Credit Unions

[friar1610]

This is a NYT article about credit unions which some may find interesting:

Everyone Can Join a Credit Union - Bucks Blog - NYTimes.com

It talks about how credit unions have managed to increase the field of membership so that almost anyone can join a credit union with very little difficulty. (Specifically, it mentions PenFed which some on this web site talk about from time to time.)

I've always been a big fan of Navy Federal Credit Union (NFCU) and more recently have joined PenFed (for which I'm eligible without any trickery.) But I can also understand bankers having issues with CUs competing with them on a not-so-level playing field in some cases.

 

[ziggy29]

Yes, they used to be tied more to employer groups and now they are often open to anyone with membership in a low-cost group (such as PenFed) or anyone who lives, works or worships in a city or county where the CU has a presence.

The banks hate it. My CU is in California (I've been a member since 1988 when I lived there and when they were affiliated with strictly an employer group), but I keep much of my savings there because they always offer competitive rates. I believe the current rate is 1.3%.

 

[haha]

But I can also understand bankers having issues with CUs competing with them on a not-so-level playing field in some cases.

Yes, and we are very concerned about the comfort of bankers.

Ha

 

[aaronc879]

I've never been a part of a bank. I opened an account with the local CU at age 16 and have never left. Anyone can join this CU. You don't have to live in the city or have a certain job. I've heard friends and co-workers complain about their various banks over the years, i've never had a single complaint about my CU.

 

[brewer12345]

Funny to see complaining from the for profit side of the business. Life insurers have always had to compete with very big, very well run mutual insurers the names of which we would all recognize, and none of the mutuals have shareholders screaming for returns.

 

[Purron]

Yes, and we are very concerned about the comfort of bankers.

Ha

Not me. Not at all