While I've been searching for deposit deals, I've noticed more and more credit unions offering free shred days for their members. If you don't have your own shredder, this service can be a good deal to safely dispose of any papers that have your personal information. It can even be a good deal if you have your own shredder. If you have lots of papers to shred, it can take a long time to shred these with a small shredder.
The credit unions typically pay for a shredding service company to park a shred truck at one or more of the credit union branches. That's what my credit union did last year. I took 2 boxes of papers that I had accumulated over the last 10 years to the credit union. The shredding service company had their truck parked on the side of the credit union building. I just dumped my documents into a plastic can. When the can became full, the shredding service worker closed the can and loaded it into the shredding truck. It was very quick, and no one even checked if I were a member.
In the comments last year, readers warned that you should make sure the papers are properly shredded. They should be shredded into confetti and not in strips. I assume all professional shredding service companies have equipment that fully shreds documents. Here's how one credit union described how the shredding is done:
Watch the on-board camera as your confidential documents are shred into particles as small as 3/8 inch.
In my opinion, the biggest risk with these shred days is if one or more of your papers blows away as you dump your box of papers into the plastic bins.
Below are a few credit unions that I've come across that are having shred days in next month. If you know of others, please leave a comment.
- Oct 13 at Security Service Federal Credit Union in San Antonio, TX
- Oct 13 at Money One Credit Union in Largo, MD
- Oct 13 at SECNY Federal Credit Union in Syracuse, NY
- Oct 18 at Velocity Credit Union in Austin, TX
- Oct 19 at Midwest Family Federal Credit Union in Portage, IN
- Oct 20 at Co-Op Services Credit Union in Livonia, MI
- Oct 27 at Andrews Federal Credit Union in Suitland, MD and Mt. Laurel, NJ
- Oct 27 at Security Service Federal Credit Union in Littleton, CO
- Nov 3 at Houston Federal Credit Union in Sugar Land, TX
Free paper shredding isn't a big perk. It's not going to make up for low deposit rates. However, it can save you time and money.