Does anyone know what process is used, if any, by credit unions to check whether an applicant to join is actually within their field of membership? I see so many CU's whose field of membership statement is so broad (e.g. anyone who works for ... or is a relative of ... or is a member of ...). Do they actually have a means to check these?
Answers
A few years ago I joined, or so I thought, an organization requisite for entry into a particular CU. Turns out after sending my application and check I was denied entry into that organization., but they did not bother to inform me of the denial. They did not cash my check, but neither did they return it to me. I was left completely in the dark regarding the denial, I assumed everything was OK, and I went ahead with my application to join the CU.
Shortly thereafter I received a letter from the credit union's compliance officer that I was in violation of their rules. She stated if I did not come quickly into compliance my very large deposit would be returned and I would be ejected summarily. It was a very stern, unfriendly, letter. She had checked with the organization I thought I had joined. That organization told her what they did not bother to tell me . . . that I was NOT a member.
So to answer your question credit unions do check, at least sometimes, on your qualification for membership.
