-profit institutions owned by shareholders, tend to have higher fees, and may offer impersonal customer service. Credit unions are not-for-profit institutions owned by their members, have lower fees, and may offer more personalized customer service.

??????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.

Credit unions need a charter number, which is a license to operate. This will be applied for by the Credit Union and received from either the National Credit Union Administration or a state credit union regulator. The federal government and state governments have different chartering rules and requirements.

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.

As the name indicates, a multiple common bond charter serves multiple entities. Each entity has its own common bond, but each does not share the same SCB with the other entities.

Firstly, in order to join a credit union, you need to hold what is known as the 'common bond'. For most credit unions, the 'common bond' is the area where members live - potential members will need to live or work within a local area. This is known as a community based credit union.