Credit unions in Maine

Credit union: There are 54 credit unions that are headquartered in the state of Maine. These credit unions operate over 150 branches for their members. The cooperatives in the state can claim over 714,000 members. The state of Maine only has a population of 1.34 million people, which means that over half of the population of the state enjoys the benefits of credit union membership. The largest credit union in the state is Atlantic Federal Credit Union, with 47,000 members. It has been in operation since 1941.

Like most other states, credit unions in Maine have membership requirements. Many are just for people in certain professions, as well as those employed by specific companies. However, most credit unions in Maine are community-based cooperatives. These cooperatives welcome anyone who lives/works/worships in that area. Since Maine is sparsely populated and a bit isolated, these cooperatives fill in the holes in remote and underserved communities. 

Car insurance: Drivers in Maine enjoy extremely low rates for car insurance. Maine residents pay, on average, 30% less than the national average. Just because you already have great prices, doesn’t mean you shouldn’t be on the lookout for new policies. Check with your credit union to see if they have any discounts or specials for their members. 

Atlantic Federal Credit Union has its own insurance company that can sell and underwrite insurance policies for its members. Multiple other credit unions partner with TruStage to create discounted policies for their members. Other companies partner with regional insurance companies to offer discounted policies to their members. 

It is a requirement in Maine for drivers to have car insurance. Drivers are required to have bodily injury coverage, property damage liability coverage, and uninsured motorist coverage. The amounts required by the state are quite low, so while it is not law, drivers are encouraged to purchase policies with higher coverage totals.