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Old 06-19-2010, 03:40 PM   #1
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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.

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Old 06-19-2010, 03:47 PM   #2
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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)

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Old 06-19-2010, 03:56 PM   #3
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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.

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Old 06-19-2010, 04:02 PM   #4
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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.
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Old 06-19-2010, 04:09 PM   #5
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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.
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Old 06-19-2010, 06:13 PM   #6
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Originally Posted by haha View Post
Yes, and we are very concerned about the comfort of bankers.

Not me. Not at all

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