If your employer or an organization to which you belong is on this sponsor list of Select Employee Groups (SEGs), you and your family are eligible to join CMAR Credit Union! Family is defined as any person related by blood, adoption, or marriage such as a spouse, child, parent, grandparent, grandchild, brother, sister, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, niece, or nephew and a surviving spouse of a deceased member.

Contact your employer's Human Resource Office for more information on this employee benefit. If you sign up through your employer, there is no application fee!

If your employer cannot provide information on your credit union benefit, contact us today or just fill out our easy, one page Membership Application (link) and send it to us with the required forms of identification* and minimum $5 deposit into your free, no minimum balance share (savings) account! Again, there is no application fee if you mail or fax us your application.

Or, stop by a branch and fill out a Membership Application, provide the required forms of identification,* deposit a minimum of $5 in your free, no minimum balance share (savings) account, and pay a small $5 application fee in addition to your deposit.

• driver's license, birth certificate, or passport AND verification of social security number

The best part is membership lasts a lifetime, no matter where you work or live!

Why Sponsor A Credit Union?

Benefits... probably not a favorite topic with many business owners and human resource directors due to continual increases in the cost and complexity of providing and administering. However, there is one benefit that can directly affect employees' bottom line without touching the company's!

A business' sponsorship of a credit union allows its employees access to a tax exempt, financial cooperative at no cost to the company! Employees can gain membership into a credit union and choose a variety of low-cost financial products and services that can directly impact their personal finances, and the business pays nothing for the opportunity.

Sponsorship of a credit union is a relationship between the business and the credit union. It's an agreement whereby employees have access to the full range of credit union products and services in exchange for the credit union's access to market itself to the company's employees and their families.

Credit union sponsorship is one of the most widespread and enduring benefits a company can offer because once an employee becomes a member, they can keep that membership for life. In addition, their family members and others living in their household qualify for application to membership through them.

The first credit union in the United States was established in Manchester, New Hampshire in 1909. It was based on the principals of pooled savings and low interest loans. Today, there are almost 10,000 credit unions with membership over 84 million.

Membership equals ownership, with each member owning a share of the cooperative. With the ability to vote for a volunteer board of directors and on other business during annual meetings, members have the opportunity to control major decisions made by their organization. Furthermore, credit unions are able to return extra earnings to its membership - through higher dividends and lower interest rates - than most other types of financial institutions. One credit union in England sums up this concept succinctly - "We save, we borrow, we benefit!"

Though credit unions share only 6% of the overall financial services market, their staying power with members is strong. It is not unusual to find credit unions 50 plus years old, with members who have been there almost as long! This allegiance is due to many factors, not the least of which is the level of personalized service provided members.

Credit unions can be single sponsored, with just one company's employees in the "field of membership," or multi-sponsored, with various businesses' employees allowed membership application. There are also community-based credit unions, whereby the federal or state-determined field of membership is open to anyone who lives, works, and worships in a defined geographic area.

Because of the tax exempt status, credit unions are a highly regulated industry. Whether by federal or state charter, the business of running a non profit, financial cooperative is an extremely detailed one due to tight regulations, restrictions, and the possibility of its services being restricted if it does not maintain its viability.

Medium to large credit unions, typically $50 million and above in assets, generally offer a wide array of savings, loan, checking, VISA, American Express and other products. In addition, they offer direct deposit, payroll deduction, and automated services such as telephone and internet transactions. With a strong focus on encouraging savings, credit unions offer a variety of club accounts and consumer education programs.

Loans include real estate, consumer (vehicle) and a wide variety of personal and signature products. Credit scores are only part of the equation when a member applies for a loan. Many other factors are taken into account such as the member's length of time with the credit union, their current employment status with the sponsoring business or a new employer, and their history of relationship with the credit union in terms of other loan paybacks, etc.

Credit unions are, in general, a good deal for both employees and businesses. They provide a cost free benefit for employers and reduced-cost financial service options to employees. Everyone wins with credit unions!

E-mail marketing@cmarcu.org for information on sponsorship.