Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Credit Unions
Old 06-19-2010, 03:40 PM   #1
Full time employment: Posting here.
friar1610's Avatar
Join Date: Jun 2002
Posts: 731
Credit Unions

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

Everyone Can Join a Credit Union - Bucks Blog -

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.

friar1610 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-19-2010, 03:47 PM   #2
ziggy29's Avatar
Join Date: Oct 2005
Location: Texas
Posts: 15,419
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%.

"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
ziggy29 is offline   Reply With Quote
Old 06-19-2010, 03:56 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
Join Date: Apr 2003
Location: Hooverville
Posts: 21,831
Originally Posted by friar1610 View Post
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.

haha is offline   Reply With Quote
Old 06-19-2010, 04:02 PM   #4
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 2,694
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.
aaronc879 is offline   Reply With Quote
Old 06-19-2010, 04:09 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
Join Date: Mar 2003
Posts: 15,911
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.
"Neither my companion or I carry firearms on our persons. We depend on the goodwill of our fellow man and the forbearance of reptiles."

- English Bob
brewer12345 is offline   Reply With Quote
Old 06-19-2010, 06:13 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
Join Date: Nov 2007
Posts: 5,585
Originally Posted by haha View Post
Yes, and we are very concerned about the comfort of bankers.

Not me. Not at all

I purr therefore I am.
Purron is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
remote credit unions and banks bobbee25 FIRE and Money 10 05-05-2010 12:08 PM
Do credit unions cancel credit cards because of inactivity? rec7 FIRE and Money 11 12-22-2008 04:21 PM
Rating banks, credit unions, cd's, etc.: how to find yours out Orchidflower FIRE and Money 1 09-30-2008 06:30 AM
Walmart and Unions agree! Rich_by_the_Bay Health and Early Retirement 27 02-12-2007 12:23 AM
Credit Unions Vrs Bank CD's modhatter FIRE and Money 2 10-05-2006 01:15 PM


All times are GMT -6. The time now is 11:15 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.