DCU Membership

[Anonymous]

This is probably not in the correct forum, but I need to know if everyone is eligible for DCU. I see so many posts regarding becoming a member and I'm sure not everyone that's posts about them lives in their network area. Can anyone provide some insight? I checked their website and eligibility requirements and not one of those fit me but as I said, how are so many from this forum eligible?

[Anonymous]

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@Anonymous wrote:
This is probably not in the correct forum, but I need to know if everyone is eligible for DCU. I see so many posts regarding becoming a member and I'm sure not everyone that's posts about them lives in their network area. Can anyone provide some insight? I checked their website and eligibility requirements and not one of those fit me but as I said, how are so many from this forum eligible?

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Anyone can join by paying for a membership in affiliated organizations

https://www.dcu.org/infodesk/membership/participating-organizations.html

[pipeguy]

Yes everyone can join, there is an option to pay $10 (or something like that) to an associated organization for those otherwise not able to join. I had no problem joining and I have nothing to do with anything in MA or NH. Look on their site and you'll find the info.

Edit add: Irish beat me with the link - thanks!

[Anonymous]

What if I don't have an affiliated organization? What would be the difference in just opening a savings account with them to join? Is this different? I already have a local CU but I thought about joining one of these awesome ones everyone talks about. I'm not eligible for places like Navy Federal so I'm just trying to join one that I can open a savings account, pay the $5.00 and be a member.

[Anonymous]

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@Anonymous wrote:
What if I don't have an affiliated organization? What would be the difference in just opening a savings account with them to join? Is this different? I already have a local CU but I thought about joining one of these awesome ones everyone talks about. I'm not eligible for places like Navy Federal so I'm just trying to join one that I can open a savings account, pay the $5.00 and be a member.

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You can't just join the CU by opening a savings account.  You have to join of those organizations first.  Anyone can join one of those organizations.

[Anonymous]

That's what I was looking for! Thank you!

[designated_knitter]

FWIW, they do a hard pull before granting membership... even for a savings/checking account.  However, when I applied and opened my account, my scores were in the mid 500s so it isn't THAT difficult to qualify... in other words, if they let me in, they'll pretty much take anyone (had a foreclosure, sizeable tax lien, several collections, lots of inqs etc)

Also, the interest rate on their Savings account is really great (compared to most savings) 3.04 percent for the first 500.00 so it is a good place to stash your 1000.00 quick cash emergency fund.

Hope this helps.

[Anonymous]

Thank you!

[takeshi74]

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@Anonymous wrote:
This is probably not in the correct forum, but I need to know if everyone is eligible for DCU.

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For any credit union check the web site for eligiblity information.  You can always call the CU as well if you are having problems understanding the eligiblity information  on their site or if their site does not have such info.

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@Anonymous wrote:
What would be the difference in just opening a savings account with them to join? Is this different?

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The difference is that you cannot just open an account with a credit union.  You have to be eligible for membership in order to open an account.  For some CU's like DCU & PenFed joining an appropriate organization can make a person eligible.  The difference with NFCU is that there is no option to join an organization for eligiblity.

[Anonymous]

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@designated_knitter wrote:

FWIW, they do a hard pull before granting membership... even for a savings/checking account.  However, when I applied and opened my account, my scores were in the mid 500s so it isn't THAT difficult to qualify... in other words, if they let me in, they'll pretty much take anyone (had a foreclosure, sizeable tax lien, several collections, lots of inqs etc)

Also, the interest rate on their Savings account is really great (compared to most savings) 3.04 percent for the first 500.00 so it is a good place to stash your 1000.00 quick cash emergency fund.

Hope this helps.

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And dont join until you are ready for them to look at your credit profile (Like I didnt with PenFed)