# Credit Union Question.

**URL:** <https://forums.speedlife.net/t/credit-union-question/42455>\
**Category:** NYSpeed Off Topic\
**Created:** [January 25, 2008, 6:40pm UTC](https://forums.speedlife.net/t/credit-union-question/42455 "2008-01-25T18:40:38Z")\
**Posts on this page:** 1\
**Showing post:** 11

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**Author:** ![Matt\_Danger](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/matt_danger/32/4981_2.png) [@Matt\_Danger](https://forums.speedlife.net/u/Matt_Danger)\
**Post date:** [January 26, 2008, 4:14pm UTC](https://forums.speedlife.net/t/credit-union-question/42455/11 "2008-01-26T16:14:11Z")

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> [@Nikuk](#):
>
> That is how credit unions work, in a nutshell.
> 
> She opens a ckg or svgs acct with the FCU, puts $5 in it, and never touches it. When she pays off the loan she can close the account if she wants.
> 
> I have a $5 savings account @ Community Credit Union in Lockport. I’ve stepped foot in there office once, and havent been in Lockport in the last 2 years. But that $5 deposit allowed me to get a Loan for a fantastic (at the time) interest rate.
> 
> If she just wants it for sake of building credit (doesn’t necesarily NEED the cash), then go to Capital One and get a credit card (alot easier then a $1k unsecured loan generally). It’ll prolly be like a $250 limit @ 18% or something, but its a start - so long as she tends to it wisely.

When I applied for my loan with ESL in Rochester I was able to get a quote without an account. They gave me a non-member number which then became my member number when I signed for the loan. I was required to get an account with them, a savings with a $1 balance, so they could deposit any annual dividends.

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