How Alaska Credit Unions Can Help

Credit unions operate to serve their communities, and Alaska is no exception. Alaska USA Federal Credit Union, for example, encourages its members who are affected by the shutdown to call or visit a branch.

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Cooperative Structure

The cooperative business model is an alternative structure that suits certain types and sizes of businesses. This type of business does not rely on personal profit to exist, but rather returns any surplus earnings to its members. This allows co-op owners to benefit from a return on their investment at the local level and also provides a unique tax advantage (sub-chapter T of the US tax code).

A cooperative’s democratic organization ensures that it serves its members. This is achieved through a “one member one vote” philosophy where the amount of a member’s monetary investment does not affect their voting power, which means smaller investors are just as important to the decision-making process as larger ones. Another key element is the transferability of shares. If a member-owner moves away, passes away or decides to stop participating in the cooperative they can sell their share to someone else. This also provides limited liability, which is a great protection for members.

Community Support

Credit unions are a community of people coming together for their common financial well-being. One member’s savings becomes another member’s loan, and this cooperative spirit extends to their communities as well.

This is why Alaska credit unions, like MAC FCU in Fairbanks and Denali Federal Credit Union in Anchorage, are urging their federal workers to contact them if they are struggling. They will help them find solutions such as deferred loan payments and lower fees for cashier’s checks.

The largest credit union in the state, Alaska USA, has changed its name to Global Credit Union this spring after merging with Spokane-based Global Credit Union last year. The change is meant to reflect the fact that the credit union is now a nationwide organization that serves members in every corner of the country and across the globe. In addition, the move will enable it to communicate its wider reach to prospective customers via geo-targeted content on its website.

Value for Your Money

Unlike banks, credit unions are not-for-profit financial services cooperatives. That means earnings are returned to members in the form of lower loan rates and fewer fees, as well as higher dividends on savings.

Credit unions may charge a membership fee, but this is usually waived if you meet certain criteria like being a resident of the community or a member of a particular employer or group affiliation. In addition to lower lending rates, credit card rewards and branch locations, full-service credit unions offer a wide range of services.

For example, Alaska USA Federal Credit Union offers a high-earning checking account and money market accounts, as well as a low-cost HSA (health savings account). Withdrawals are tax-free, so you can save for things like deductibles and other healthcare costs. This option is especially valuable if you have a high-deductible health insurance plan. The credit union also offers a wide array of mobile and online banking options.

Personal Service

Credit unions offer a full range of financial services, including checking and savings accounts, consumer loans, mortgage and auto loan financing, and credit cards. Credit unions also often provide lower deposit and lending rates than banks.

In our lab tests, the Alaska USA Federal Credit Union received high marks for customer service and ease of online transactions. The credit union also scored well in our evaluation of its mobile app and website usefulness, which factor into overall satisfaction.

The $12 billion-asset credit union is changing its name from Alaska USA Federal Credit Union to Global Credit Union beginning April 3. The change will better describe the global nature of its membership. The new name connects with a recent update to its charter that allows anyone working for the Department of Defense — anywhere in the world — to join, Alaska USA said. The credit union has branches in Alaska, Arizona, California, Idaho and Washington, as well as on U.S. military installations in Italy.