@chiefone4u wrote:
@Royalbacon wrote:
Boeing has around 153,000 employees (Thats Worldwide, in 65 countries.)
https://www.boeing.com/company/general-info/
BECU has more then 1.2 million members.
https://www.depositaccounts.com/banks/boeing-employees-cu.html
They did branch out beyond Boeing, as in decades ago. Which is how they've become one of the top 5 largest credit unions in the nation and largest financial institution in the state of Washington. Sounds like a clueless and uneducated loan officer you spoke with.
Assuming every single Boeing employee (in all 65 countries) is a BECU member, thats not even 13% of their total membership, which is definitely nowhere close to being a majority.
Perhaps I left out what I felt was or should be obvious.
These credit unions even when as exclusive as say, Navy Federal, allow people who once served to keep their accounts. They allow family and household members to join.
I am positive in the (103 year) history of Boeing they have employed more than "153,000" people. When you factor in children (2.5 children per household on average) and spouses you could reasonably reach the conclusion that over 50% of the "1.2 million members" could in fact be Boeing employees and/or family members who would be considered employees by the credit union because of how they were designated as eligible for membership.
I do not know exact numbers, nor did I claim to.
I would venture to say it would not be unreasonable to think if Boeing employs 153k people with an estimated average of 10 year employee retention rate (probably closer to 5 years), over the last 50 years they have had roughly 750,000 employees. If you add spouses as members that's potentially 1.5 million people, add children and your over 2.25 million people. Divide by 3 (assuming only 1 in 3 eligible employees actually join) and you are looking at 750,000 of the 1.2 million members.
If you further look at how most credit unions expand membership they tend to start by allowing people close to a branch in first. Therefore I do not believe the Loan Officer's statement was "clueless and uneducate" the metrics alone support a feasible assumption that the majority of membership could in fact be designated as employees whether that member is an active employee, retired employee, former employee or immediate family of one of the previously mentioned groups.
BECU started in 1935, opened up to the entire state of Washington in 2002 and this press release from 2003 states "It serves close to 323,000 members worldwide and has assets of over $4 billion."
https://www.businesswire.com/news/home/20030317005184/en/BECU-Employs-Open-Solutions-Core-Processing...
They've literally quadrupled their number of members and assets in the past 17/18 years since opening up to the entire state. Most other big credit unions have followed the same exact explosive growth pattern since opening up membership to large geographic areas rather then just serving their initial field of membership from way back when they first started decades and decades ago before our time.
Chapter 7 Bankruptcy Filed-September 2020 Discharged-December 2020
