Navy Federal Conscience

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Why should a CU be forced to stop growing for any other reason than banks don't want the competition? The world would be a much better place if we had a few credit unions large enough to push the big banks to have better policies and as long as NFCU continues to have excellent customer service and lending policies, I am all for continued growth.

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The issue is that the playing field is not level. Credit Unions are non-profits and, as such, are tax exempt for many of their activities. They justify this based on their limited field of membership. The further they get from that limiting principle, the more likely they are to lose their tax exempt status, something that hurts all of us who are members.

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Yes, they have gone beyond their initial purpose and have expanded their membership beyond what was intended but Congress still seems to believe that they serve a purpose. The limits placed on credit unions have been loosened multiple times now, including by Congress themselves. The fact that they haven't gone after PenFed for using their national charter from the Progressive merger despite much fussing by the banks tells me that Congress continues to not be convinced that even the largest CUs, which are still monumentally tiny compared to the big banks of the US, are anything but good for their members and keeping banks in check. 

Credit unions still offer services to people who cannot get services from banks. Most of them still require you to be a member of some organization to be eligible beyond field of eligibility anyway. It's so far mainly PenFed that is really pushing it. I am honestly surprised that PenFed hasn't been reprimanded but that means things look good for CUs that choose to expand their fields less broadly. 

[adelphi_sky]

I just went through their membership validation questions and chose their select employee group option. I work for a DOD contractor. They asked to enter my company name and then "Employee outside government", then  I was met with a screen with big letters, "You're eligible for membership!". 

Didn't have to enter any family members, etc. So, I would agree that they've expanded their membership qualifications. 

I am going to purchase a Tesla in the coming months. I am torn between Penfed and Navy federal for the car loan. I'm not going to join either until I'm ready to purchase. 

[M_Smart007]

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@adelphi_sky wrote:

I just went through their membership validation questions and chose their select employee group option. I work for a DOD contractor. They asked to enter my company name and then "Employee outside government", then  I was met with a screen with big letters, "You're eligible for membership!". 

Didn't have to enter any family members, etc. So, I would agree that they've expanded their membership qualifications. 

I am going to purchase a Tesla in the coming months. I am torn between Penfed and Navy federal for the car loan. I'm not going to join either until I'm ready to purchase. 

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Great choices for car loans

[Anonymous]

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@UpAndComing74 wrote:

Looks like they will let us stay.

[Mod cut: @UpAndComing74  I have removed your screenshot; please replace it and this note with an image that does not contain personal information. - KiB]

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I love that you got there the honest way. You called them up and let them know the truth, knowing it could cost you your accounts, and they made an exception! Congrats, that's fantastic! Good on you, and good on them.

[Anonymous]

Hi @adelphi_sky, this is how I signed up today. Has there been any eligibility issues on your end. Hoping my account stays open 🙏

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@adelphi_sky wrote:

I just went through their membership validation questions and chose their select employee group option. I work for a DOD contractor. They asked to enter my company name and then "Employee outside government", then  I was met with a screen with big letters, "You're eligible for membership!". 

Didn't have to enter any family members, etc. So, I would agree that they've expanded their membership qualifications. 

I am going to purchase a Tesla in the coming months. I am torn between Penfed and Navy federal for the car loan. I'm not going to join either until I'm ready to purchase. 

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[Mr_Mojo_Risin]

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@Anonymous wrote:

Hi @adelphi_sky, this is how I signed up today. Has there been any eligibility issues on your end. Hoping my account stays open 🙏

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@adelphi_sky wrote:

I just went through their membership validation questions and chose their select employee group option. I work for a DOD contractor. They asked to enter my company name and then "Employee outside government", then  I was met with a screen with big letters, "You're eligible for membership!". 

Didn't have to enter any family members, etc. So, I would agree that they've expanded their membership qualifications. 

I am going to purchase a Tesla in the coming months. I am torn between Penfed and Navy federal for the car loan. I'm not going to join either until I'm ready to purchase. 

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Congrats on your membership!

Welcome to the Navy gang!

[terren2000]

Weird.  i got in and went through hell to get my grandfathers disharge papers.  only to not even need them.

NFCU took my word only, that I was the grandson of a Navy vet.  If I recall they ask only when he was discharged.