How To Join

Benefits of Membership

Founded on the basic democratic premise of the cooperative movement, credit unions believe that access to low-cost financial services is critical to the health and stability of ordinary citizens. In fact, nearly 80 million Americans trust their credit union to provide the services to improve their financial well being. Credit union membership offers many benefits. Services offered range from simple savings to home equity loans to IRAs. Study after study has revealed that, on average, credit unions provide the best financial offerings with fewer fees, lower rates on loans and higher rates on savings. And credit unions continually score higher than all other financial institutions in consumer satisfaction surveys. Credit unions strive to deliver the best service possible to their most important assets–their members.

“In order to prevent the use of the U.S. banking system in terrorist and other illegal activity, federal regulations require all financial institutions to obtain, verify, and record identification from all persons opening new accounts or being added as signatories to existing accounts. This institution cannot waive this requirement. – U.S. Treasury”

To comply with the USA Patriot Act, Spirit of America Federal Credit Union is required to obtain, verify and record identification from all persons applying for and opening new accounts or services with the Credit Union.

Information that we are required to obtain include:

  • Name Mailing and residential address
  • Tax identification number
  • Date of birth
  • Government issued identification

Additional data may be requested depending upon the type of account opened. Data on existing members could be requested also as new or additional services are used.

Confidentiality of the information gathered by the Credit Union will be maintained as required under the Privacy Act.