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Are you tired of high fees, low returns and poor service at your bank? It may be time to shop for a credit union.

These nonprofits could be the most misunderstood bargain in banking. Although they often offer higher rates for deposits, lower costs for loans and reduced fees for such things as overdrafts and checking accounts, many people are confused about who can bank with them.

Many consumers believe they are only open to employees of a single company, members of a particular church, union or profession. But with many credit unions that's no longer the case.

While some may restrict membership, these institutions have thrown open their doors to anyone in a particular ZIP Code or beyond.

The 1998 Credit Union Membership Access Act allowed credit unions to broaden their field of membership and thousands of organizations have extended their membership to anyone living in a particular community like all of Southern California, for example or extended to anyone who has ever been employed by or attended school in the state.

Of course, if you also happen to be a teacher or engineer, broadcaster, public worker or employer of a credit union-sponsoring group, you may have access to a dozen credit unions or more.

Why go through the trouble of seeking out a credit union?  There's a good chance that you could drop the interest on a revolving credit card balance by 1 percentage point if you do. Your new-car loan could be about 1.5 percentage points cheaper than if you financed through a bank.
Deposit rates are about 25% better on average at credit unions than banks.  CDs usually have higher yields.  Home loans rates are usually very competitive and have low fees and lower points.

Are your deposits as safe in a credit union as they are in a bank?  They're backed by the National Credit Union Share Insurance Fund, which is a sister agency to the Federal Deposit Insurance Corp. and mimics FDIC rules. That means that each account owner gets up to $250,000 in coverage this year.

Look up local credit unions and you may be surprised to find that many are available to the general public.  Check each web site for membership information.