How Many Cus Do YOU Belong To?

senda | Feb 26, 2021 | 126 posts since 2015

For a change of pace, a simple lighthearted question. Unlike a bank, you have to "join" a credit union. DA readers are typically rate chasers, so I'd think many would belong to multiple credit unions. Or is it just me who's crazy like this?

So...

(a) How many Credit Unions do you belong to in total?

(b) At how many of those do you currently have something OTHER than the required primary savings acct (a CD, credit card, etc), versus just the required primary savings account?

(c) Did you leave any credit unions?

My answer:

(a) 18 total currently (14+4)

(b) Currently, at 14 of them I have things like CDs, credit cards, etc... and 4 of them nothing but the required primary savings account right now.

(c) I left two CUs voluntarily (otherwise would've been 20 total). Left one when the product I had with them changed (I suppose I could've stayed)... and the other (a small work-related one) when they merged with another CU and suddenly started charging fees for everything with terrible rates. I knew I'd never use them anymore, so I left.

And it actually would've been one more total that I belonged to... but a few years ago a smaller one I belonged to was taken over by a larger one I belonged to!

22

Answers

corby | Feb 26, 2021 | 1 posts since 2017

Was in the Peace Corps in Ecuador....For 2 years we helped establish CU's throughout the country....what saved the USA in the 30's has given some banking footing to South America.....now belong to 8 CUs here...........

18

blakeb | Feb 26, 2021 | 90 posts since 2016

(a) a member of 10 now
(b) have active CDs at 3, just savings at other 7
(c) left one when I got charged a new monthly fee

any tips on keeping an eye accounts at those CUs where you are just waiting for the next CD deal? often don't log in for months in many of them.

11

GH1 | Feb 26, 2021 | 1,054 posts since 2017

Use a excel file

6

h_meister | Feb 27, 2021 | 32 posts since 2014

Currently belong to 18 CUs with five relationships having accounts beyond SV/CD.
I tend to keep my CU relationships because of the amount or work to establish them, especially out of state. That said, I've ended six CU relationships over the past 20 years (one acquisition, one going into conservatorship as CD matured and four whose rates hadn't been competitive for awhile but I can easily rejoin.

10

maximizer | May 1, 2021 | 5 posts since 2015

I belong to 11. I've joined for the rates on Rewards checking and other high-interest liquid accounts as well as CDs. At 7 I have active accounts of these types, but some CDs are maturing soon and unless the CUs offer good rates I won't be keeping any money there, so will probably have active accts at only 4 soon. But I won't quit a CU if they've traditionally they've had good CD rates. I've left a 2 or 3 CUs in the past because of their failure to maintain acceptable rates. I rely almost solely on interest for income in retirement; am too risk-averse to invest much that is not secure. Part of the reason for joining several CUs is also the need to spread out the NCUA insurance. I also find the customer service much better than at banks, large or small.

8

Rickny | May 3, 2021 | 1,296 posts since 2017

I have accounts at 8 credit unions with active accounts. Closed my Northwest CU accounts last year. I only have a grandfathered 5% Cashback on gas credit card with Penfed and no longer have any CDs since my 10 year 5% CD matured. The good old days when Penfed was a CD rate leader are long gone.

8

hank | Feb 27, 2021 | 110 posts since 2016

a) 15 b)11, 4 just have savings c) have left at least 2 who rarely had good rates but they did at least once

7

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