Want to learn about the differences between credit unions and banks?
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First things first. What is a credit union?
Credit unions offer a safe place to save and borrow money by providing federally insured deposit accounts, a variety of loans, and many other financial services – just like a bank. However, unlike a bank, a credit union is a not-for-profit, member-owned organization that exists to serve its members. Additionally, members of a credit union typically share a common bond, sometimes known as the credit union’s field of membership. Depending on the credit union, you may be able join based on your employer, your family, the geographic location of where you live or work, and even membership in a group like a labor union, a place of worship or an association.
Because of this common bond, credit unions are founded on the philosophy of “people helping people” with a mission to support and promote the financial well-being of their members and the communities they serve.
When you join a credit union, not only will you become a member, but you’ll also become a shareholder or part-owner. Being a shareholder means that you will benefit from the credit union’s profits in the form of higher earnings on deposits, lower rates on loans and reduced fees.
Additionally, credit unions are known for providing personalized service and usually offer additional benefits beyond that of your typical bank. Some additional benefits you can find at your credit union may include free educational seminars and financial literacy programs, scholarships for students, discounted services, and much more to help its members and the communities they serve.
The Jovia Difference: Becoming a Member of Our Credit Union
At Jovia, we treat our members like our neighbors, because you are. Afterall, we live and work where you live and work. With dedicated member care and an array of convenient services, the team at Jovia is at your side to help save more, earn more. and achieve whatever’s next. That’s why we call it banking on the bright side.
Ready to see what the bright side of banking is about? Find out if you’re eligible to join Jovia Financial Credit Union by answering the questions below:
- Do you live or work in Nassau or Suffolk County?
- Do you attend school in Nassau or Suffolk County?
- Is someone in your household or immediate family (mother, father, siblings, grandparents) a member at Jovia?
If you answered “yes” to one or more questions, you could be eligible for membership at Jovia Financial Credit Union. Our Share Savings Account is the account which will establish your Jovia membership. Make a minimum $5 deposit here to represent your share of the credit union. But that’s just the start... this account has more to offer with some of the most competitive interest rates on Long Island. Plus, you’ll get access to cash at thousands of fee-free ATMs nationwide, as well as free access to Online and Mobile Banking 24/7.
You can open your Jovia Financial Credit Union account online, with our call center, or in a Jovia branch. To prepare ahead of time, keep in mind we will need to ask you for your:
- Name and date of birth
- Current physical and mailing address (sorry, no P.O. Boxes)
- Government issued photo ID (driver license, state-issued ID, passport) and other information that will allow us to identify you!
Jovia members can choose from a variety of deposit and loan products to help them achieve what’s next.
Go Green Checking – Free checking, no minimum balance requirement, no fees, and no minimum to open. Opportunity to earn a bonus interest rate and $20 in ATM rebates when you use non-Jovia ATMs, when account qualifications are met. 24/7 access to Online and Mobile Banking. Plus, your first set of checks are free of charge!
Money Market – A higher balance gets you a higher interest rate. As your balance increases so will your interest rate and you can still withdraw cash when you need it fee free up to six times per month.
Certificate Account – For a safe way to grow your money, turn to a certificate. When it comes to investing with peace of mind, virtually nothing beats a Certificate account which offers short and long-term options with higher rates and a low minimum opening balance requirement.
Mortgages – Choose from different mortgage options including fixed, adjustable, jumbo, and no closing cost^ . Low down payment options, first-time home buyer programs and reverse mortgage∆ options make affording a home or staying in your home even easier. Apply for a mortgage in less than 15 minutes using Jovia’s mobile friendly application.
Home Equity – Get a fixed rate loan, a variable rate line of credit, or a combination of both to make home repairs, pay tuition, consolidate debt or cover unexpected expenses.
Personal Loans – Cash you need – when you need it. Use a personal loan to pay bills make major purchases, to have some fun or for something completely different. Jovia offers flexible, low rates with terms up to 5 years that won’t put additional strain on your wallet.
Auto Loans – Purchase your next ride with ease and convenience. Whether you know exactly what car you’re looking for or you’re still browsing, we can help you find, research, and purchase your next vehicle with our online portal without the usual frustrations of dealership shopping. Plus, our auto loans come with great rates and flexible terms, so you can finance your car without an added strain on your wallet.
Ready to join a credit union? Open your Share account with Jovia today!
^ Jovia Financial does not charge closing costs on the no-closing cost option. Member is still responsible for certain mortgage settlement costs. Contact the Credit Union for further information.
∆ Jovia Financial is not the lender for any reverse mortgage product offered. Jovia Financial has a contractual agreement with third party provider to make this product available to its members for properties in New York and Florida only. By requesting this service, you are consenting that your information will be shared with a third party licensed mortgage banker/lender. Borrowers still responsible for payment of real estate taxes and insurance.