Boeing Employees Credit Union is a nonprofit cooperative with the employees as members. As not-for-profits, credit unions return profits to members in the form of better rates, fewer fees, and more financial services. In addition, credit unions are different animals than commercial banks or retail mortgage companies in membership or clientele. Membership is usually defined by the institution and can be in terms of employment, geographic location, or any other standard the membership agrees to define as a condition for membership. In this instance the BEUC Credit Union’s membership is defined as employees and their families, but the credit union itself has a business service section, so it seems that not just individual but companies can be members of the credit union..
The Benefits of Membership
Once you’re a Boeing Credit Union member, you’re always a member. The credit union is owned by the members and run by an elected board. They function as a financial institution very similarly to a regular bank, so BECU offers a broad range of loan options to its members. Conventional – Fixed 10 to 30 year terms, Jumbos – borrow up to one million dollars, refinancing options, and adjustable or fixed rate home equity loans. All of the options are listed under their Mortgage Center with some of the relevant information like interest rates and apr’s for each product
The Support Services Available to Members
Family Members may join the credit union if they are immediate family or a member of a household of a credit-union-eligible individual. That credit union-eligible individual does not need to join the credit union in order to extend membership eligibility to the immediate family or household member.. As a member you would have access to all the services and the very well organized digital application process as well as a Dedicated Mortgage Team to work with you throughout the process. The numerous benefits of credit union membership are too numerous to list, but the mortgages seem to be an excellent deal.