Credit union initial deposits towards membership question

[Anonymous]

Hello everyone, 

Ive just recently joined PenFed and thinking about joining AOD for their signature visa as well. It currently looks like the $5 I deposited into Penfed isn't available for use. Is that going to be the case? What will happen to that $5 when I decide I no longer want to bank with them?

I am seeing that AOD has a $25 deposit to join. So i wanted to get a better understanding before diving in. Thank you!

[coldfusion]

That is the seed that you're required to keep deposited in order to remain a member in good standing and yes you cannot spend it.  That is a standard practice among credit unions although the mininum amount can vary.   If you decide to terminate the membership or if you're expelled from membership you normally will get it back.

[M_Smart007]

---

@coldfusion wrote:

That is the seed that you're required to keep deposited in order to remain a member in good standing and yes you cannot spend it.  That is a standard practice among credit unions although the mininum amount can vary.   If you decide to terminate the membership or if you're expelled from membership you normally will get it back.

---

+1