Applying for credit union products

[minski]

If you would like to apply for a product offered by a credit union e.g. credit card or loan, do you need to open up a checking and/or savings account with them as well? 

[Anonymous]

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@minski wrote:

If you would like to apply for a product offered by a credit union e.g. credit card or loan, do you need to open up a checking and/or savings account with them as well? 

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I have joined several "specific" Credit Unions, each with a unique objective for achieving my long term strategy. I have also joined a specific bank.

With the bank, I did both a checking & savings account. For each of the Credit Unions, only a savings account at this time.

Since then, I have learned from reading these forums, others use the checking aspect of some CUs as an ACH hub to make quick payments on their CC bills. I plan on implementing this tactic down the road at two of my current CUs.

Ultimately, what you choose to do will depend on the requirements & preferences of the Vendor, your specific situtation, what you want to achieve, and finally, what you are willing to do.

In my case, lightening didn't strike me one Sunday morning when I should have been at church and provide this insight.

It gradually developed into the current framework and strategy after reading the comments & REASONS of others on this site.

* then I applied it to my personal and unique situtation. Aka: Customization by Circumstances

Specifically I intend to use one CU for a Personal Loan of 5 years, to provide another "type" of credit.

The Bank will be for a secured credit card. I previously had no relationship with them. Now checking & savings.

Another CU I have a savings account so that I can have a secured credit card.

A third CU, also a secured credit card.

Then I have two other CUs, probably will NOT offer anytype of secured card. However, they are both SOLID, and I intend to benefit from both of them when "they feel" that I have enough of credit history worthy of them inviting me to use their CC products.

Hope this helps!

[RonM21]

I just got in with 2 different credit unions. It depends on which one it is. What they can require may vary. It's worth reading up on the specific one you're interested in.

[takeshi74]

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@minski wrote:

If you would like to apply for a product offered by a credit union e.g. credit card or loan, do you need to open up a checking and/or savings account with them as well? 

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Generally no but you should verify with each credit union and product versus assuming that they're all identical.

For credit union membership you are required to open a basic share account which is essentially a savings account but typically it only requires a $5 deposit.  You cannot withdraw that $5 while you're a member.  I'm a member of a couple of credit unions where I only have a basic share account because I wanted to join while I was eligible even though I have not needed any specific products from them.

For my PenFed Platinum Cash Rewards card I didn't have to have a checking or savings account.  However, I did open a Money Market Savings Account as it was on the list of eligible products to qualify for 5% cash back instead of 3% and to avoid the AF on the card.  At the time I originally applied for the PPCR it didn't have that requirement so I didn't have a savings or checking account with PenFed at the time.  They changed the product down the road so I opened the MMSA to meet the new requirement.

Again, consider the specifics of the given CU and product and don't assume that they're all exactly the same.