Of course. "Union member banking" refers to a range of financial products, services, and institutions specifically designed for and offered to union members and their families. The core idea is to provide financial benefits that align with the values of the labor movement, such as fairness, solidarity, and collective well-being.

Here’s a comprehensive breakdown of what union member banking entails:

1. Union-Affiliated Credit Unions (The Most Common Form)

This is the heart of union member banking. Many national and local unions have their own credit unions or partner with specific ones.

• What is a Credit Union? A credit union is a not-for-profit financial cooperative owned by its members, not outside stockholders. This structure allows them to often offer better rates and lower fees than traditional for-profit banks.


• Why They Are a Good Fit for Unions:


• Shared Values: Both credit unions and unions are based on a cooperative, "people-over-profits" model.


• Lower Loan Rates: Typically offer lower interest rates on auto loans, personal loans, and mortgages.


• Higher Savings Rates: Often provide higher dividend (interest) rates on savings accounts and certificates.


• Lower Fees: Reduced or no monthly maintenance fees, lower overdraft fees, and free checking accounts.


• Member-Focused: Decisions are made to benefit the membership, not to maximize shareholder profits.

• AFCU (American Federation of Credit Unions): Serves a wide range of union members across different industries.


• Union Plus Credit Union: Affiliated with the AFL-CIO, it offers a suite of products including the famous Union Plus Mortgage and Union Plus Credit Card, which have unique benefits like hardship assistance for union members on strike or laid off.

2. Specialized Financial Products for Union Members

Beyond standard banking, there are products tailored to the unique needs and career cycles of union members.

• Union Plus Credit Card: Perhaps the most well-known product. It offers benefits like:


• Hardship Assistance: A groundbreaking benefit that can provide financial aid and waived fees for cardholders who are on strike, laid off, or disabled.


• Strike/Lockout Benefits: Specific grants and assistance for members experiencing a labor dispute.


• Mortgage Programs: Programs like the Union Plus Mortgage often provide:


• Closing cost assistance or discounts.


• Mortgage hardship assistance in case of job loss, strike, or disability.


• Insurance Products: Many unions and their partners offer life, disability, and accidental death insurance at competitive group rates.

3. Benefits of Union Member Banking

• Financial Savings: The primary benefit is saving money through better rates and lower fees.


• Values-Based Banking: Your money is being used to support an institution that often reinvests in the local community and the labor movement, rather than going to Wall Street shareholders.


• Understanding Your Needs: These institutions understand the fluctuating income of certain union jobs (e.g., seasonal work, periods of unemployment) and can be more flexible and understanding.


• Exclusive Benefits: Access to hardship programs and discounts that are simply not available from traditional banks.

4. How to Find and Access Union Member Banking

• Check with Your Union: The first and best step. Your local union hall or national union website will have information on their affiliated credit union or recommended financial partners.


• Look for "Community" Credit Unions: Many community-based credit unions are also open to union members, even if they aren't exclusively for them. They often have "Select Employee Groups" (SEGs) that include local unions.


• Explore Union Plus: Visit the Union Plus website (unionplus.org). It's a central hub for benefits for AFL-CIO union members, including all their financial products.

Key Considerations

• Eligibility: You typically need to be a member of the specific union or sometimes a family member of a member to join their credit union.


• Technology: While many have robust online and mobile banking, it's always good to check if their digital services meet your needs, as they can sometimes be less advanced than large national banks.


• Branch Access: If you prefer in-person service, check the physical branch and ATM network. Many credit unions are part of large, fee-free ATM networks and shared branching co-ops to mitigate this.

Summary

Union member banking is a powerful way for labor union members to align their finances with their values. By using a union-affiliated credit union or specialized products, members can often save money, access unique safety-net benefits, and support financial institutions that operate with a mission similar to their own union.

It's a practical application of the principle of solidarity, extending from the workplace to the bank.