Credit Union

[corymcd88]

Do all or most credit unions run under the philosophy as "Once a member always a member"? I have heard that credit unions are not going to be able to offer membership to everyone only to a more smaller locations. Has anyone heard of this?

[Anonymous]

Most credit unions have membership requirements and a lot of them are locational or require you to work at a certain company.  Only a few are national or allow members to join if you are a member of certain organizations (like DCU, for example, is located in MA and NH but will let anybody join if they are a member of one of the organizations they list here: https://www.dcu.org/infodesk/membership/participating-organizations.html --- but one of my local credit unions will ONLY let you join if you live in the county I live in or are related to a member who does).

[mitchblue]

Most will probably have restrictions. I belong to Desert Schools FCU here in Arizona.. Don't need to be a teacher but you have to live in certain counties. 

Edit: Just checked, always a member if I move. If I stop being a member, move .. can't get back in until you meet restrictions again. I suppose that's similar to many..

[Imperfectfuture]

They do often preach once a member, always a member. Alaska USA is regional, but you can continue banking even if you move out of state, I also belong to Alliant Credit Union, which allows you to join via a donation to a cause (Nasa, DCU, and others offer the same perk). The internet ones also work in once a member, always a member.

PS, this question is probably more suitable for Personal Finance or General Credit Topics,

[Anonymous]

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@corymcd88 wrote:

Do all or most credit unions run under the philosophy as "Once a member always a member"? I have heard that credit unions are not going to be able to offer membership to everyone only to a more smaller locations. Has anyone heard of this?

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Periodically you will hear of pushback from the major banks about the loosening of requirements to join credit unions.  Because credit unions are non profit they can often offer more consumer friendly products than banks.  When credit unions offer 'backdoor' ways of joining a credit union such as a small payment to join an affiliated organization they potentially increase the possible numbers of members by quite a bit.  Thr banks often feel and complain that this violates federal laws that govern credit unions.

[Imperfectfuture]

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@Anonymous wrote:

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@corymcd88 wrote:

Do all or most credit unions run under the philosophy as "Once a member always a member"? I have heard that credit unions are not going to be able to offer membership to everyone only to a more smaller locations. Has anyone heard of this?

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Periodically you will hear of pushback from the major banks about the loosening of requirements to join credit unions.  Because credit unions are non profit they can often offer more consumer friendly products than banks.  When credit unions offer 'backdoor' ways of joining a credit union such as a small payment to join an affiliated organization they potentially increase the possible numbers of members by quite a bit.  Thr banks often feel and complain that this violates federal laws that govern credit unions.

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While I enjoy the perks a Chase reward card offers, I enjoy the interest rate on CU savings even more.  Besides, it will take a little while to recoup any fees used to join via the non geographic method of membership.

[corymcd88]

Credit Unions have done so much for me. Better savings rate no fees on cheques accounts. My local one just are not the same as PenFed.