Credit Union Options

[jonfive]

I'm new here, but I've seen a ton about credit unions.

I currently use PNC, since I can get free interest checking through my job.

I don't have any military/government history, so those are out the window :/

I live in NorthEast Pennsylvania, People's First CU is the closest physical CU to me, but I haven't heard anything on them from these forums.

Consider me a complete newbie to credit unions.

[jonfive]

I've seen going through NFCU via NLUS SD

Does anyone know if the initial HP through TU is for identity verification? Or is it the deciding factor in your membership?

[jonfive]

Answer from @UncleB

"The HP on TU is just for identity verification; I've never heard of anybody being denied membership because of anything on their TU report.

FWIW, they also do a SP on EQ for new memberships, but it's rarely mentioned on here (probably because it's an SP).  They use some obscure code that lets you know it was for ID purposes as well."

Linked here Post #887: http://ficoforums.myfico.com/t5/Personal-Finance/NLUS-San-Diego-alive-and-well/m-p/4815799/highlight...

[UncleB]

If I failed to say it before, welcome to the forums! 

I have some personal experience/knowledge on NFCU, but if you want a credit union 'primer' and have the time to skim over several pages of posts, the "Official Credit Unions Guide" is a fantastic place to start.  You can find it here:  http://ficoforums.myfico.com/t5/Credit-Card-Applications/Official-Credit-Unions-Guide/td-p/4768788

The thread's author, baller4life, is very knowledgeable on many CUs and if you have a question about one CU in particular you might consider posting there... that thread gets a lot of traffic, and even if Baller doesn't have the answer it's likely somebody else there will. 

If you have any questions specific to NFCU you can post those there or here... lots of NFCU folks (including myself) hang out here in 'Personal Finance', and since they are so popular (and well-known) to so many of us it's likely you can get help with them right here. 

Again, welcome... and if there's anything any of us can do to help just let us know! 

[jonfive]

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@UncleB wrote:

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Thanks!

It's been a real pleasure and eye opening experience coming around these forums

I'm in the middle of the NFCU application now,

Emailed:

Application

NLUS welcome/invoice - With the SanDiego Council listed

DL

SS card

Cable bill

I got the auto-response, but it was a Saturday. Maybe I'll see something Monday/Tuesday.

I'll definitely check out that thread listed above. Every bit of information I can get just makes things better

Thank's again to you and everyone else for the fantastic welcome to the community. Couldn't have made the decision to re-take my finances without you guys

[Anonymous]

NFCU is a great CU and they have good online and mobile banking from what I hear. So it they should be able to meet most of your banking needs.

But do they have a branch located near you? What if you need to deposit cash, withdraw quarters for the parking meter or need a Cashier's check on a short notice. 

If you have a NFCU brach near you then you are in good hands. If not definitely look into some local CUs. search for CUs on google maps near your home or work location, look for membership restrictions and join one of them. That way all your banking needs are met.

CUs have a restricted field of membership due to the Federal Credit Union Act. They restrict membership either through a "TIP Charter" (Trade-Industry-Profession) or a "SEG Charter" (Select Employee Group) or a "Community Charter" or a combination of these, due to mergers. Community Charter means that any one lives, works, goes to school,  in a certain region can join that CU.

[jonfive]

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@Anonymous wrote:

NFCU is a great CU and they have good online and mobile banking from what I hear. So it they should be able to meet most of your banking needs.

But do they have a branch located near you? What if you need to deposit cash, withdraw quarters for the parking meter or need a Cashier's check on a short notice. 

If you have a NFCU brach near you then you are in good hands. If not definitely look into some local CUs. search for CUs on google maps near your home or work location, look for membership restrictions and join one of them. That way all your banking needs are met.

CUs have a restricted field of membership due to the Federal Credit Union Act. They restrict membership either through a "TIP Charter" (Trade-Industry-Profession) or a "SEG Charter" (Select Employee Group) or a "Community Charter" or a combination of these, due to mergers. Community Charter means that any one lives, works, goes to school,  in a certain region can join that CU.

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Fantastic information!

I definitely had thoughts about it. I haven't any reason for direct withdraws. Last time I was at a physical PNC branch must have been over 8 years ago when I opened the account

I may find that I want to keep a local bank, maybe I'll allocate 10% or so of my direct deposit still in PNC. That way I'll keep interest and free checking on top of it.

For the now, I'll dump a few hundred bucks into navy and see how things flow for a bit. Especially hearing about account freezes on new accounts.

Thank you again for all that detailed information

[oracles]

Can also look into PSECU