Too many credit union memberships?

[firehawk73]

Is there a rule of thumb regarding amount of CU memberships? Is it frowned upon to have multiple memberships? I currently am a member of NFCU, PenFed and First Tech but was looking at DCU for membership as well. I didn't know if its a good thing or a bad thing to just have alot of accounts with small amounts in savings to keep the relationships alive for future needs. 

[SouthJamaica]

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@firehawk73 wrote:

Is there a rule of thumb regarding amount of CU memberships? Is it frowned upon to have multiple memberships? I currently am a member of NFCU, PenFed and First Tech but was looking at DCU for membership as well. I didn't know if its a good thing or a bad thing to just have alot of accounts with small amounts in savings to keep the relationships alive for future needs. 

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They sometimes don't like it if you apply to a number of credit unions in short order.

But no one would frown on 4 credit union memberships.  I presently have in the neighborhood of 20.

[calyx]

In general, I don't think so, but you might get denied for products if you have too many chex inquiries.

I'm a member of NCSECU, AFCU (local), NFCU, and SDFCU.   I keep relatively small amounts at three of them (AFCU is my "main" bank) because their rates kinda suck compared to HYSAs (NCSECU's MMA account used to have pretty high interest rates, but has fallen pretty hard).

[FinStar]

@Gmood1, among others, seems to be doing pretty good with a vast array of CU memberships 😜

[Anonymous]

Yeah there's nothing wrong with having multiple unions they just might be wary of multiple in a short period of time due to potential fraud.

I am a member of 5 credit unions and about 4 or 5 banks. I plan on joining a few more in the near future.  It all depends on what they offer and if they will be of benefit to you.

[sxa001]

I had a similar question earlier I was concerned about doing two new CU accounts in short order, 2 didn't seem to be an issue.  I now have 3 Credit Union accounts.  As I plan to actually use these accounts I am going to stick with a manageable number so unless some amazing card pops up somwhere I think I am going to stick with what I have.  I may open DCU in a few months but I am still working on where I want to park money (HYSA or the markets) 

[AverageJoesCredit]

You can have lots if desired but i find you may find ones who will like your profile and some dont. Im not a person of money so its possible those with more money to spread around  might get more luv but ive experienced  2 of my 6 treat me fantastic in terms of credit given, one ok, other meh, and 2 like im a leper so  find out what works for you.

[Anonymous]

I have Alliant, AOD, DCU, Ent, Langley, NFCU, Service CU, and SSFCU personally and only ever ran into verification problems with BECU.

I have been thinking of downsizing some though. Quite frankly I just have too many accounts and it's annoying managing them all.  

[Anonymous]

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@Anonymous wrote:

I have Alliant, AOD, DCU, Ent, Langley, NFCU, Service CU, and SSFCU personally and only ever ran into verification problems with BECU.

I have been thinking of downsizing some though. Quite frankly I just have too many accounts and it's annoying managing them all.  

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Same. I like having the relationships with the CUs and the varying options that they bring, but managing them gets a little tedious. I'd love to hear which ones you're thinking on keeping/cutting and why, if you don't mind and have the time to share.

[M_Smart007]

I lost count as to how many I have. (wanted to diversify from traditional banks)

I feel like CU's are less likely to slash credit limits. Also usuallly better rates as well.

As  mentioned upthread, not to many at once (like I did)