What are the requirements for credit union jobs? What exactly is a credit union in comparison to a bank? And what’s the difference between banking teller positions at these financial institutions and at banks? These are all common questions for those seeking employment in the financial industry.
What is a Credit Union?
Credit unions are member-owned, not-for-profit financial cooperatives. From the outside, they appear very much like a traditional bank, so much so that a visitor may not be able to tell the difference between the two without interacting with employees. They provide most services that a bank does, including online banking, mobile deposits, and other features commonly associated with banking.
However, at a financial cooperative, members have shares, whereas at banks customers have accounts. Indeed, at financial cooperatives, members are all owners and assets are used to improve member services, while banks focus on increasing profit for shareholders.
However, unlike banks, credit unions restrict membership to a specific group. These groups may be defined by a number of different criteria, from individuals working in a specific industry or profession (such as firefighters) to people who may happen to live in a designated area (such as, for example, the city of Dallas).
Credit unions can be found throughout the U.S. and they provide a large variety of services, including auto and business loans. Indeed, because business is booming for financial cooperatives more so than ever before, now is an excellent time to take a look at credit union jobs.
What do These Jobs Require?
Credit union jobs come in no shortage of varieties and very much mirror those of other financial institutions, such as banks. Structurally, where these two types of institutions differ most is in their size: financial cooperatives are generally smaller than banks, and in the case of multinational institutions such as America’s Big Four—Wells Fargo, Bank of America, Citibank, and JPMorgan Chase—there are no member-owned institutions that operate at this scale.
However, as mentioned above, a great many financial cooperatives exist today, more so than ever before, and every one of these organizations need talented and trustworthy individuals to assist members and to perform the administrative and clerical tasks necessary for day-to-day operation.
For example, all financial cooperatives need individuals who directly assist members in the capacity of tellers. These employees must understand not only how credit unions operate, but also how financial cooperatives benefit their members.
Ultimately credit union jobs vary from case to case. Which jobs are available will depend on the size of the credit union more than anything else. Because financial cooperatives are extremely member-oriented, customer service skills are a key ingredient for just about any position.
In addition, most jobs at financial cooperatives require that applicants must pass a background check. Applicants may also need to pass a credit check (the details and restrictions of which will also depend on the individual criteria of the institution) or have certain levels of formal education, ranging from two year associates degrees to more advanced degrees, such as a master’s degree.